Yarra Capital Management becomes substantial holder in Cuscal
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The news: Fund manager Yarra Capital Management has become a substantial holder in newly listed payments company Cuscal.
The numbers: In a filing to the ASX, Yarra reported it now owns 5.65% of Cuscal shares.
Since Cuscal floated earlier this week, its shares have gained 3.9% to $2.40.
Over the past three years to 31 October, Yarra Australian Smaller Companies Strategy has returned a gross 1.44%. Meanwhile, its Yarra Broadcap Equities Strategy has returned 7.84% and its Yarra Ex-20 Australian Equities Strategy has returned 7.87% over the three years.
The context: Yarra joins other substantial holders including JP Morgan, Citicorp, HSBC and Cuscal challengers such as Bank Australia, Beyond Bank, Teachers Mutual and Police Bank.
Capital Brief revealed last week that the company's partners had helped a Cyprus-based casino gain access to Australian payment infrastructure which compliance experts said highlighted the risks inherent to parts of its business model.
Separately, Cuscal disclosed in its prospectus that it was undergoing a risk management review at the behest of the Australian Prudential Regulation Authority (APRA).
The source: ASX announcement
