On Thursday, 25 July 2013, the investors of the East Coast Mortgage Trust voted favourably for bank independent credit specialist, La Trobe Financial, to take over the orderly winding down of the Trust.
Effective from August 1, the majority of East Coast Mortgage Trust investors’ interests (85%) will be transferred into the La Trobe Australian Mortgage Fund. The remaining 15% of investors’ interests will be returned to investors and the Trust wound-up upon the sale of one remaining property.
La Trobe Financial chief wealth management officer, Randal Williams, says investors wanted to know what set the company apart from other, similar groups.
“La Trobe Financial is built on conservatism and quality asset selections for its investors, both retail and some of the biggest institutional investors in Australia and internationally,” says Williams. “We are experienced in this asset class and we have developed our knowledge and expertise over six decades.”
La Trobe Financial is presently looking at a number of other mortgage books and will make formal announcements in due course.