Altair Asset Management hands back cash to clients citing looming correction

In an amazing development, a 30 year veteran of funds management Philip Parker of Altair Asset Management has made a decision to sell all underlying Australian shares and hand cash back to investors, citing an impending property market "calamity" and the "overvalued and dangerous time in this cycle".

"Giving up management and performance fees and handing back cash from investments managed by us is a seminal decision, however preserving client's assets is what all fund managers should put before their own interests," Philip Parker, who serves as Altair's chairman and chief investment officer, said in a statement on Monday.

There is a clear concern of just how leveraged the Australian economy and banking system is to property prices, and with the big 4 banks making up such a large portion of the ASX a downturn in China, or bursting of the Sydney and Melbourne property bubbles could have devastating implications across numerous asset classes including Australian equities and the Australian dollar.

Read more  Via SMH original article here