Hedge Fund Manager Phil King to Retire From Regal Partners
Regal Partners said Phil King will start a transition to retirement, marking the exit of one of Australia’s most high-profile hedge fund managers.
Phil King, a prominent Australian hedge fund manager, is set to retire from his role as chief investment officer at Regal Partners, according to a Bloomberg report. King co-founded Regal in 2004 and has overseen the long-short equities business for the firm. He will continue in his position until at least June 2027, as part of a phased retirement plan.
Regal's shares experienced a significant drop of up to 10% following the announcement, before stabilizing at approximately 3.5% lower in afternoon Sydney trading. King's departure is expected to impact Regal, as he is directly responsible for around 16% of the firm's funds under management, which totals about AUD21.4 billion ($15.3 billion) across various asset classes.
The firm, which operates in Australian and international markets, reported net client inflows of AUD1.4 billion across its strategies during the six months leading up to June. Regal has faced challenges in recent times, including a AUD200 million write-down of an investment in biotech company Opthea, following the failure of a clinical trial for an eye-treatment drug.
King admitted that the investment had been a mistake. The company has also dealt with regulatory issues, with South Korean authorities indicting Regal and a former employee over alleged short-selling rule violations, a claim Regal denied. In Australia, the firm was cleared of a 2021 case involving a former dealer and portfolio manager banned by the Australian Securities and Investments Commission for market manipulation.
Despite these obstacles, Regal has expanded its investment platform significantly, with its long-short equities operation employing 35 professionals across 10 strategy teams. The broader group operates with more than 200 employees across six offices. King's continued involvement until June 2027 provides Regal with a transition period to manage the impact of his departure and outline how responsibilities within the long-short equities platform will be redistributed.
Written by urgent.news from Hedgeweek's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
