Investment house slumps after reallocating to private markets

Shares of WHSP fell as much as 8.2% to A$31.20 and were set for their worst day since March 2020 amid investor concerns over the conglomerate’s prospects. — Reuters

Sydney: Shares of Australia’s Washington H Soul Pattinson and Co (WHSP) emerged as one of the top losers after the conglomerate reallocated about A$1bil (US$637mil) in capital away from equity markets.

The company allocated the funds to private equity and structured yield portfolio investments unrelated to equity markets, underscoring the weak investor interest in low-yielding stocks.