Ausbil shutters $27m long short fund

Ausbil Investment Management has shuttered its $27 million Long Short Focus Fund, with two portfolio managers leaving the firm as part of a reshuffle of its equities team.

"Although the strategy has an effective track record, it operates in a contested space and fund raising hasn't met our expectations. We will return the capital to our investors and close the fund," Ausbil chief executive Mark Knight said.

As part of the closure, Ausbil will wind down its Delta Adjusted division. Gian Pandit, who was deputy head of equities for Australian Delta Adjusted and a portfolio manager, will leave the firm. Co-portfolio manager Chris Smith has resigned and will also leave the firm at the end of 2026.

Ausbil chief investment officer and head of equities Paul Xiradis thanked Pandit and Smith for their efforts over the years.

"They have made an important contribution to Ausbil, and we wish them every success with their future endeavours," Xiradis said.

Formerly deputy head of equities - Australia long only Nicholas Condoleon will now join Xiradis as co-head of Australian equities. Together, they will assume responsibility for Ausbil's Australian Active Equity, High Conviction Equities, and the 130/30 Focus strategies.

Elsewhere in the reshuffle, Luke Smith will take on the role of head of equities research alongside his existing responsibilities covering the resources sector. Smith, who has been with Ausbil for more than a decade, will lead the firm's equities research team in the expanded role.

"We're building on our established Australian equities capabilities while growing our Global Infrastructure and Global SmallCap strategies in Australia and internationally. These are clear priorities for Ausbil, and we're confident in the direction we're taking," Knight said.

In May, Ausbil was appointed to co-manager of a New York Life Investment Management (NYLIM) fund, helping oversee a new global small-mid cap equity strategy. Together with NYLIM, Ausbil co-manages the newly launched NYLI International Small-Mid Cap Equity ETF.

Ausbil has $22 billion in FUM as of September 2026.