THE West Australian-based superannuation fund Westscheme has emerged as a shareholder in the rural land company RM Williams Agricultural Holdings (RMWAH).
The private company is a joint venture between RM Williams, owned by Rupert Murdoch's former right-hand man Ken Cowley, and Sydney-based Primary Holdings International. Westscheme, which had $2.84 billion under management at the end of January, became a minor shareholder in RMWAH after one of its agricultural investments was folded into the company.
Howard Rosario, Westscheme's chief executive, told The Australian Financial Review that further investment in RMWAH would have to meet the fund's strict investment criteria.
"Further investment will depend on the proposals they come to us with and we would need to calculate the risk on returns," Mr Rosario said. "If they do have opportunities we would look at them accordingly."
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