Kerry Stokes New Friend

Kerry Stokes' resurgent Seven Network found another new friend over the last week when the Ausbil Dexia funds management group spent $15 million in lifting its stake to 5.1%. Ausbil Dexia, a manager that aggressively trades many ASX -listed stocks is a fair weather friend to many rising stocks - the arrival of this group on the substantial register means fund manger Paul Xiradis believes the run in the stock (driven by the decline of Channel Nine) is far from over.

Meanwhile, the extremely active MFS Diversified group can not keep its hands in its pockets for very long. After what looked like a woefully mistimed move into struggling retirement care stock - Village Life - a few months ago, MFS is back for more. The property fund manager forked out around $34 million to accumulate 39% of the company.

And ANZ fund management is clearly not waiting around to join any rearguard action against the ASX - SFE bid. As the influential Capital Partners group - which advises fund managers representing one third of the SFE share register - recommends against accepting the SFE bid, ANZ funds management has put its stock across the table - ANZ funds sold $76 million worth of SFE stock.

In the commodities sector one of the most interesting trades is the further accumulation in zircon specialist, Iluka, by London based M&G which has paid $17 million to bring its stake in the mining house up to 13%. M&G, one of the biggest retail funds in the UK also spent another $9 million to lift its stake in Centennial Coal to 9%.

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