Worries as Tchenguiz calls for the break-up of Aussie fund

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He called for one of Australia's leading infrastructure funds, in which he is a major shareholder, to be broken up or sold off. He controls 25% of Challenger Financial Services, which has big holdings in the UK including 23% of Southern Water, 80% of gas connections business Inexus and 66% of chemicals storage company LBC.

He said a sale of the assets would generate far more cash for shareholders than the current bombed-out share price recognises.

His call will fuel concerns at rivals Macquarie and Babcock & Brown, whose funds also invest heavily in the UK. Their share prices have been hit by concerns about their listed specialist funds. They may face calls for the funds to be wound up.

Challenger Infrastructure is backed by Jamie Packer, son of the late Australian billionaire Kerry Packer. Its share price has fallen 25% this year. It is now some 36% below its net asset value of around A$4 a share. Tchenguiz's Consensus operation last month led an unsuccessful attempt to buy Challenger.

"Winding up Challenger Infrastructure would realise significant value for investors at a considerable premium to the units' current market valuation," Tchenguiz said."There is strong demand for infrastructure assets at present."