From zero to $21 billion: Kingmaker’s exit is the end of an era for markets

August 27, 2026 — 1:52pm

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Phil King doesn’t fit the mould of a rock star fund manager. You’re more likely to see him riding a pushbike than driving a Maserati, or lounging by the pool of a Point Piper mansion.

He started investing before he grew facial hair and “became hooked”.

When King founded his company Regal 20 years ago, a couple of million dollars seemed like a lot of money. Now, on the eve of his departure from money management, Regal boasts funds of more than $21 billion.

When he announced plans for his retirement this week, hearts skipped a beat in financial circles. In Australia, where King has been a market kingmaker for the past two decades, crucial for successful block trades, capital raisings and floats, he has been called pivotal. The Australian Financial Review even described him as the market’s plumbing.

His impending departure in June next year has been likened to the end of an era in which active fund managers such as King used valuation skills, delved deeply into companies’ underbellies, closely studied industry sectors and surveyed the wider environment to handpick shares ripe for gain.

‘Working for a broker [is] how you learn how to make money, and working for a fund manager, that’s how you learn not to lose money.’Phil King

King’s influence on investing is immense. He is the bloke who last year took a big bet that shares in our largest bank, Commonwealth Bank, would fall. The stock has dipped just 3.9 per cent this year, but he hasn’t budged on that view.

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