Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC suspends AFSL of Sydney fund manager

ASIC/AFSL/managed-investment-scheme/Sydney/

4 December 2024
| By Rhea Nath |
image
image image
expand image

ASIC has suspended the Australian Financial Services Licence (AFSL) of Sydney-based fund manager Edisons Global Pty Ltd over repeated compliance failures.

The licence of Edisons Global Pty Ltd is suspended for six months, from 31 October 2024 to 30 May 2025. 

Under its AFSL, Edisons is authorised to deal in financial products, provide financial advice and custodial or depository services to wholesale clients. It operates a managed investment scheme open to wholesale clients.

However, according to ASIC, since Edison’s AFS licence was granted in 2021, the firm has failed to lodge its industry funding metrics or its annual financial statement, auditor report and audit opinion by the due date for the financial years, ending 30 June 2022 and 30 June 2023.

While the licence is suspended, Edisons may:

  • continue to provide financial services reasonably necessary for, or incidental to, the winding down of any managed investment scheme it operates for wholesale clients; and
  • appoint a new trustee to any such scheme or the daily operation of such a scheme.  

It must not issue interests in any managed investment scheme it operates to new members during the period of the suspension. 

In October, ASIC announced it had previously cancelled two AFSLs, including one which was a Sydney fund manager, this time over failing to maintain membership of the Australian Financial Complaints Authority (AFCA). 

Then it cancelled the AFSL of Aretean, an Australian-owned specialist property funds management and advisory company with over $250 million in assets under management. 

Prior to this, the AFSL of Colleen Hennequin, which is a tax accountants and business advisory firm based in Melbourne, was also cancelled for the same reason on 4 July.
 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 1 day ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 4 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 4 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND