City Pacific wind-up underway
The Australian Securities and Investments Commission (ASIC) has cancelled City Pacific’s Australian financial services licence.
A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (the remaining managed investment scheme operated by City Pacific).
The cancellation of City Pacific’s licence is subject to a specification that it continues to take steps to wind up the City Pacific Income Fund.
In June last year, investors in the former City Pacific First Mortgage Fund voted to remove City Pacific as the responsible entity of the fund, replacing it with Balmain Trilogy (a joint venture between Trilogy Capital Group and Balmain Corporation).
This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
