Guardian in new asset class
Perth-based Guardian Funds Management plans to take the $10 billion private mortgage market to advisers with the launch of a new asset class.
Perth-based Guardian Funds Management plans to take the $10 billion private mortgage market to advisers with the launch of a new asset class.
Guardian says it hopes to capitalise on the recent decision by the Australian Securities and Investments Commission (ASIC) to crack down on pooled mortgage trusts distributed through lawyers by establishing a transparent procedure which goes beyond ASIC's tough new standards.
Guardian Funds Management fund manager John Ogilvie says the raised standards by ASIC will force many private mortgage providers to close their doors.
"There may be many mortgage brokers and solicitors who opt out of the private mortgage business altogether come 1 November 1999. This pres-ents a wonderful opportunity for us" he says.
The Countrywide private mortgage trust gives investors the option of a number of mortgages on properties in various property sectors. Ogilvie says it is the first mortgage fund to directly target advis-ers. Previously, the industry has been too unregulated to interest advisers.
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