MLC confirms Government guarantee on funds
MLC has confirmed that its underlying investments in the MLC MasterKey Cash Management Trust and National Australia Trustees At Call Common Fund A1 are covered by the Federal Government’s deposit and wholesale borrowing guarantee.
Both funds are rated AAA + by Standard and Poor’s.
The Government guarantee will be in place until November 28. It is free of charge.
Investments in bank bills and term deposits through the MLC MasterKey Custom platform are currently covered by the guarantee. None of MLC’s funds have been frozen for redemptions.
The chief executive of MLC, Steve Tucker, said: “These are uncertain times for investors and it is critical that Australians seek professional financial advice before changing their investment strategy to ensure they make the right decisions for their long-term future.”
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
