Fund manager receives AFSL suspension
ASIC has suspended the Australian financial services licence of a Melbourne fund management firm.
The regulator said the licence of Id Funds has been suspended until 28 February 2025 on the basis that the firm failed to meet its statutory audit and financial reporting lodgement obligations.
This applied for the financial year 2023 and 2024.
Id Funds has held the AFSL since 29 March 2017.
ASIC will lift the suspension earlier if Id Funds complies with its statutory audit and financial reporting lodgement obligations.
If the firm does not comply with its obligations by the end of the suspension period, then ASIC said it might consider further action.
The firm may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
With active ETFs becoming the latest choice as fund managers target the retail audience, their high fees may be a detractor as research finds investors are shunning those priced any higher than 50 bps.
The possibility of a dissenting vote from shareholder L1 Capital has led Platinum Asset Management to scrap its conversion plan for the $450 million Platinum Capital LIC into an ETF.
Family office Lederer Group has made an off-market takeover bid for ASX-listed Elanor Commercial Property Fund, with chair Paul Lederer taking exception at the firm’s lack of accountability, oversight and transparency.
Janus Henderson is actively seeking to partner with private wealth firms in Australia as it looks to expand its number of strategic partnerships, as well as focus on retirement income product development.
