LM Investment Management’s AFSL suspended for two years
The Australian Securities and Investments Commission (ASIC) has suspended LM Investment Management’s Australian financial services licence for two years.
Last month the company appointed independent advisers from FTI Consulting as voluntary administrators. At the time, LM chief executive Peter Drake said the decision was made in order for the company to “continue to act in the best interests of their investors”.
ASIC stated that the AFS licence suspension allowed the voluntary administrators to provide financial services such as transfer to a new responsible entity, investigating or preserving the assets or winding up the registered managed investment schemes operated by LM.
ASIC added that it is continuing its inquiries in relation to the conduct of LM and will make no further comment at this time.
LM is the responsible entity of managed investment schemes LM Cash Performance Fund, LM First Mortgage Income Fund and the unregistered LM Managed Performance Fund, among others.
AUTHOR
Staff Writer
Recommended for you
Pinnacle Investment Management has announced it plans to launch a new affiliate from a global equities team departing Royal London Asset Management.
Asset manager Nuveen is seeing opportunity in municipal bonds which are at their highest yields in over a decade.
With energy transition remaining a significant challenge, a global index provider executive has argued that engagement could trump divestment.
Aviva Investors is maintaining an underweight stance on the communications sector within its high yield allocation as it believes it faces a higher default rate.
