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.
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
