Mayfair 101 appoints administrators
IPO Wealth Holdings, trading as Mayfair 101 Holdings, has appointed Cor Cordis as its voluntary administrators, following a freeze in redemptions in April.
The turnaround and restructuring advisory firm’s partner, Darryl Kirk, said IPO Wealth’s director, James Mawhinney appointed the administrators as a result of concerns around the solvency of the company and his view of a risk of a fire sale of assets by the received appointed by the firm’s trustee that could affect investor positions.
“The voluntary administration process provides an opportunity for the assets of the company to be preserved while restructuring options are canvassed. We will also be undertaking a thorough investigation into the company’s asset holdings and use of funds,” Kirk said.
In early April, the corporate watchdog commenced proceedings against Mayfair for misleading or deceptive advertising after promoting two debenture products to wholesale investors. Weeks later, the Australian Securities and Investments Commission restrained Mayfair from using specific words in their advertising.
Recommended for you
Women are expected to inherit US$124 trillion through the intergenerational wealth transfer, but Capital Group has found they are twice as likely to rely on social media for advice over a financial adviser.
Challenger Investment Management has raised $350 million during the offer period for its new ASX-listed investment structure.
A week after Lonsec downgraded multiple funds from Metrics Credit Partners, rival research house Zenith Investment Partners has opted to retain its ratings for the same funds.
Strong adviser engagement has helped Praemium reach $1 billion in inflows on its Spectrum offering, with a deal with Western Australian wealth firm Euroz Hartleys expected to add as much as $2 billion.
