Rivkin to launch funds management venture

Rivkin Financial Services, established by the embattled Rene Rivkin, is set to establish a funds management arm after having its application approved in principle by theAustralian Securities and Investments Commission(ASIC).

The group, which recently saw its founder - Rivkin - convicted on charges of insider trading, says while it does not yet have its draft managed investment scheme licence, ASIC is close to issuing it.

Rivkin Financial Services director and company secretary David Corll says the group originally announced a potential move into funds management at its annual general meeting in 2002, however he says that the application process has been “naturally drawn out”.

At the group’s 2003 annual general meeting held last week, chairman Jordan Rivkin again reiterated the group’s intention to move into funds management due to the value it could add for shareholders.

Corll says the intention of the group at present is to establish a basic Australian equities product, and that the group has “people lined up” to manage the fund once it is given the official go-ahead.

The group expects to be seeking funds for the new product by the second quarter of next year.

Rivkin Financial Services is a listed group that presently encompasses the Rivkin Discount Stockbroking business. The group sits alongside Rivkin’s other financial services venture, the Rivkin Report.