Westpoint director plans property return
Former Westpoint director Norm Carey is planning a return to property development but says he doesn't plan on using retail funds, according to an article in The Australian.
Carey blamed the Australian Securities and Investments Commission (ASIC) for the Westpoint collapse and for delaying legal action against him, according to the article.
Carey said he would oppose an ASIC application to move the case against him from the Federal Court to the Victorian Supreme Court because it would further delay the case.
"It never ceases to amaze me how long things can be dragged out. My position is I want to get to court as soon as possible and have the matter determined," he told The Australian.
Carey planned to relaunch his property career after the case. "It's a matter of re-establishing your reputation and creditworthiness, and that's really with the banks," he told The Australian. "But I wouldn't be interested in raising funds from the public at all."
Recommended for you
Global asset manager BlackRock has identified bringing private markets to the wealth channel as a key business area for the firm that could generate US$500 million in revenue in the future.
Flows into cash and fixed income ETFs soared in May, rising from $366 million in April to more than $1.3 billion, data from Betashares shows.
Quinbrook Infrastructure Partners has promoted its Australian head to the role of chief executive of the global investment manager.
UK-based fund manager Royal London Asset Management has appointed a Sydney-based head of regional sales as it embarks on a multiyear plan to expand its presence internationally.
