AWI may pursue van Eyk losses
Australian Wealth Investments (AWI) may pursue action to recover some of the losses the company incurred as a result of the collapse of van Eyk Research.
The possibility of recovery actions has been revealed in a resignation letter from AWI chairman, Andrew Barnes, who told the board he was tendering his resignation because the investment in van Eyk had occurred during his tenure as chairman.
In that letter, revealed to the Australian Securities Exchange (ASX) today, Barnes referenced the possibility of "recourse against parties which may lead to the Company recovering some or all of the investment in van Eyk Research".
AWI held around a 37 per cent share in van Eyk valued at around $7.5 million before the research house went into voluntary administration following problems with its Blueprint funds.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
