DomaCom launches new fund
Arthur Naoumidis' latest play, DomaCom, this week came to market with a new product - the DomaCom fund.
The company received a product authority from the Australian Securities and Investments Commission (ASIC) to cover what it is promoting as "an innovative fraction investment product" in early December.
Naoumidis said the company had this week accepted its first application into the fund, which would provide investors with the ability to invest in residential, commercial and industrial properties.
DomaCom said its approach was based on a unique Managed Investment Scheme (MIS) sub-fund structure and that the launch of DomaCom's online liquidity facility meant investors could sell their individual property units.
The announcement said that with Perpetual serving as the Responsible Entity and Custodian, the DomaCom Fund had a solid foundation of corporate governance, which should give comfort to advisers when recommending the product to clients.
Recommended for you
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objections “weighed heavily” on his mind.
Providence Wealth Advisory Group has appointed a new chief investment officer, a dedicated position after the role was previously held by its CEO.
While hiring new staff in a financial advice practice inevitably incurs expenses, Striver’s Alisdair Barr says the greater business cost can come from losing the skills of a valuable team member.
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.