Fight over City Pacific First Mortgage Fund continues
The battle between City Pacific and Balmain Trilogy over the management of the City Pacific First Mortgage Fund continues in the Queensland Federal Court today.
Balmain Trilogy is attempting to have City Pacific ousted as the responsible entity of the embattled First Mortgage Fund at a meeting in Brisbane this Thursday, but the incumbent manager has been successful in securing a Federal Court hearing today to seek an injunction.
This is the first time such a takeover for a fund that is still in operation has been staged, and as such the playing field, and the law surrounding it, is not clear cut.
But the directors of Balmain Trilogy remain confident the meeting will go ahead, and say they continue to receive a flow of votes in their favour on a daily basis. The deadline for lodging proxy votes regarding the proposed changes is today.
More to come
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.
