LM digs in on share register
Queensland-based investment house LM Investment Management has vowed to vigorously defend in the Federal Court attempts by a David Tweed-linked company, Direct Share Purchasing Corporation, to gain access to the register of the LM First Mortgage Income Fund.
The Federal Court is scheduled to begin hearing the case in Melbourne this Monday with LM founder and chief executive Peter Drake saying the fund manager would be vigorously defending having to hand over the personal and financial details of the fund’s 7,000 investors.
LM noted that the Tweed-related company was proceeding with the case despite recent changes to the Corporations Act restricting the use that can be made of member registers.
“Given Tweed’s history of obtaining member registers and making unsolicited offers to investors, we can only presume he is seeking our register for the same purpose,” Drake said.
LM recently released a liquidity program and 12-month action plan in what it described as a first step to reopening for new investments.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
