SRI fund comes unstuck
Socially responsible investments group Sage Global Fund and its major shareholder, online trading group Australian Investors Forum, have had an interim receiver appointed to their operations.
The move has come about following concern by theAustralian Securities and Investments Commission(ASIC) about certain strategic investments made by the groups.
It is understood Sage Global Fund is one of a number of parties involved in proceedings commenced by ASlC against Australian Investors Forum. ASIC has made certain allegations in relation to funds paid by Sage in its acquisition of Techlogica, where Sage has invested $560,000.
It is also believed ASIC obtained a number of preliminary orders on an “ex parte basis” last month, the effect of which is to restrain Sage in its normal day to day activities.
Last week the Supreme Court appointed Alexander McIntosh ofKPMGas interim receiver to Australian Investors Forum, Sage Global Fund and 27 related companies.
As part of McIntosh’s appointment the operations of both Sage Global Fund and Australian Investors Forum has been suspended, with allAustralian Stock Exchangetrading also halted until further notice.
McIntosh's appointment was by consent of the parties and without admission of liability. In his role as interim receiver, he will provide a report to the Supreme Court on Thursday, November 22, 2001, with the matter due back before court on November 26.
Until then, both Australian Investors Forum's and Sage Global Fund’s operations continue to be suspended, with orders to freeze the assets of group directors Dennis Anthony, Martin Lloyd-Cocks, Dominic Luvara, Peter Topperwien, Bud Shaheen and related companies remaining in place.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
