Fund manager receives AFSL suspension
ASIC has suspended the Australian financial services licence of a Melbourne fund management firm.
The regulator said the licence of Id Funds has been suspended until 28 February 2025 on the basis that the firm failed to meet its statutory audit and financial reporting lodgement obligations.
This applied for the financial year 2023 and 2024.
Id Funds has held the AFSL since 29 March 2017.
ASIC will lift the suspension earlier if Id Funds complies with its statutory audit and financial reporting lodgement obligations.
If the firm does not comply with its obligations by the end of the suspension period, then ASIC said it might consider further action.
The firm may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Laura Dew
Recommended for you
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
