LM Investment Management’s AFSL suspended for two years
The Australian Securities and Investments Commission (ASIC) has suspended LM Investment Management’s Australian financial services licence for two years.
Last month the company appointed independent advisers from FTI Consulting as voluntary administrators. At the time, LM chief executive Peter Drake said the decision was made in order for the company to “continue to act in the best interests of their investors”.
ASIC stated that the AFS licence suspension allowed the voluntary administrators to provide financial services such as transfer to a new responsible entity, investigating or preserving the assets or winding up the registered managed investment schemes operated by LM.
ASIC added that it is continuing its inquiries in relation to the conduct of LM and will make no further comment at this time.
LM is the responsible entity of managed investment schemes LM Cash Performance Fund, LM First Mortgage Income Fund and the unregistered LM Managed Performance Fund, among others.
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