Post-Trio ASIC primed on hedge funds
The Australian Securities and Investments Commission (ASIC) has suggested to the Government it consider imposing asset level disclosure with respect to hedge funds, consistent with its upcoming Stronger Super changes.
The regulator's suggestions were confirmed by ASIC chairman, Greg Medcraft and formed part of a submission to the Parliamentary Joint Committee inquiring into the collapse of Trio Capital.
He said the asset level disclosure would be consistent with the Stronger Super changes and the setting of more detailed requirements for compliance plan auditing.
Medcraft told a hedge fund forum this week that ASIC was actively working on the hedge fund issue with other regulators to ensure a coordinated approach.
Discussing the regulator's approach to deterrence, the ASIC chairman cited as "notable results" the conviction and sentencing of Astarra/Trio investment manager, Shawn Richard, enforceable undertakings and bannings imposed on five directors attaching to Trio's investment and risk committee and the suspension of the Australian Financial Services licence of South Australian-based financial planning firm, Seagrims.
He said Seagrims had advised 970 clients to invest in Astarra/Trio.
AUTHOR
Mike Taylor
Recommended for you
Money Management understands Natixis Investment Managers is planning to launch its own private asset product for the Australian retail market.
Magellan’s infrastructure funds have reported gains for the second consecutive month, avoiding potential outflows associated with the exit of its sector head Gerald Stack.
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
