Property and mortgage manager closes shop
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services (AFS) licence of Teys Property Funds Limited.
Teys is the responsible entity of 11 property and mortgage funds and has been in external administration under Adam Shepard since March 5.
ASIC’s decision was made after discussions with the external administrators of Teys to ensure the timing of the cancellation would not adversely impact investors in Teys’ managed investment scheme.
The cancellation of Teys Australian Financial Services licence is subject to a specification that it continues to the extent necessary to enable Teys to wind up its property and mortgage schemes.
Recommended for you
Investment executives say the benefits of real assets for client portfolios can “absolutely” outweigh the illiquidity risk, provided there is a good understanding of its risks and returns and of client goals.
Fund manager GSFM has appointed a key account manager for Queensland, following the appointment of a head of retail distribution last month.
The struggle to recruit specialist expertise in alternative asset classes means senior analyst salaries are surpassing $200,000 as fund managers compete for talent, observes Kaizen Recruitment.
TWC Investment Management, which launched in September, has unveiled a long-only equity fund targeting global wealth creator stocks.
