Regal Funds Management under investigation
Regal Funds Management is under investigation by the Australian Securities and Investments Commission (ASIC) for an undisclosed issue.
In an announcement to the Australian Securities Exchange (ASX), Regal’s responsible entity Equity Trustees requested the ASX grant a temporary halt for the Regal Investment Fund for two business days.
News reports suggested ASIC was examining the hedge fund for its trading “in certain securities” and obtained documents from its Sydney office.
The ASX placed the fund in a trading halt and said the securities would remain in trading halt until the earlier of the commencement of normal trading on 28 November, 2019, or when an announcement was released to the market.
A Regal spokesperson said: "As an active participant in Australian equity markets, Regal is subject to scrutiny from regulatory bodies from time to time. Regal’s responsibility to its clients is paramount and it takes its obligations to comply with all laws and regulations very seriously. Regal is cooperating fully with the investigation.
"The existence of this investigation does not impact Regal’s ability to provide asset management services to its clients."
Recommended for you
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
Perpetual has confirmed it has entered into an exclusivity agreement with a US private equity firm to progress discussions regarding the sale of its wealth management division.
Paradice Investment Management has become the latest fund manager to launch an active ETF version of its managed fund, placing greater emphasis on retail distribution.
