ASIC has cancelled the Australian financial services licence (AFS licence) of Sydney-based financial services provider Australian Mutual Holdings Limited (Australian Mutual). Australian Mutual was a responsible entity who operated a number of managed investment schemes.
The cancellation was effective from 5 July 2019.
The terms of the AFS licence cancellation allow Australian Mutual’s AFS licence to provide financial services which are reasonably necessary for, or incidental to, the winding up of the:
- Australian Pink Diamond Fund ARSN 120 329 240;
- Grange Capital Management Growth Plus Fund ARSN 120 328 823; and
- Accelerated Trend Hedge Fund ARSN 116 742 333 (AFS Licence Cancellation).
‘A key priority for ASIC is ensuring that responsible entities take their duty to act in the best interest of investors seriously. This duty of loyalty has been described as the ‘most fundamental’ rule of trust law. The community expects responsible entities to fully comply with the best interest duty and ASIC will take legal action to enforce this,’ ASIC Commissioner Danielle Press said.
On 8 July 2019, ASIC varied the AFS licence cancellation to include the Trident Global Growth Fund ARSN 120 329
