ASIC reviews investment company fall
Headed by high profile Gold Coast businessman Peter Drake, the company is responsible for managing at least $750 million on behalf of thousands of investors. Its investments include a $240 million loan to Maddison Estate, a housing development in the Gold Coast hinterland associated with Mr Drake.
The company holds an Australian Financial Services Licence allowing it to run managed investment schemes.
"We have not cancelled LM Investment Management's AFSL," an Australian Securities and Investments Commission spokesman said. "We are reviewing the operation of the AFSL in light of the appointment of the voluntary administrator."
Frequently Asked Questions about this Article…
LM Investment Management collapsed into administration, and the corporate watchdog is reviewing the firm's financial services licence following that collapse.
The company is headed by high-profile Gold Coast businessman Peter Drake, who is associated with some of the firm's investments.
LM Investment Management was responsible for managing at least $750 million on behalf of thousands of investors.
One notable holding was a $240 million loan to Maddison Estate, a housing development in the Gold Coast hinterland associated with Peter Drake.
The company held an Australian Financial Services Licence (AFSL), which allowed it to run managed investment schemes.
No. An Australian Securities and Investments Commission spokesman said, 'We have not cancelled LM Investment Management's AFSL.'
ASIC is reviewing the operation of LM Investment Management's AFSL in light of the appointment of a voluntary administrator following the company's collapse into administration.
Yes. The article reports the company collapsed into administration and notes ASIC is reviewing the AFSL after the appointment of a voluntary administrator.
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