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ASIC cancels licence of liquidated fund manager

By Sarah Kendell
1 minute read

The corporate regulator has cancelled the licence of a funds management group that went into liquidation in January.

In a statement, ASIC said it had cancelled the licence of Global Merces Funds Management effective 20 July.

The group's licence had previously been suspended following the appointment of external administrators to Global Merces on 13 January.

McGrath Nichol had since been appointed as liquidators of the group as of 31 January.

Global Merces was the responsible entity of the Global Merces Access Fund, Global Merces Equities Fund and Covesta.

ASIC said under the terms of the licence cancellation, the liquidators could transfer the funds to a new responsible entity, investigate or preserve the assets of the funds or wind them up, until 31 July 2022.