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ASIC reins in fund manager

By Lachlan Maddock
1 minute read

ASIC has suspended the licence of another Sydney-based fund manager for a period of six months. 

ASIC suspended the AFS licence of Global Merces Fund Management Ltd until 20 July 2020 following the appointment of Jarvis Lee Archer, of Revive Financial Pty Ltd, as administrator on 13 January 2020. 

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

Global Merces may apply to Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision. Although ASIC has suspended the licence, ASIC has allowed the administrators to conduct certain necessary activities under the licence during administration.

These activities include transferring the schemes to a new responsible entity, investigating or preserving of the assets and affairs of the schemes, and winding up the schemes.