Liquidators appointed for asset manager

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Provisional liquidators have been appointed to an asset management company that faced an ASIC investigation.

Avestra Asset Management Ltd is facing liquidation following a Federal Court order. The company holds an AFSL, and is the responsible entity or trustee of a number of managed investment schemes. The schemes subject to the ASIC orders are:
  • Valensworth Fund
  • Managed Investment Account Service
  • Avestra Advantage Fund
  • Excela Australian Equity Income Accelerator Fund
  • Emergent Fund
  • Generator Fund
  • Maximiser Fund
  • Avestra Credit Fund
ASIC said Richard Hughes and Simon Wallace-Smith of Deloitte will be required to conduct an investigation into the asset manager to determine if there have been any suspected contraventions of the law, any losses suffered by scheme members, and whether the schemes ought to continue in operation under a new responsible entity or whether they should also be wound up.      
 
ASIC commenced liquidation proceedings after an investigation into concerns that Avestra had "persistently" contravened its duties in relation to a number of its managed investment schemes.

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