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Administrators appointed to fund manager

A $3.5 billion fund manager and investment adviser has entered administration, with Ferrier Hodgson appointed administrator.

According to an ASIC insolvency notice, Oakvale Capital Limited – which operates its own AFSL and trades under the name Oakvale Treasury – entered administration on 23 July with the first meeting of creditors held today.

The Oakvale Treasury website explains that the company offers a range of risk advisory  and fund management services to a “diverse range of corporate, financial and government institutions” and has approximately $3.5 billion in funds under advisory management.

The company holds Australian Financial Services Licence no. 229842.

More to come.