The corporate regulator has penalised Trident Investment Management for making potentially misleading statements to the market.
The fund manager, which is the “Australian financial services representative for Australian Mutual Holdings Limited”, according to an ASIC statement, has been issued with an infringement notice and a $10,200 fine.
“ASIC's recent concerns related to Trident's promotion on its website that the [Trident] Income Fund had achieved returns of 9.27 per cent for the six-month period ending 30 June 2013,” the statement said.
“ASIC was concerned that the returns were false or misleading, as Trident failed to include the Income Fund's negative capital growth.
“This meant that the actual returns were significantly lower than 9.27 per cent.”
Trident’s parent company was issued with a number of similar infringement notices in April 2014.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Mar 2018CBA CEO pushed for FOFA extensionBy James Mitchell and Aleks Vickovich
- 16 Mar 2018CPA dealer group clashes with FASEA requirementsBy Katarina Taurian
- 16 Mar 2018NAB launches virtual assistant for superBy Staff Reporter
- 15 Mar 2018IFA-focused platforms open to new strategiesBy Staff Reporter
- 15 Mar 2018Deakin eyes advisers to fill staff demandBy Killian Plastow
- 15 Mar 2018Adviser Innovation Summit 2018 agenda announcedBy Staff Reporter
- view all