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
News
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all
