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.
The advice network has announced that its acquisition of Diverger is now complete, with the combined entity representing ...
If advisers have met new industry standards, they should be trusted and fee consent hurdles should be reduced, according ...
According to the latest Wealth Data analysis, increased withdrawals of super benefits could provide increased ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin