LM Investment Management financial services licence suspended by ASIC for two years

ASIC has suspended the Australian financial services (AFS) licence of collapsed Gold Coast fund manager and property developer LM Investment Management Limited (LM) for two years.

LM is currently in the hands of voluntary administrators John Park and Ginette Muller of FTI Consulting.

"The terms of the AFS licence suspension do allow the voluntary administrators to provide financial services such as transfer to a new responsible entity, investigating or preserving the assets or winding up the registered managed investment schemes operated by LM," says ASIC.

ASIC says it is continuing its inquiries in relation to the conduct of LM and will make no further comment at this time.

LM is the responsible entity of the following registered managed investment schemes: 

  • LM Cash Performance Fund
  • LM First Mortgage Income Fund;
  • LM Currency Protected Australian Income Fund
  • LM Institutional Currency Protected Australian Income Fund
  • LM Australian Income
  • LM Australian Structured Products Fund; and
  • The Australian Retirement Living Fund
LM also operates the unregistered LM Managed Performance Fund - a $400 million fund which has provided a $249 million related party loan to the $1 billion Maddison Estate project and a $17 million related party loan to the Rhodes apartment project in Capalaba.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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