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Dunedin fund manager's licence removal the 'final chapter'

The FMA for the first time cancelled a licence yesterday for continued material breaches.
The cancellation of Fund Managers Otago’s managed investment scheme manager’s licence is the final chapter in the legal and regulatory process, its supervisor says.
Yesterday, the Financial Markets Authority cancelled

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Dunedin fund manager stripped of licence in FMA first

KPMG Restructuring was last year appointed temporary manager of Fund Managers Otago’s schemes.
The Financial Markets Authority has for the first time cancelled a managed investment scheme manager’s licence.
The licence related to Fund Managers Otago, a Dunedin fund manager that was last

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Attorney-General caught up in stripped Dunedin fund manager

David Parker a minor shareholder as well as an investor in its funds.
Labour minister and Attorney-General David Parker is a long-standing minority shareholder in the owner of Fund Managers Otago, a Dunedin fund manager that was last week stripped of three property investment

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Financial markets regulator cancels Fund Managers Otago's licence

John Kirk-Anderson/Stuff
Dunedin was the home of Otago Fund Managers, which was removed as manager of three investment schemes in November.
James Greig, FMA Director of Supervision, said Fund Managers Otago was no longer capable of being a fund manager.
“Cancelling a licence is one of the strongest regulatory actions we can take, and it’s not a decision we take lightly,” he said.
“It effectively stops a business from operating in the retail investment sector.”
The FMA found Fund Managers Otago had repeated breached its licence obligations. These included incorrectly calculating and disclosing returns in fund updates, entering into prohibited related party transactions, and failing to manage certain funds within the limits of its Statement of Investment Policy and Objectives for persistent periods of time. ....

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FMA Cancels Fund Managers Otago Licence

This is
the first time the FMA has proactively cancelled a MIS
manager licence.
James Greig, FMA Director of
Supervision, said the FMA considered FMO’s material
contraventions and determined it was no longer capable of
being a fund manager.
“Cancelling a
licence is one of the strongest regulatory actions we can
take and it’s not a decision we take lightly,” he said.
“It effectively stops a business from operating in the
retail investment sector.”
The FMA
found FMO’s inadequate compliance and governance
arrangements had resulted in continued material breaches of
its licence obligations. These
included:
Disclosure:
Incorrectly calculating and disclosing returns in fund ....

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