FUND MANAGEMENT – AUSTRALIA – REGULATION

Retail chiefs resist super fund choice

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Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 7-Jan-16

Retail industry superannuation fund REST opposes new legislation giving workers a choice of super fund and making changes in the process of selecting default funds by employers. REST chairman Ken Marshman argues in a letter sent to the Royal Commission into Trade Union Governance and Corruption that employers do not want to be burdened with the obligation to choose a default fund, preferring to leave this task to those having expert knowledge of super.

CORPORATES
REST SUPER PTY LTD, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, WOOLWORTHS LIMITED – ASX WOW, COLES GROUP LIMITED, MYER HOLDINGS LIMITED – ASX MYR, AUSTRALIA. DEPT OF THE TREASURY, INDUSTRY FUND SERVICES PTY LTD

No charges, but watchdog takes civil action after LM property collapse

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Original article by Ben Butler, Roseanne Barrett
The Australian – Page: 19 : 21-Nov-14

The Australian Securities & Investments Commission (ASIC) is bringing a civil action against real estate investor Peter Drake, but it will not pursue criminal charges. His LM fund management firm raised $A800m-plus from small retail shareholders before failing in 2013. The watchdog alleges that Drake channelled $A26m to personal spending, and that director’s duties were breached in approving the loans by LM’s Francene Mulder, Eghard van der Hoven, Simon Jeremy Tickner and Lisa Maree Darcy

CORPORATES
LM INVESTMENT MANAGEMENT LIMITED, LM ADMINISTRATION PTY LTD, LM MANAGED PERFORMANCE FUND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MADDISON ESTATE PTY LTD, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DIRECTOR OF PUBLIC PROSECUTIONS, ERNST AND YOUNG