NWQ Capital Management, a Perth-based hedge fund that numbers Reserve Bank governor Glenn Stevens among its investment committee members, has had its licence suspended by the The Australian Securities and Investments Commission (ASIC) for holding insufficient assets, according to a report by The Financial Review.
In a statement the regulator said the firm’s financial services licence has been revoked until 25 January, 2024 “because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence”.
The suspension means that NWQ cannot provide financial services including accepting any new money into its two wholesale unregistered managed investment schemes, the NWQ Global Markets Fund and the NWQ Diversified Equity Fund.
“However, it may continue to provide financial services that are necessary for, or incidental to the day-to-day operation, winding up or appointment of a replacement trustee to the schemes,” ASIC said.
NWQ may also apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
