A key architect of the compulsory retirement savings system lauds its many achievements, stretching from the national economy to the individual. Where it’s double faulting is in serving members – and it needs to be addressed promptly.
With performance and diversification driving demand, these funds are expected to experience four-fold global growth over the next decade to nearly $AU65 trillion.
ASIC moves on Goldsky too
ASIC has acted against the Gold Coast-based hedge fund manager Goldsky Asset Management following a claim against the fund by the SEC in the US. ASIC had previously assisted the SEC with their enquiries.
ASIC last week confirmed it had frozen Goldsky’s assets because the firm had no licence and operated an unregistered investment scheme. As reported in Investor Strategy News on October 14, the SEC had granted a licence to Goldsky in the US, before discovering that many of its marketing claims were false. Goldsky principal Ken Grace had hoped that the SEC licence would automatically allow the firm to operate in Australia.
In the hedge fund world in Australia, there was concern, following the SEC’s action, that ASIC had been slow to act against Goldsky. However, ASIC said that it informed Goldsky back in June that it was no longer able to operate in Australia as an agent of its US arm. As reported previously, the Goldsky website had listed the firm’s president as Janey Grace. But the SEC is suing the company and Ken Grace.
ASIC is attempting in a Supreme Court action to have a receiver appointed to Goldsky to identify whatever assets are there. The SEC claims that Goldsky’s performance claims were false because the firm had never actually managed any money. Several of its claimed service providers, such as custodian and administrator, were also made up, the SEC alleges.
– G.B.
