Fund Company Update

PE Capital in liquidation

PE Capital Funds Management has been operating without an Australian financial services licence and has been ordered into liquidation by the Federal Court. The Court found the company has been running managed investment schemes without the correct licence and engaged in misleading and deceptive conduct.

The Australian Securities and Investments Commission (ASIC) said money raised by the managed investment schemes funded eight mixed-use commercial and residential property projects in Victoria. Over $16 million was invested in PE Capital’s registered and unregistered schemes, with the schemes believed to be insolvent. The schemes run by PE Capital are also to be wound up.

Andrew Fielding from BDO has been appointed as liquidator.