ASIC Suspends AFS Licence of Global Merces Funds Management - The Industry Spread

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australian securities and investments commission

ASIC Suspends AFS Licence of Global Merces Funds Management

January 26, 2020

ASIC - Global Merces Funds ManagementASIC has suspended the Australian financial services (AFS) licence of Global Merces Funds Management Ltd (Global Merces) for a period of six months, effective from 21 January 2020 to 20 July 2020.

Global Merces is the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803 (collectively referred to as ‘the Schemes’).

The suspension follows the appointment of Jarvis Lee Archer of Revive Financial Pty Ltd as administrator to Global Merces on 13 January 2020.

For further information about the administration, please contact the administrator, Jarvis Archer.

Global Merces may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

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