Australia-based fund manager, LM Investment Management, will be investigated by Malta’s financial services regulator (MFSA) for its sale of securities in Malta.
The regulator will focus on the complaints from investors around mis-selling by the company as a part of its investigation. The MFSA will also investigate breaches of the investment services rule by Maltese financial services companies who sold securities issued by LMIM and SNS Reaal Bank – fourth largest bank in the Netherlands that was nationalised by the Dutch government in February – in Malta.
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The name of the financial services intermediaries have not been disclosed by the regulators.
The AuM for LMIM in 2012 amounted to US$3.1billion, which has been placed into voluntary administration. Reportedly, 631 Maltese investors have invested more than EUR14 million (US$18.2 million) in two Australian property-linked funds administered by LMIM.
Approximately 183 investors had bought high interest bonds in SNS Reaal of worth EUR3 million.
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