ASIC takes La Trobe Financial to court Reporter 21 December 2020
La Trobe Financial says it rejects assertions made by the corporate watchdog following the news it has commenced civil penalty proceedings in the Federal Court against the wealth manager, alleging that it had engaged in misleading or deceptive marketing around one of its funds.
The regulator has taken the firm to court for its capacity as the responsible entity of the La Trobe Australian Credit Fund, an unlisted registered managed investment scheme with over $5.15 billion in assets under management and more than 45,000 investors. The minimum investment is currently $10.
The fund invests in loans secured by first mortgages over residential and commercial real estate, as well as cash, deposits and other assets.