ASIC has today commenced civil penalty proceedings in the Federal Court against La Trobe Financial Asset Management Ltd (La Trobe) in its capacity as the responsible entity of the La Trobe Australian Credit Fund (the Fund).
ASIC alleges La Trobe marketed the Fund throughout Australia in ways that were misleading or deceptive, or likely to mislead or deceive and the regulator is seeking declarations, pecuniary penalties and corrective advertising orders against La Trobe.
For further details of the investigation, please refer to the ASIC Notice.
The Fund offers various classes of units (referred to as accounts) varying in redemption timeframe. The below are the classes of units that La Trobe offers as part of the Fund that are currently administered on Mason Stevens’ platform:
- La Trobe Classic Notice Account, previously the La Trobe 48 Hour Account (LTC0001AU)
- La Trobe 90 Day Notice Account (LTC9067AU)
- La Trobe 12 Month Term Account (LTC0002AU)
Until further notice, Mason Stevens will not be accepting applications into the Fund including the abovementioned classes, and the Fund will be removed from the Investment Menu for both the Mason Stevens MDA Service and Mason Stevens Super. Existing investors may redeem their units in the Fund or choose to stay invested, as recommended by their financial advisers.
You can redeem your clients’ units in the Fund by logging into the adviser portal and going to: Investing > Place Order > Sell Managed Fund
If you have any questions please contact our service team or your Relationship Manager.