Fiducian Group Limited (ASX:FID) Responds to ASIC Civil Proceedings
ASIC Civil Proceedings
Fiducian Group Limited (ASX:FID) announced that ASIC has initiated civil proceedings against its subsidiary, Fiducian Investment Management Services Limited (FIMS), in the NSW Supreme Court. ASIC alleges that the product disclosure statement for the Fiducian Diversified Social Aspirations Fund contained misleading statements and that FIMS failed to comply with the fund’s compliance plan and act with care and diligence.
Fund Performance and Closure
The Fiducian Diversified Social Aspirations Fund ceased operations in May 2024 due to insufficient scale. At the time of closure, the Fund had $15.57 million in Funds Under Management and 158 underlying investors, delivering an annualised return of 7.62% over nine years and an 86.61% total return since inception. Two-thirds of investors were transferred to underlying funds, with FIMS covering the buy/sell differential costs.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Fiducian Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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