ASIC 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.

Background

Global Merces Funds Management Ltd has held AFS licence no. 460883 since 26 February 2015.

Although ASIC has suspended the licence, it has used its power under s915H of the Corporations Act to allow the administrators to conduct certain necessary activities under the licence during the administration. These activities are:

• transferring the Schemes to a new responsible entity;
• investigating or the preserving of the assets and affairs of the Schemes; and
• winding up the Schemes.