Perth-based Guardian Funds Management Limited plans to raise $200 million in private mortgages through a prospectus to be managed by its subsidiary Countrywide Credit.
Perth-based Guardian Funds Management Limited plans to raise $200 million in private mortgages through a prospectus to be managed by its subsidiary Countrywide Credit.
This follows the introduction of a new regulatory regime replacing the free-for-all environment that led to multi-million dollar asset freezes for mortgage investors.
Guardian has become the first funds manager to be licensed by the Australian Securities and Investments Commission to operate a private mortgage investment scheme under the new legislation.
GFM manager John Ogilvie said the new requirements were onerous but would go a long way towards “dragging the industry out of the back streets and into the business mainstream”.
Among the new regulations is the requirement for the issue of a prospectus.
Mr Ogilvie said this would give investors the protection of the ASIC’s requirements and they could still have personalised, stylised investments linked to a specific investment.
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