03/08/1999 - 22:00

New regulations free Guardian

03/08/1999 - 22:00

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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.

New regulations free Guardian

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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