ASIC cancels licence of Future Asset Management International

The Australian Securities and Investments Commission (ASIC) announces that it has cancelled the Australian financial services (AFS) licence of Future Asset Management International Ltd (FAMI). The cancellation is effective 5 November 2021.

ASIC cancelled the licence because FAMI is in liquidation.

FAMI has held AFS licence no. 424626 since 5 October 2012. The company is the responsible entity of Future Asset Holding Fund ARSN 160 488 817, Future Conservation Fund ARSN 619 511 830, Future Medical Fund ARSN 619 512 300, Future Investment Fund ARSN 160 488 291 and Future Mortgage Income Fund ARSN 141 274 446.

Under the terms of the licence cancellation, the liquidators of FAMI can continue to conduct certain necessary activities until 31 May 2022. 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.

FAMI may apply to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.

Christopher John Baskerville of Jirsch Sutherland Pty Ltd was appointed liquidator to FAMI on 14 September 2021.