ASIC has suspended the AFSL of Prime Value Asset Management Limited for several weeks after the firm failed to meet its audit and reporting lodgement obligations.
Based in Melbourne, the firm was co-founded in 1998 by chief executive Yak Yong Quek, initially as a family office before becoming a broader fund manager. Together with sister company Shakespeare Property Group, it manages around $3 billion across asset classes including income securities, equities, property, and alternative assets.
The AFS licence was suspended because Prime Value failed to meet its statutory audit and financial reporting lodgement obligations for the company for the financial years ending 2024 and 2025.
ASIC also found Prime Value had previously failed to meet financial resource requirements and lodge compliance plan audit reports for some of its retail schemes, however these breaches have been rectified.
With the suspension in place until 7 August, this means Prime Value cannot issue interests in its managed investment schemes to new investors but can continue to provide financial services reasonably necessary for, or incidental to, the day-to-day operation or management of the schemes and reinvestment of income distributions by existing investors.
These managed investment schemes include:
Prime Value Diversified High Income Plus Fund
Prime Value Diversified High Income Fund
Prime Value Enhance Income Fund
Prime Value Emerging Opportunities Fund
Prime Value Microcap Fund
Prime Value Opportunities Fund
Prime Value Equity Income Fund, and
Prime Value Growth Fund.
The firm is also the trustee of 53 unregistered managed investment schemes and provides a wholesale managed discretionary account service.
ASIC said the firm is required to continue to meet its licence obligations while the AFS licence is suspended and may apply to the Administrative Review Tribunal for a review of ASIC’s decision.