Glenn Stevens-advised hedge fund has licence suspended
A Perth-based hedge fund that counts former Reserve Bank governor Glenn Stevens on its investment committee has had its licence suspended by the corporate regulator for holding insufficient assets.
The Australian Securities and Investments Commission has suspended NWQ Capital Management’s financial services licence until January 25, 2024.
Jonathan Horton, NWQ Capital managing partner. Stefan Gosatti
“ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence,” the regulator said in a statement.
NWQ provides portfolio management services and is the trustee of two wholesale unregistered managed investment schemes, the NWQ Global Markets Fund and the NWQ Diversified Equity Fund.
ASIC said the suspension meant NWQ cannot provide financial services including accepting any new investments in those two funds.
“However, it may continue to provide financial services that are necessary for, or incidental to the day-to-day operation, winding up or appointment of a replacement trustee to the schemes,” ASIC said.
“NWQ may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.”
NWQ was contacted for comment.
NWQ investment committee member Glenn Stevens is a former RBA governor. Elke Meitzel
Mr Stevens joined NWQ as a member of its investment committee in 2017 having known the hedge fund investor’s managing partner Jonathan Horton since the 1990s. Mr Horton founded NWQ in 2007 and began managing client money in 2010.
Mr Stevens, who is also Macquarie Group’s chairman, was brought in to provide top-down macro analysis, Mr Horton said at the time.
“Glenn will add important insights with
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