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Showing posts from March, 2010

Licence held by City Pacific Cancelled by ASIC

The Australian Securities and Investments Commission has cancelled the Australian Financial Services Licence held by City Pacific.
City Pacific Financial services wind-up underwayOn 25 June 2009, investors in the former City Pacific First Mortgage Fund (now known as the Pacific First Mortgage Fund) voted to remove City Pacific as responsible entity of the fund, and replace it with Trilogy Funds Management. This was followed by orders from the Federal Court of Australia to wind up City Pacific in August.

City Pacific Limited (CIY) Financial services - Company ProfileCity Pacific was incorporated in 1997 as a financial services company, specialising in managing funds on behalf of investors. It first listed on the ASX in ...

A statement from ASIC said the decision was made after discussions with the liquidators of City Pacific to ensure the timing of the cancellation would not adversely affect investors in the City Pacific Income Fund (t…