ASIC Launches Court Proceedings Against Fiducian Group Unit

MT Newswires Live10-03

The Australian Securities and Investments Commission (ASIC) launched civil penalty proceedings in the New South Wales Supreme Court alleging that Fiducian Group's (ASX:FID) Fiducian Investment Management Services (FIMS) subsidiary engaged in misleading and deceptive conduct about its environmental, social and governance fund, according to a statement released Friday.

ASIC alleges that FIMS did not act with care and diligence as the responsible entity of the Diversified Social Aspirations Fund, with its product disclosure statement containing misleading statements.

The fund was established in response to client interest in "socially responsible" or "ethical" investment opportunities, and was available for investment from 2015 to 2024.

FIMS is reviewing the court documents and allegations presented by ASIC, and will refrain from making any additional comments since the matter is now in court, the company said in a Friday filing with the Australian bourse.

Fiducian Group shares fell past 3% in afternoon trade Friday.

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