ASIC has cancelled the Australian financial services (AFS) licence of Global Merces Funds Management Limited (Global Merces) effective 20 July 2020.

ASIC cancelled the licence because Global Merces is in liquidation.

The licence was previously suspended following the appointment of an external administrator to Global Merces on 13 January 2020 (refer 20-012MR).

Global Merces is the responsible entity of Global Merces Access Fund ARSN 604 201 952, Global Merces Equities Fund ARSN 604 220 662 and Covesta ARSN 625 625 803 (collectively referred to as ‘the Schemes’).

Under the terms of the licence cancellation, the liquidators of Global Merces can continue to conduct certain necessary activities until 31 July 2022. These activities are:

• transferring the Schemes to a new responsible entity;
• investigating or preserving the assets and affairs of the Schemes; and
• winding up the Schemes.

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

Background

Global Merces has held AFS licence no. 460883 since 26 February 2015.

Michael John Hill and Anthony Norman Connelly of McGrath Nicol were appointed as joint and several liquidators to Global Merces on 31 January 2020.

For further information about the liquidation of Global Merces, please contact the liquidators (https://www.mcgrathnicol.com/).