Now, the FMA has cancelled Fund Managers Otago’s managed investment scheme manager licence, the first time the regulator has proactively cancelled a fund manager's licence. READ MORE:* Fund managers need to start showing investors 'value for money'* Fund Managers Otago removed from three schemes in interests of investors* How can you know your KiwiSaver money is safe? James Greig, FMA Director of Supervision, said Fund Managers Otago was no longer capable of being a fund manager. Financial statements posted on the Companies Office register show Fund Managers Otago Limited made losses in the 12-month periods to the end of March 2019 and 2020. The financial statements, posted with the Companies Office in September, said Fund Managers Otago’s directors acknowledged its financial position was not satisfactory, and had put in place plans to improve the situation.

Source: Stuff July 07, 2021 05:22 UTC