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LM Manged Performance Fund - Anyone Been Affected?

1

Posts

EW NEWBIE

Latest post on 18 September 2013 - 13:52

Hi I'm trying to get in touch with anyone who had/has invested in and now been affected by the collapse of the Australian based LM Managed Performance Fund. The financial impact has affected many people in Dubai, around ASPAC and globally, but trying to get in contact with them is proving difficult. Please revert or send me a PM.

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168

Posts

EW NEWBIE

Latest post on 04 March 2016 - 22:48

lets catch up at next event if you want to? but when is it??

Doubting Thomas

2298

Posts

EW EXPERT

Latest post on 02 March 2016 - 10:38

start a carefully worded facebook group or google for other forums - have you tried googling the actual name ? maybe there are others looking for support...

4

Posts

EW NEWBIE

Latest post on 02 March 2016 - 10:17

To be honest, all I hoped to do by contacting the people on this thread was to be able to open up an email dialogue (not discuss on this group) where we could share the name of the Financial Advising company and the name of the FA and then see if there were any further steps to take to stop this person/people from being able to further take advantage of people. The money in LM is gone, but it would be good to stop other people from falling into the same trap as we did. It's all good and well to learn the lesson of financial advising in hindsight, but we TRUSTED these people who were only looking out for themselves. Through our new advisor, we have worked out how much our former advisor earned from putting us into LM and other 'shares' and its simply unbelievable. I'm talking THOUSANDS of $US that he got upfront and we're left to pay out when we cash out of these funds that all we've done is LOST money in. Nothing he advised us on back in 2009 has made us any money - everything has been running at a loss. As well as money, we've lost YEARS of time where our money could have been growing. Instead, the only thing growing has been his bank account I believe that we can alert the authorities in the home country of our advisor who would not look to favourably on his track record here and at the very least, audit him upon return. I simply wanted to be able to share my email address or PM people, but this forum does not allow it. What to do? I'm not keen to meet up as I know all these forums are followed closely by people who know they do the wrong thing. Call me paranoid, but its true!

168

Posts

EW NEWBIE

Latest post on 02 March 2016 - 07:40

Thank you IndieOz , we have been kept in the loop re the collapse, its more so the FA who 'sold' it to us, and other things as well. We were pretty naive as we didn't pay attention to what he was doing as we trusted him, but lessons learned big time. Some basics: NEVER put ALL your money in one investment (BASIC BASIC RULE OF INVESTING ANY GOOD FA WOULD NEVER OF EVEN SUGGESTED THIS, A SALESMAN WOULD) Dxb_expat79 are you still wanting to meet? Thanks

12

Posts

EW NEWBIE

Latest post on 29 February 2016 - 00:33

You can find all the information that you need about this collapsed fund here: http://www.kordamentha.com/creditor-information/australia/109

168

Posts

EW NEWBIE

Latest post on 28 February 2016 - 21:30

when is the next one? we can meet there as a meeting point, if thats the way things are done.

4

Posts

EW NEWBIE

Latest post on 28 February 2016 - 14:12

Hello - I'm here. To have to meet up at an EW event to discuss something completely unrelated to the event isn't ideal. How else is one supposed to get in touch if you can't PM people, share an email or a phone number???

168

Posts

EW NEWBIE

Latest post on 27 February 2016 - 22:16

hi dxb-expat79 keep an eye out for posts will keep checking to see if you reply

168

Posts

EW NEWBIE

Latest post on 25 February 2016 - 21:58

i would be keen to meet up as there are others in a similar position and like you say the money is gone, but i feel strongly that this doesn't happen to anyone else

168

Posts

EW NEWBIE

Latest post on 25 February 2016 - 21:57

hi dxb-expat79 are you online at the moment

1848

Posts

EW EXPERT

Latest post on 24 February 2016 - 08:44

Ladies - my email address was removed from my post - can you please reply to this thread if you're keen to discuss what happened to you, who your FA was and how we can move forward from this? I know I could do with speaking to some other people who were affected. I've only just joined EW as I found this thread when I was doing a search on LM and its progress, so I'm not sure how we can get in touch? Can one of you please reach out? Please? Hi dxb_expat79, Welcome to EW as you're new here! Unfortunately as per our forum rules email IDs and personal contact details shouldn't be shared on our forums. Instead we recommend that you arrange to meet other forum users at any one of our coffee mornings or evening with event and you can then take it from there :) EW Admin

4

Posts

EW NEWBIE

Latest post on 24 February 2016 - 08:19

Ladies - my email address was removed from my post - can you please reply to this thread if you're keen to discuss what happened to you, who your FA was and how we can move forward from this? I know I could do with speaking to some other people who were affected. I've only just joined EW as I found this thread when I was doing a search on LM and its progress, so I'm not sure how we can get in touch? Can one of you please reach out? Please?

4

Posts

EW NEWBIE

Latest post on 22 February 2016 - 07:52

Yes, we too have been affected and were 'advised' VERY poorly by possibly the same greedy FA who put us in a number of other funds/schemes similar to LM that only set to benefit them and not us. Can you all please email me as I would like to know what happened to you and to share what happened to us. Whilst the money may be gone, there is potentially a way to prevent this FA from ill advising people further.

168

Posts

EW NEWBIE

Latest post on 06 February 2016 - 17:59

hi, a lot if not most of the Finance houses were offering this fund at some time or another from what i understand, its so hard to sort this one out, as its more personal than ever, we trusted someone who said it was safe as houses,but its not just this its other things as well that have happened since and we can't seem to get any answers, i just need to know if there is someone i can go to to speak to, as i know the person is still talking to people about there hard earned cash and future investments which is really sad and concerns me. Are you in this area Tru Blue? But yes people lost thousands of aed thousands.......................and its not coming back anytime soon if you ask me but there are far to many stories floating around the market.

1029

Posts

EW OLDHAND

Latest post on 01 February 2016 - 19:12

I would be interested to know more about this, even though it all happened a long time ago. Did people seriously loose thousands of dirhams and never get any of it back? Can anyone say what Financial Company here was recommending it etc? Especially if they misinformed people and they didn't do what their clients requested. That would be one way of stopping it happening to others.

168

Posts

EW NEWBIE

Latest post on 31 January 2016 - 09:53

HI, Still suffering from this and the bad advice we received on this and several other polices, I know we have lost the money, and I can learn to live with that, but I would like to know if there is anything we can do to stop this happening to others, as the FA is still practicing here? we were placed in high risk funds when we asked not to be, all our money went into one investment, since learned this is a basic no no, and any 'dummy' would know this, including myself in that statement as i trusted this FA. Are any laws in place yet? do you have to be qualified? Thanks

168

Posts

EW NEWBIE

Latest post on 12 November 2014 - 13:37

hi, longtime ago, but have you seen the latest. looks like its all gone. a joke this, i was informed it was safe as houses, would take the Australian government to collapse for this to fail...... very very disappointed with the advise we received

1050

Posts

EW OLDHAND

Latest post on 18 September 2013 - 15:36

uaeexpat, you are able to request a copy of the register of members of the fund in accordance with the corporations law. This would be to the current responsible entity, I cant remember what information is included, its been a while since I worked in that area, but you should be able to ascertain how many of the those are located in the UAE and that should help with identifying investors based here, but you are also bound by the privacy laws so it could be a challenge. You may also find that the contact details are through the financial advisor so that could also pose a little roadblock. Ideally ASIC and the Responsible Entity should be your contact and also you can try annoying the Custodian.

1

Posts

EW NEWBIE

Latest post on 18 September 2013 - 15:25

I invested in LMIM Australian Income Fund which is a feeder fund to this and has now been frozen. Was recommended by a local "financial adviser". How can I message you? Hi Scotswhahae, I'm not too sure how to send PM Thank you to littleone for the information and link. There are tons of column inches and many forums around the place, which I can also share with Scotswhahae. The problem I have been facing has been getting visibility of fellow investors in DXB, who now have lost all of their money. I'm trying to see if there is another avenue to get some form of recompense from the 'professional' bodies who had provided the 'advice' in the first place. It may be a long shot but at the moment there is little else.

1050

Posts

EW OLDHAND

Latest post on 18 September 2013 - 14:14

http://www.lminvestmentadministration.com/ Ladies I have just found this website above which has some information about the status of the funds, including the two you have mentioned. If you go to the FAQ page there are a lot of answers to the questions. Also suggest contacting the adviser who recommended these products to you and get them to do the leg work. <em>edited by littleone on 18/09/2013</em>

scotswhahae71649

64

Posts

EW NEWBIE

Latest post on 18 September 2013 - 14:08

I invested in LMIM Australian Income Fund which is a feeder fund to this and has now been frozen. Was recommended by a local "financial adviser". How can I message you?

1050

Posts

EW OLDHAND

Latest post on 18 September 2013 - 14:06

I havent been affected but your best bet will to be in contact with ASIC [url=http://www.asic.gov.au/'>link[/url'> . On the LM website it says that the manager (responsible entity) and not the fund has collapsed and by law the assets of the fund should be held by a custodian on behalf of the investors of the said fund. (edited to add: this means that the assets are separate from the manager) ASIC should be able to direct you to who will replace the "Responsible Entity" aka LM as the manager. On the LM website it advises that FTI Consulting have been appointed the voluntary administrators and they should also be able to direct you to who will manage the Fund or at least the status of the Fund and its underlying assets. Good luck. <em>edited by littleone on 18/09/2013</em>

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