Australian Securities and Investments Commission (ASIC) said on 27 October it had obtained interim orders from the Federal Court freezing the funds and assets of Australian Financial Services licensee Brite Advisors Pty Ltd (Brite).

ASIC said the order was made because it was "concerned that the current financial position of Brite is unknown, as Brite has failed to lodge with ASIC its financial statements and auditors report for the financial year ended 30 June 2022".

The regulator also said "the value of Brite's funds under management has not been reported by any entity within the Brite Group in an audited balance sheet since December 2019".

It further highlighted how "Brite and its related entities operated in multiple countries (including the UK, US, Hong Kong, and Australia) providing advisory, pension administration and asset management services. Brite offers an investment platform (Brite Platform) to self-invested personal pension providers, qualifying recognised overseas pension schemes, and self-managed superannuation funds."

International Investment reported on 27 September that the South Africa's Financial Services Tribunal had restored the operating licence of Brite Advisors SA and cut an administrative penalty levied against the Cape Town-headquartered investment manager from R10m to R3.5m.

Australia's Federal Court Justice Banks-Smith ordered that Brite be restrained from, among other things:

  • removing property from Australia,
  • diminishing the value of any of its property,
  • incurring new liabilities, and
  • withdrawing or transferring any monies available in any account with any financial institution in Australia and elsewhere in which Brite has any legal or equitable interest.

ASIC said it "sought the orders to help protect the beneficiaries of the assets under management by Brite, including the beneficiaries of those who have their pensions or superannuation funds invested on the Brite Platform".

The orders are in place until a further hearing before the Court, listed for 9 November 2023.

Any person who is concerned that they have funds invested on the Brite Platform can contact ASIC at [email protected].

ASIC's investigation is ongoing.