Ord Minnett caught in trader collapse
Ord Minnett is entangled in the collapse of options trader Performance Plus Funds Management which has been placed into administration with clients reportedly losing about $15 million.
Ord Minnett was engaged to execute Performance Plus trades with investors holding Ord Minnett accounts and trades being executed on instructions from Performance Plus director Neville Dunn. Ord Minnett says it has no liability and clients signed authorities allowing Mr Dunn to execute trades on their behalf. Accounts ranged in size between $50,000 and $200,000.
The administrator of Performance Plus says he's looking into the financial relationship between the two companies. Performance Plus had about $350,000 in blue-chip shares which were held as security for Ord Minnett.