Rivkin accuses fund managers
The Australian Securities & Investments Commission should take a closer look at investment return figures released by fund managers, Rene Rivkin says. While most fund managers have already declared negative returns over the past 18 months, ASIC should scrutinise the figures as they may be fudged, Mr Rivkin claims. Additional management fees are not being included in the figures, he says.
Mr Rivkin was speaking at Rivkin Financial Services' annual meeting on Friday, at which he announced his group is hoping to launch its own managed fund by February 2003. RFS posted a loss of $1.54 million for 2001-2002 but Mr Rivkin said its stockbroking arm is trading profitably.