ASIC has suspended the Australian financial services (AFS) licence of NWQ Capital Management Pty Ltd (NWQ) until 25 January 2024.

ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence.

NWQ provides portfolio management services and is the trustee of two wholesale unregistered managed investment schemes, the NWQ Global Markets Fund and the NWQ Diversified Equity Fund (together, the Schemes).

The licence suspension means that NWQ cannot provide financial services including issuing any new interests in the Schemes. However, it may continue to provide financial services that are necessary for, or incidental to the day-to-day operation, winding-up or appointment of a replacement trustee to the Schemes.

NWQ may apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.