Deutsche swoops on troubled Australian fund

Global giant Deutsche Bank has appointed receivers to troubled Australian fund manager LM Investment Management’s first mortgage income fund.

Gold Coast-based LM, founded by expat Kiwi Peter Drake (pictured), appointed voluntary administrators in March, sparking several overlapping court actions for control of several of its property-related funds – some of which have been favoured by Kiwi investors, who have pumped in millions of dollars.

 

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