The specific fund approved by the MAS is the ‘flexi term’ within the LM Australian Income Fund, which is a rolling seven day investment that holds only Australian debt securities and cash, and invests in opportunities across the property markets of Australia.
On the currency front, the fund offers hedged share classes in euros, US dollars and sterling, as well as non-hedged Australian dollar investments.
LM already has a staff of 130 worldwide operating from eight offices covering Australia, New Zealand, Hong Kong, Bangkok, London, Dubai, and South Africa. It also stated that it is in the final stages of fund registrations in Canada, United Kingdom, Dublin, Luxembourg and Hong Kong jurisdictions.
LM founder and chief executive officer, Peter Drake said its Singapore registration is a significant step forward in the company’s strategic international growth.
"As an Australian operating fund manager LM holds a distinct advantage in the market. Singapore is a major business opportunity to support our international growth."
He added: "Our projections reveal that our Singapore registration will increase global inflows by 10 per cent in the next 12 months."
LM’s total gross Australian assets are currently in excess of A$3bn under management.
