POWERED BY MOMENTUM MEDIA
ASIC bans ex-Spaceship CEO
Former Spaceship Capital director and chief executive, Paul Kevin Bennetts, has been banned by the corporate regulator from providing financial services for six years for dishonestly obtaining his Australian Institute of Company Directors (AICD) qualification.
The Australian Securities and Investments Commission (ASIC) said in October 2018, Bennetts asked a Spaceship Capital compliance officer to complete his assessments for an AICD course on his behalf and without his involvement.
ASIC found this was serious misconduct when he held a very senior position in a financial services company and that his actions placed a subordinate staff member in a very difficult position and constituted a misuse of Spaceship Capital’s resources for his personal gain.
Bennetts was a director and responsible manager of Spaceship Capital and the company’s CEO between 2017 and 2019. Spaceship Capital operates managed investment schemes and is the promoter of the Spaceship Super Fund.
ASIC noted that while Bennetts accepted he acted dishonestly and expressed remorse, he engaged in wrongful conduct and failed to maintain the higher standards expected of a financial services provider.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
