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LM Investment Management in administration

Mortgage fund manager LM Investment Management entered voluntary administration yesterday. A statement issued by the board said "the company and the funds are in imminent jeopardy of being unable to meet creditor obligations."LMIM claims to have a total of A$3 billion in funds under management. The board's statement said that none of the group's funds were in liquidation or receivership, and that voluntary administration had no impact on the structure of the funds.John Park and Ginette Muller of FTI Consulting have been appointed voluntary administrators.The ABC reported that the law firm Piper Alderman said it was planning to launch a class action against LMIM. Investors in LMIM's First Mortgage Income Fund have had their money frozen for the past four years.The ABC report said law firm Slater and Gordon was considering a claim against financial advisers who sold LM funds.

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