The Australian Securities and Investments Commission (ASIC) has suspended the Australian financial services (AFS) licence of Aurora Funds Management Limited until 20 September 2024.

Aurora is the responsible entity of six registered managed investment schemes, the Aurora Absolute Return Fund (ARSN 110 303 430); HHY Fund (ARSN 112 579 129); Aurora Property Buy-Write Income Trust (ARSN 125 153 648); Aurora Global Income Trust (ARSN 127 692 406); Aurora Fortitude Absolute Return Fund (ARSN 145 894 800); and Aurora Dividend Income Trust (ARSN 151 947 732).

ASIC found Aurora failed to meet statutory audit and financial reporting lodgement obligations for:

• itself for the financial years ending 2022 and 2023;
• the Schemes:
• for the financial year ending 2023 and,
• excluding the Aurora Fortitude Absolute Return Fund, for the half-year ending 31 December 2023.

The licence suspension means that Aurora cannot provide financial services including issuing any new interests in the Schemes. However, in the interest of ensuring investors in the Schemes are not disadvantaged by the suspension order, ASIC has made the suspension subject to a specification enabling Aurora to continue to provide financial services that are reasonably necessary for, or incidental to, the day-to-day operation of the Schemes.