Brite Advisors - Liquidation

Brite Advisors, the Australian arm of an embattled global investment manager which provided advisory, pension administration and asset management services in multiple countries, was ordered to be wound up on 6 February, on application by ASIC.

Linda Smith and Robert Kirman of McGrathNicol, who had already been appointed to investigate the company in November 2023 and subsequently appointed as receivers and managers in December, were appointed as joint liquidators.

Ms Smith and Mr Kirman reported that they were only able to identify US$612.9 million ($937.8 million) of the US$682 million ($1 billion) the company claimed to hold.

The company was ordered to be wound up on just and equitable grounds.