Australian regulator halts sales of Fidante credit fund over investor suitability concerns

Oct 13 (Reuters) — Australia's corporate regulator on Tuesday temporarily barred Fidante Partners from selling units in a credit fund, citing concerns that the product's target market determination was not appropriate for the retail investors it was intended to serve. Here are more details: Australian Securities and Investments Commission (ASIC) said it is concerned Fidante may not have met product design and distribution obligations that apply to issuers and distributors The regulator said the Ares Global Credit Income Fund was unlikely to meet the objectives, financial circumstances and needs of the retail investors it targeted ASIC said the fund's target market included investors seeking medium-to-high risk and return exposure while also looking to preserve capital The interim stop order prevents Fidante from dealing in the fund, issuing a product disclosure statement for it, or providing general advice recommending the product to retail clients, ASIC said This action forms part of ASIC's efforts to address risks in the private credit sector, Commissioner Simone Constant said The order remains in effect for 21 days unless revoked earlier Shares of Challenger Ltd, which includes