ASIC, Australia's securities regulator, issued an interim stop order on the Ares Global Credit Income Fund. This order prevents investment manager Fidante from selling Class A units to retail investors. The order is valid for 21 days. ASIC believes the product offering does not align with the objectives and financial situation of its intended retail clients.
ASIC stated its action protects investors from products not designed for them. The fund holds approximately $800 million in assets. It invests in a global portfolio of bonds, syndicated loans, and asset-backed securities.