The company said the UK’s Financial Services Authority has approved its products for sale in Britain, and that “senior appointments to manage sales and marketing operations into the UK and European market places will be announced shortly”.
Until now, the company has sold its funds into the UK market through authorised advisers. However, Peter Drake, founder and chief executive of LM Investment, said that gaining FSA authorisation for its fund range meant that it now would be able to target “a wider range of investors, and to launch specialist funds into the UK and wider European market places”.
He added that further, “exciting” plans would soon be unveiled.
The unlikely address of its head office notwithstanding – 9 Beach Road, Surfers Paradise, Queensland – LM has grown in 15 years to become a global fund manager with distribution in more than 73 countries, with a staff of 130 working out of nine offices worldwide.
Assets under management total around A£3.3bn ($3.5bn, £2.2bn) .
In addition to its offices in London and Surfers Paradise, LM also has a presence in Sydney, Australia; Queenstown, New Zealand; Hong Kong; Bangkok; Toronto; Dubai and Johannesburg.