Mayne Investments was formed in Lismore, Northern New South Wales in June 1968.
It was started with the aim of attracting and pooling investor funds in order to lend money to regional people against first mortgage security, on the NSW North Coast at a time when many were finding it difficult to get help from the traditional banking system. From the outset the Fund took a safe and conservative approach to lending.
As the Fund grew, it maintained that conservative approach and grew to become one of the largest regional funds of its kind in Australia with more than 4,000 investors, and $330 million in funds under management.
Mayne is a public company licensed by ASIC. It is the responsible entity for the Northern Investment Trust Fund and holds an Australian Financial Services License. The Trust is registered as a managed investment scheme and operates under the Corporations Act.
The Fund has had a strong and stable Board of Directors since its formation with foundation Manager and Director, Mr Patrick Rummery remaining a Director. The foundation General Manager, Mr Barry Wappett, retired 27 June, 2012.
There were changes to Mayne Investments and all other mortgage funds in July, 1998, with the introduction of the Federal Government’s Managed Investments Act. These changes were implemented to give more protection to investors.
In October, 2008, at the height of the global financial crisis, the Federal government guaranteed Australian bank, credit union and building society deposits. In order to prevent a panic run by investors, Mayne, along with most other mortgage funds in Australia, took the difficult decision to suspend redemption requests.
Since then Mayne first moved to a regime of partial redemption offers and more recently, has made regular capital returns.
On June 15, 2012, the Directors, in the belief that the Fund was unable to unfreeze and realizing that investors needed certainty and clarity concerning the future of the Fund, advised investors that they had determined to wind the Fund down.
Acknowleging that this will take time, the Board advised investors that they are committed to the preservation and repatriation of investor capital. The Board continues to maintain regular correspondence with investors.