We wish you all the best on your investing journey – Your Verve Money Team.
In terms of income tax, the money returned to you due to the wind up of Verve Money is treated the same as if you voluntarily redeemed the funds. We recommend that you consult a tax advisor for advice regarding your specific situation. We will provide you with a tax statement after the final redemptions have been paid to assist you with completion of your 2024/2025 annual tax return.
No, no action is required for you to receive the return of your invested funds.
After carefully evaluating multiple factors, including length of time on the market, asset levels and market demand, we determined it would be in the best interests of Verve Money customers to close the product. Verve Money did not achieve a scale of customer uptake where we felt it was possible to continue to offer the best value to members of the managed investment scheme. Verve Super is not impacted by the winding up of Verve Money. We are focussed on our core business, superannuation.
MSC, Melbourne Securities Corporation, is the responsible entity (aka Trustee) for Verve Money. In the Australian financial services industry, responsible entities have overall legal responsibility for the investment product. They work with a range of service providers to manage the fund on a day-to-day basis, such as the investment manager, custodian, auditor and administrator. Responsible entities are required to act honestly, exercise a reasonable level of care and due diligence, act in the best interests of members of an investment scheme and treat all investment scheme members equally. As responsible entity, MSC notified Verve Money customers that the investment scheme is winding up.
We aim to return all money by 31 December 2024. However, we will keep you updated should this timeline change.
No, the winding up of Verve Money does not impact Verve Super in any way. The Verve Money and Verve Super products have always been run entirely separately. The Verve team continues to focus on superannuation as our core business.
You should expect to receive approximately the balance of your account as at the date of this letter.
You will receive payment in the form of a liquidating distribution that is electronically paid to your financial institution based on the details we have on file for you. If you are concerned your details may be incorrect, please contact us: hello@vervemoney.com.au.
If you have a recurring deposit set to fortnightly or monthly, it will not be processed.
Send an email to vervemoney@futuregroup.com.au.
All deposits and withdrawals are halted as the fund enters wind up. See FAQs for details.