Alberta firm terminates registration following suspension

Alberta-based fund manager Wells Asset Management System Inc. has voluntarily given up its registration amid regulatory concerns, the Alberta Securities Commission (ASC) said.

The ASC said Monday that it has terminated the registration of both a Lloydminster, Alta.-based fund manager and portfolio manager, Wells Asset Management System, and the firm’s principal, Dale Richard Wells.

Conditions were first placed on their registrations by the ASC back in July 2018 after concerns arose during a regulatory compliance review.

They later agreed to be suspended.

Now, the ASC reported that they have voluntarily given up their regulatory approvals.

“In early 2019, their registrations were suspended as the firm’s funds were placed under a new fund manager. Mr. Wells and the firm have now consented to the termination of their registrations,” the ASC said.

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