Booster In The News
The Financial Markets Authority (FMA) has issued civil proceedings on 12 June 2024 against Booster Investment Management Limited (BIML) and several of its directors and senior managers. The alleged breaches relate to the management of a small portion of the funds in some Booster investments – specifically those associated with the Booster Wine Group (BWG) and Booster Tahi Limited Partnership.
All investors with Booster through Lifetime have minimal exposure to Tahi, with the maximum exposure for any one Lifetime client being less than 4% and we want to reassure you that we are monitoring this closely and will continue to provide clear information as the proceedings progress.
As of 11 June 2025, there has been a procedural High Court ruling concerning document discovery. No findings have been made on the FMA’s claims or Booster’s defence.
We remain confident in using Booster as an investment provider and do not see a need for investors to change their strategy at this time. If this changes at any point, we will be sure to make contact.
Lifetime welcomes the scrutiny provided by the FMA. We support the importance of oversight for investor confidence in the New Zealand investment market. We will closely monitor developments and will complete a full review of the Booster investments at the conclusion of these proceedings, once all information is available.
Booster strongly denies any wrongdoing and has advised that they will be defending all claims.
It is important to note that Tahi is also a shareholder in Lifetime. The civil proceedings issued by the FMA against Booster are specifically related to the Tahi investment in BWG and, to the best of our knowledge, do not relate to any other Tahi investments, including that in Lifetime.
If you have any questions or concerns about this matter, please reach out to your Lifetime Financial Adviser or our Client Care Team at clientcare@lifetime.co.nz or 0800 656 466.
Peter Cave
Managing Director, Lifetime
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Version 1.1: Last edited 25/06/2024