The Australian Securities and Investments Commission has notified PAC Capital owner Clayton Larcombe that it doesn’t intend to take legal action against him – for now.

An investigation into the Sydney fund manager, who had boasted of his ambitions to become one of the city’s leading asset managers, could have led to him being banned as a director over problems at PAC Capital. Two months ago, the gaming and gambling specialist shut down two of its investment funds after critical newspaper articles triggered a run by investors.