In 1925 Nicholas O'Donohue a leading property and finance lawyer with vision set up a private fund to provide finance to property investors and businessmen . Two decades later he expanded the fund to provide funds to Australian migrants between 1949 and 1974 when lack of credit history impeded their ability to buy their first residence or start up a business. During the recessions in 1973 and 1989 many businessmen turned to the fund when their banks or creditors withdrew credit causing financial stress on them. Clients may alternate between investment and finance depending on their investment strategy cycle or life cycle to suit their needs.
In the 1980's commercial loan securitisation opened up the residential loan market to increased competition within Australia and today global competition competing for market share but ASL continues to grow a niche market of clients who appreciate the difference.
Using basic securitisation principles and simple low cost holding structure the fund has flourished without any recorded loss to any investor and continued growth in financial products.
In 2000 the fund was registered as a public managed investment scheme and continues the unrivalled successful track record of the previous management.