The Supreme Court of Queensland has appointed Korda Mentha and a related entity, Calibre Capital, as trustees of LM Investment Management's Managed Performance Fund.LM Investment Management, which is a mortgage fund manager with about A$3 billion of funds, entered voluntary administration on March 20. At the time, the company's board said the none of its funds were in liquidation or receivership and that the voluntary administration would have no impact on the structure of the funds.John Park and Ginette Muller of FTI Consulting are the voluntary administrators for the group.The appointment of Korda Mentha and Calibtre as trustees of the Managed Performance Fund followed an application to the Court that a new trustee or receiver be appointed to the Managed Performance Fund.Korda Mentha partner David Winterbottom told the Australian Financial Review that he would be investigating the activities of the $350 million fund, including a $17 related party loan.Winterbottom said: "We are basically making sure that the unit holders' money was spent on bona fide loan applications."The Australian Securities and Investments Commission is working with the trustees on its investigation.