91AV

Updates

On 13 June 2025, ASIC applied to the Federal Court seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries and numerous related entities, which are listed below. ASIC took this action to preserve the assets of the 91AVs while its investigation continues (25-104MR).

Information for investors

ASIC is contacting known investors in the Australian Fiduciaries 91AVs to advise them of the action we have taken.

The best way to receive information about ASIC’s investigation into Australian Fiduciaries is to monitor this web page. We will provide updates as our investigation progresses.

Relevant media releases

• 25-104MR ASIC takes steps to appoint receivers to Australian Fiduciaries Ltd as investigation continues

Who is ASIC?

The 91AV and Investments Commission (ASIC) is Australia’s corporate, markets, and financial services regulator.

ASIC is an independent Australian Government body.

ASIC’s role includes protecting consumers who have funds invested in Australia’s financial system, maintaining and improving the performance of the financial system, and taking action to protect consumers and to give effect to the law.

ASIC’s enforcement powers include things such as making applications to the Courts to protect assets from being moved, preventing an individual or entity from acting in contravention of the law, or seeking orders to ban a person from acting as a director.

ASIC does not generally seek compensation on behalf of investors.

Who is Australian Fiduciaries?

Australian Fiduciaries is an Australian financial services (AFS) licensee based in Queensland which is the responsible entity of three registered managed investment 91AVs - the Global Diversified Alpha Fund, the Global Multi-Strategy Fund and the Global All Seasons Fund.

Which entities has ASIC sought to have receivers appointed to?

The full list of entities ASIC is seeking orders against are:

• Australian Fiduciaries Ltd (ACN 601 228 844)
• Global Active Property Pty Ltd (ACN 641 974 656)
• Global Yield Investments Pty Ltd (ACN 641 974 361)
• Impact Fiduciaries Pty Ltd (ACN 633 621 682) as trustee for Social Impact Fund (ABN 34 221 385 991)
• Global Private Equity Pty Ltd (ACN 641 023 547)
• Alton Enterprises Pty Ltd (ACN 634 568 111)
• ELC Fiduciaries Pty Ltd (ACN 643 570 996) as trustee for Early Learning Property Trust
• Education Fiduciaries Pty Ltd (ACN 642 177 080)
• SRI Fiduciaries Pty Ltd (ACN 634 072 325) as trustee for SRI Property Trust (ABN 61 412 567 086)
• SRI Fiduciaries 2 Pty Ltd (ACN 647 487 732) as trustee for SRI Property Trust 2 (ABN 21 691 923 892)
• SRI Fiduciaries 3 Pty Ltd (ACN 649 532 025) as trustee for SRI Property Trust 3 (ABN 23 669 460 463)
• SDA Property Nominees Pty Ltd (ACN 634 072 030) as trustee for SDA Holdings Trust (ABN 49 786 717 152)
• SDA Fiduciaries Pty Ltd (ACN 633 632 283) as trustee for SDA Property Trust (ABN 16 727 323 078)
• SDA Fiduciaries 2 Pty Ltd (ACN 633 792 711) (Controller Appointed) as trustee for SDA Property Trust 2 (ABN 30 803 199 130)
• SDA Fiduciaries 3 Pty Ltd (ACN 634 665 008) as trustee for SDA Property Trust 3 (ABN 86 144 960 975)
• SDA Fiduciaries 4 Pty Ltd (ACN 634 665 044) as trustee for SDA Property Trust 4 (ABN 91 405 942 410)
• SDA Fiduciaries 5 Pty Ltd (ACN 641 715 237) as trustee for SDA Property Trust 5 (ABN 38 960 304 935)
• SDA Fiduciaries 6 Pty Ltd (ACN 641 715 246) as trustee for SDA Property Trust 6 (ABN 14 159 956 210)
• SDA Fiduciaries 7 Pty Ltd (ACN 642 131 968) as trustee for SDA Property Trust 7 (ABN 31 686 743 307)
• SDA Fiduciaries 8 Pty Ltd (ACN 642 132 009) as trustee for SDA Property Trust 8 (ABN 87 408 377 958)
• Progressive Early Education Centres Pty Ltd (ACN 636 113 721)
• Global Multimedia Pty Ltd (ACN 643 569 975) as trustee for Global Multimedia Trust
• Global Education Innovations Pty Ltd (ACN 650 365 021)
• Violett Production Pty Ltd (ACN 648 746 534)
• Nexus Files Developments Pty Ltd (ACN 643 550 609)
• The Possessed Pty Ltd (ACN 643 305 668)
• E3 Design & Build Pty Ltd (ACN 635 558 959)
• E3 Design & Build NSW Pty Ltd (ACN 636 046 136)
• Emporio Fiduciaries Pty Ltd (ACN 651 713 487) as trustee for Emporio Trust (ABN 29 196 718 834)
• Chirn Park Fiduciaries Pty Ltd (ACN 643 570 236) as trustee for Chirn Park ELC Trust (ABN 35 854 772 948)
• Point Fiduciaries Pty Ltd (ACN 649 961 053) as trustee for Paradise Point Trust (ABN 50 577 352 584)

What has ASIC been investigating?

ASIC is investigating concerns around:

• inadequate management of conflicts of interest
• the ways investors were sold units in the 91AVs and how their funds were ultimately invested into a complex group of entities controlled by related parties
• suspected failure by Australian Fiduciaries to conduct regular valuations of its 91AVs, and
• loss of value in the underlying assets.

Australian Fiduciaries has failed to lodge audited financial statements or audited compliance plan reports for its registered managed investment 91AVs for FY2024 or the first half of FY2025. ASIC understands that it has also failed to keep investors updated on the status of their investments since May 2024.

Why is ASIC seeking asset preservation orders and the appointment of receivers?

ASIC has applied to have receivers appointed to these entities to investigate their financial position and report back to the Court within 45 days. ASIC has applied for the receivers to do certain things including:

• Secure the property held by Australian Fiduciaries and the related entities
• Identify how Australian Fiduciaries investor funds were used, and
• Investigate potential recovery of investor funds.

ASIC is seeking the appointment of receivers so that we can obtain a clearer picture of the financial position of Australian Fiduciaries and its related investment 91AVs and entities. 

The information contained in the receivers’ report to the Court will assist the Court and the parties in determining the next steps in the court process.

ASIC has also applied for an interim Court order to freeze all assets held by the entities to prevent any removal or dissipation of those assets.

ASIC has taken this action to preserve the assets of the 91AVs while it continues an investigation into the conduct of Australian Fiduciaries.

Can I access the court documents which have been filed by ASIC?

Members of the public may apply to the Court to access certain Court documents. Further information is available on the Federal Court’s website at .

What will happen now?

ASIC’s application will be heard on a date yet to be set by the Court. ASIC will update this webpage with the date when we are able.

Can I contact the ASIC investigation team?

Investors in Australian Fiduciaries with information that may assist the investigation can contact ASIC on Australian.Fiduciaries.inquiries@asic.gov.au.

If receivers are appointed to Australian Fiduciaries and its related entities, investors should then contact the receivers in the first instance. If receivers are appointed, ASIC will update this page with their contact details.

Please note that ASIC will not be able to answer individual queries about your investment. Due to legal, regulatory and privacy requirements, we are likely to be limited in the information we can provide. 

As we will update this web page as our investigation progresses, the best way to receive information about ASIC’s investigation into Australian Fiduciaries is to monitor this page.

Can I make a complaint to AFCA?

If you invested in any of the three registered managed investment 91AVs of which Australian Fiduciaries is a trustee - the Global Diversified Alpha Fund, the Global Multi-Strategy Fund and the Global All Seasons Fund – then AFCA has the power to hear complaints from you about the conduct of Australian Fiduciaries. AFCA can be contacted on 1800 931 678, by email at info@afca.org.au or you can with AFCA online. The service is free to access

For more information, please refer to ASIC Information Sheet 174 Disputes with Financial Firms.

Are you able to advise on the status of our investment?

ASIC cannot provide any advice to investors about their individual investments.

Where can I get information about financial hardship?

While ASIC cannot advise on individual circumstances, ASIC's  has resources that may be of assistance in relation to financial counselling services, debt management and emergency assistance.

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the  (NDH) on 1800 007 007 (9:30am to 4.30pm in your local Australian time zone, Monday to Friday). The NDH may not be able to assist with your SMSF specifically.

Where can I get information about mental health support?

If you are experiencing a mental health crisis and want to talk to someone straight away:

• Lifeline
  • Lifeline Crisis Support – 13 11 14
  • They also offer online chat and text crisis services.
• Beyond Blue
  • the Beyond Blue Support Service is available 24/7 for brief counselling. You can call them on 1300 22 4636 or chat to them online.  They also have a variety of other mental health supports you can access.
  • Call a counsellor on 1300 22 4636 or .
• Aboriginal and Torres Strait Islander people
  • — call 13 92 76 to talk to an Aboriginal or Torres Strait Islander Crisis Supporter, 24/7.
• Mental Health Support via your GP
  • You can access mental health support by visiting your GP and getting a mental health plan:
• Australian Psychological Society
  • This website provides a listing of Registered Psychologists, including areas of specialty and location:
  • Psychologists set their own fees so there may also be a gap between what Medicare will pay and what is charged.  Some psychologists do not provide a Medicare rebate so it is best to ask about fees prior to your session.
• Services Australia
  • This website explains how the Medicare system works in relation to accessing mental health care under the Medicare system: .