ASIC has applied to the Federal Court, seeking asset preservation orders and the appointment of receivers to Australian Fiduciaries Ltd and numerous related entities.
ASIC understands that around 600 Australian retail investors have invested approximately $160 million into managed investment 91AVs offered by Australian Fiduciaries since February 2020, predominantly through their self-managed super funds (SMSFs). Australian Fiduciaries ceased distributing units in the 91AVs in September 2023.
ASIC’s application seeks to preserve the assets of the 91AV and obtain a clearer picture of the financial position of Australian Fiduciaries and its 91AVs while ASIC continues its investigation.
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.
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.
Investors can find further information and a full list of the entities ASIC is seeking orders against on the Australian Fiduciaries webpage on ASIC’s website.
ASIC’s application will be heard by the Court on a date yet to be set.