Wollongong law firm Maguire and MacInerney is investigating allegations of negligent financial advice against a number of advice firms, one of which is Tarrants.
Maguire and MacInerney partner Mark McDonald is investigating Tarrants’ involvement with the Astarra Strategic Fund, which was managed by collapsed Trio Capital, but is also looking into its advice around failed agribusiness schemes Great Southern and Palandri Wines.
McDonald said the law firm was considering whether there were individual cases among the approximately 70 Tarrants clients.
Tarrants placed its wealth management division into liquidation this week. Media reports stated that Wealthsure was taking on approximately 200 of Tarrants’ advice clients and 13 of its now jobless employees.
Weathsure group chief executive Darren Pawksi denied this, although he stated the group was considering what it could do to service Tarrants’ clients, who now find themselves without advice. He said Wealthsure would not be employing any former Tarrants advisers, although it was considering taking on a few of its support staff to help facilitate a client transfer.
Pawski said Wealthsure already had about 80 advisers in the area to service Tarrants’ stranded clients, and therefore had no intention of taking on Tarrants’ staff.
