Allco denies $500 million loan claim to Tricom
Allco Finance Group has denied a report in The Sydney Morning Herald yesterday that it had “extended a line” of $500 million to broker Tricom Equities.
Company secretary Tom Lennox said in a general press release that Allco had never advanced or loaned any funds to Tricom, which was reportedly the single largest brokerage trading shares in Allco.
The broker failed to settle share trades reportedly worth tens of millions of dollars on Tuesday, halting settlement on the Australian Securities Exchange for more than four hours.
It is believed the margin loan specialist took heavy losses last Tuesday when the worst share market fall in 18 years caused a record number of margin calls.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
