Astarra forced to remove managed fund PDSs from website
The Australian Securities and Investments Commission (ASIC) issued an urgent stop order forcing Trio Capital, formerly Astarra Capital, to remove the product disclosure statements for its Astarra managed funds from its website, according to media reports.
The order follows charges filed last week against Astarra chief executive Shawn Richard and chief investment strategist Eugene Liu, who are the managers of the funds. The charges were filed in the New South Wales Supreme Court.
The nature of the complaint against Astarra is unclear, as the judge presiding over the case has barred the regulator from releasing any details to the public, according to reports in the Sydney Morning Herald.
It is also believed that Trio Capital, the responsible entity for the Astarra funds, is taking legal action against Richard and Liu.
Trio revealed in its financial accounts that it lodged a statutory demand on the former directors of an appointed investment manager in late September. They did not provide information as to why they had lodged the demand.
Astarra managed funds has $1 billion in funds under management.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
