Titanium not linked to Astarra
Titanium Financial Services has denied media reports stating Trio Capital, formerly Astarra Capital, is the responsible entity for its Titanium Retirement Fund.
The Titanium statement follows media reports that the Australian Securities and Investments Commission (ASIC) issued an urgent stop order forcing Trio Capital to remove the product disclosure statements for its Astarra managed funds from its website.
The reports stated that the Titanium Retirement Fund, which also has Trio as a responsible entity, has removed its product disclosure statement as well.
However, the Titanium board states that the Titanium Retirement Fund and its investors have not, at any time in the past or present, had any exposure to the Astarra Strategic Fund or any other Astarra Funds managed by Astarra Asset Management and administered by Trio Capital Limited.
A Titanium spokesperson said that Titanium has been negotiating with Astarra and a number of other trustees to select a responsible entity for its fund, however it had not moved past the “preliminary negotiation” stage and had not signed any agreement with Astarra.
The Titanium board has yet to announce the fund’s appointed trustee/administrator.
AUTHOR
Corrina Jack
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