Trilogy formalises run at City Pacific
A Brisbane-based funds management company, Trilogy Funds Management, has followed through on a threat made late last month to seek control of the City Pacific Mortgage Fund.
Trilogy’s executive chairman, Rodger Bacon, having flagged the company’s intentions in late February, announced today that his company would be seeking a meeting of all City Pacific First Mortgage Fund unit holders in the next month to support removing City Pacific as the responsible entity.
He claimed that the company’s decision to call the meeting was a direct response to requests from unit holders for Trilogy to assume management of the mortgage fund.
Bacon said the meeting would also seek a change in the fund’s constitution to reduce management fees, halving them from more than 3 per cent a year to a maximum of 1.5 per cent of assets under management.
He acknowledged that City Pacific was already contemplating a meeting of unit holders to discuss fees but claimed this would amount to treating the symptoms and not the disease.
Redemptions in the fund have been frozen since last year.
AUTHOR
Mike Taylor
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
Advice licensee Sequoia Financial Group has promoted Sophie Chen as an executive director, following her work on the firm’s Asia Pacific strategy.
The former licensee of Anthony Del Vecchio, a Melbourne adviser sentenced for a $4.5 million theft, has seen its AFSL cancelled by ASIC after a payment by the Compensation Scheme of Last Resort.
