Trust Company bids for Trio Capital schemes
Trust Company is seeking to become the replacement responsible entity (RE) for 10 Trio Capital managed investment schemes.
Trio Capital, formerly Astarra Capital, is currently the RE and investment manager of the schemes, but with that company now in liquidation a replacement must be found.
Trust Company said the schemes to which it is seeking to be appointed RE are "largely unimpaired by the indentified problematic assets in the wider stable of the Trio schemes".
Nine of the schemes in question are registered and one is an unregistered wholesale trust.
Trust Company has the support of ACT Super Management, a subsidiary of McGrathNicol and the acting trustee of various Astarra superannuation funds and the major unit holder in the schemes.
ACT Super has called unit holder meetings for each scheme to be held on 30 July to vote on the proposal.
AUTHOR
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
