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The administrator of Trio Capital is seeking court orders that would allow it to determine a unit price for the now defunct manager’s wholesale investment portfolio.
The Astarra Wholesale Portfolio Service, formerly managed by Trio Capital, has significant exposure to impaired and non-liquid funds, leaving administrators PPB unable to determine a unit price for investments in the fund.
This is turn means redemption requests from the superannuation funds with investments in that fund are unable to be processed, leaving many members without their pension payments.
Fairfax’s InvestSmart website cited the fund as holding close to $96 million at the end of September last year, and nominated the entry and exit prices of the fund at around $1.07 at that time.
PPB was expected to make the application to court last week.
In a letter to members of superannuation funds with investments with Trio Capital, acting trustee ACT Super Management said it was hoped the court would allocate a hearing date in the coming weeks.
ACT Super Management is the acting trustee for a number of superannuation funds with exposure to Trio Capital funds.
“If the court makes the orders as requested, we would then expect to be in a position to make pension payments for [the Astarra Personal Pension Plan] before the end of February.”
Members in the Astarra Personal Pension Plan have not received their January or February pension payments.
Some investors in super fund My Retirement Plan, namely Seagrims sub-plan members, have had their January 1 pension payment paid.
“As sufficient cash is held in the relevant bank account under our control for this sub-plan, we are in the process of arranging for the pension payment due on 1 February to also be paid,” the acting trustee’s stated.
Investors not in the Seagrims sub-plan of My Retirement Plan were, at the end of January, still waiting for their January pension payments, while a redemption request for the February payments had been made to PPB and was expected to be paid.
