Updated

ASIC action may cost Dixon Advisory tens of millions

Jonathan Shapiro and Carrie LaFrenz

Updated Sep 4, 2020 – 4.54pm, first published at 10.01am

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Dixon Advisory may be facing up to tens of millions of dollars in penalties for allegedly failing to act in its clients' best interests and provide appropriate advice after the corporate regulator launched civil action in the Federal Court.

The court action related to financial advice given to clients to invest or retain exposure to its troubled US Masters Residential Fund, or URF, which paid significant fees to related companies but performed poorly for investors.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club.