ASIC pushes for Queensland investment firm Australian Fiduciaries to be placed in receivership amid investigation

The corporate watchdog is seeking to put a Queensland investment firm into receivership as its $160m self managed super fund schemes are investigated.

Funds holding $160m of superannuation is under investigation by ASIC

Corporate regulator ASIC has applied for a court order to place Queensland-based firm Australian Fiduciaries in receivership, with concerns about some $160 million invested from self-managed superannuation funds.

ASIC applied for the order to appoint receivers in the Federal Court, along with asset preservation orders against Australian Fiduciaries and 30 related entities.

The regulator said it hopes to secure the property held by the company and its investment schemes while investigations continue.

About 600 people are understood to have invested approximately $160 million into managed investment schemes with Australian Fiduciaries since February 2020, mostly through self-managed super funds (SMSFs).

Australian Fiduciaries has offered the Global Diversified Alpha Fund, Global All Seasons Fund and Global Multi-Strategy Fund, with its website describing the schemes as “innovative” and “diversified, multi-asset class investment strategies”.

But the company stopped selling units in its schemes in September 2023.

ASIC has flagged it is investigating concerns around management of conflicts of interest, the ways investors were sold units and how their funds were invested into what it has called a “complex group of entities”.

It said it is also looking at a loss of value in the underlying assets and a suspected failure by the company to conduct regular valuations of its schemes.

The regulator said it is seeking to “obtain a clearer picture of the company’s financial position”.

It also said Australian Fiduciaries failed to lodge audited financial statements or compliance plan reports for its investment schemes over the 2024 and 2025 financial years.

“ASIC understands that it has also failed to keep investors updated on the status of their investments since May 2024,” the regulator said in a statement.

If its application is successful, Anthony Connelly, Mark Holland and Melissa Smith of McGrathNicol would be appointed as receivers to Australian Fiduciaries.

Last week, the company issued an update to investors, which said its 2024 financial year reports were drafted and with auditors.

However it noted the auditor had sought more details around the valuation of assets held by its funds, which had been delayed by “external factors” including the unexpected administration of a service provider and complexities in the current market.

“Please be assured that [Australian Fiduciaries] is doing everything within its power to expedite this process,” the letter said.

“We are actively and persistently engaging with all necessary third parties to secure the required information promptly.

“However, we must respect their internal processes, resource availability and timelines, which are inherently outside of our direct control.”

News Corp has contacted Australian Fiduciaries for comment.