Balmain Trilogy asks ASIC to register City Pacific fund
Balmain Trilogy has lodged a notice with the Australian Securities and Investments Commission under the Corporations Act requiring the regulator to register Trilogy as the new responsible entity of the City Pacific First Mortgage Fund.
Balmain Trilogy joint chief executive Andrew Griffin said the notice was lodged on the basis that City Pacific has no interest in accepting an “overwhelming” vote of the fund members last Thursday for Trilogy to replace City Pacific as responsible entity.
“City Pacific has no interest in listening to the members that it allegedly represents and has brought court action after court action, at the expense of members, to overturn the clear wishes of the members.
“It can only be assumed that City Pacific wishes to remain a responsible entity for the interim period, which in effect would enable it to continue charging fees well beyond that which Trilogy has agreed to charge and use fund assets to pay for the litigation."
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
