Local Trio Capital funds confirmed safe
The administrators of Trio Capital have indicated all investments locally registered through National Australia Trustees have been accounted for.
A director of PPB, the administrators of Trio Capital (previously known as Astarra Capital), has communicated in writing that the group could “confirm the existence and value of all assets registered through [National Australia Trustees]”, namely cash and Australian share investments.
Around $118 million invested in the Alpha Strategic Fund through offshore hedge fund managers remains unaccounted for.
Despite the confirmation regarding the local funds, investors are no closer to knowing when they might be able to gain access to their investments. The administrator will now work on determining whether to liquidate the funds or return the funds to normal operations.
The PPB executive confirmed the location of the locally invested funds in an email to a financial adviser whose clients have been affected by the events in recent months. That adviser is also a member of the Association of Independently Owned Financial Planners (AIOFP).
AIOFP executive director Peter Johnston said the association is “extremely pleased for its affected members and more importantly their clients” that PPB had “finally confirmed that the Australian-based assets of the Astarra multi manager options are exactly where they were meant to be”. Johnston added that it had been a “harrowing experience’ for those involved, and one that “grew out of what we believe is professional jealousy”.
The regulators are believed to have been originally alerted to Astarra Capital (now Trio Capital’s) operations by another hedge fund manager.
Johnston said the association is “awaiting confirmation of the remainder of the Hong Kong-based hedge fund assets to complete the process”. The association intends to hire a private investigator to pursue people and companies associated with the missing funds.
PPB was not available for comment to confirm the information at the time of publishing.
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