Trust Company bids for Trio Capital schemes
Trust Company is seeking to become the replacement responsible entity (RE) for 10 Trio Capital managed investment schemes.
Trio Capital, formerly Astarra Capital, is currently the RE and investment manager of the schemes, but with that company now in liquidation a replacement must be found.
Trust Company said the schemes to which it is seeking to be appointed RE are "largely unimpaired by the indentified problematic assets in the wider stable of the Trio schemes".
Nine of the schemes in question are registered and one is an unregistered wholesale trust.
Trust Company has the support of ACT Super Management, a subsidiary of McGrathNicol and the acting trustee of various Astarra superannuation funds and the major unit holder in the schemes.
ACT Super has called unit holder meetings for each scheme to be held on 30 July to vote on the proposal.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.