Macpherson + Kelley Lawyers (M+K) has turned its attention to a select number of Australian financial services research houses as part of legal proceedings against parties involved with failed fund manager Trio Capital (Trio).
M+K principal Ron Willemsen would not be drawn on which research houses the firm has begun to explore as part of the investigatory stage of its case, though indicated a number may have a case to answer.
"They [research houses] were allowing their research to be used to help support the sales process," he said.
"And if there hadn't been proper, truly independent research of the product and they relied too heavily on what they were told by management or the directors, then it seems to me that they might have a case to answer."
It is believed there are at least two research houses with links to the failed fund manager through its previous entities and incarnations Astarra Asset Management and Absolute Alpha.
The groups are understood to be Aegis Equities Research (Aegis) and van Eyk Research (van Eyk).
Aegis is currenlty owned by Morningstar.
A spokesperson for Morningstar said that the firm has not received any notice of legal action, and declined to comment further.
A spokesperson for van Eyk was not available for comment.
Van Eyk is believed to have severed ties with Trio and its leading hedge fund-of-fund offering after conducting reviews of the sector in 2007 and 2009, media reports said.
In January 2010, Aegis Equities Research head of investment research John Kessell said Aegis gave the Alpha Strategic Fund, issued by Astarra Capital and managed by Absolute Alpha, a recommended rating in October 2007.
In May this year, Seagrims managing director Peter Seagrim said Aegis and van Eyk Research, as well as Trio directors, trustees, auditors WHK and KPMG, and legal firm Deacons Australia (now known as the Norton Rose Group), were potential targets.
On Friday, M+K sent letters of demand on behalf of its clients to Trio liquidators PPB, requesting them to notify the professional indemnity insurers of Trio of compensation claims.
Around 100 investors have signed up or are in the process of signing up to be represented by M+K.
