Embattled financial services firm Trio Capital has been placed into liquidation six months after regulators froze its Australian financial services licence (AFSL) and suspended it as the trustee for over $300 million worth of superannuation money.
Trio’s administrator PPB confirmed that creditors had voted that the fund manager be put into liquidation at a meeting held yesterday.
However, the liquidation would not have any effect on unitholders of Trio funds at all, PPB partner Neil Singleton said.
“We’re continuing to wind up the five schemes that were wound up by the court on 19 March,” he said.
They include the Astarra Strategic Fund, ARP Growth, Astarra Overseas Equities Pool, Asttar Portfolio Service and Asttar Wholesale Portfolio Service.
The Australian Prudential Regulation Authority (APRA) suspended Trio Capital as the trustee of its four superannuation funds and one pooled superannuation trust on 17 December 2009.
On the same day, ASIC suspended the AFSL held by Trio Capital, under which it acted as responsible entity of 24 registered managed investment schemes, including the Astarra Strategic Fund.
Trio’s four main superannuation funds had around 10,000 members and their reported assets as at September 2009 totalled $300 million.
Total assets under management in Trio’s superannuation entities and registered managed investment schemes was approximately $426 million.
