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Knowledge

Why performance fee provisions must align across all fund documents

MARQ Trustees writes about the importance of ensuring performance fees are aligned across the Information Memorandum, the Investment Management Agreement and the financial model. To avoid misalignment, these three components must be viewed as a single system rather than separate tasks performed in isolation. If the disclosure, the legal drafting and the model differ by even a small degree, the fee output will be wrong.

Knowledge

Beware directors and professional advisors – personal liability can await those involved in raising capital in a non-compliant way

A recent Federal Court case highlights the significant personal risks for individuals involved in raising capital without an AFSL and also for those involved in preparing misleading investment documents.

Glossary and Terminology

Knowledge

18th April 2024

This article provides a list of terms and definitions related to wholesale funds management in Australia.

Landholder duty – be aware of the rules

Knowledge

16th April 2026

When structuring a property investment fund and the purchase of assets for it, stamp duty is always a key consideration. The stamp duty rules in the different States and Territories can be a confusing minefield and great care (and expert advice) is always needed when navigating through them.

Cyber training and cyber insurance: why both matter

Knowledge

6th March 2026

MARQ Trustees writes about how cybersecurity is now a core governance responsibility for investment managers and trustees. MARQ Trustees highlights that the best approach combines practical cyber training, documented processes, and cyber insurance to ensure your organisation meets its AFS licence obligations and demonstrates a defensible, well‑governed risk management framework.

When should Investment Capital be called?

Knowledge

27th February 2026

The timing of investor capital contributions is a critical lever for fund performance. Whether you utilise upfront payments, staged tranches, or committed capital, investor capital influences everything from "cash drag" to the investor’s realised return profile (or IRR). MARQ Trustees explores the three primary approaches to aligning capital flows with your investment strategy.

Preparing Authorised Representatives to engage investors

Knowledge

24th February 2026

MARQ Trustees provides specialised onboarding for Authorised Representatives engaging with investors. Our program equips ARs with the regulatory understanding and practical tools needed to communicate with investors effectively.

No AFSL – $14 million in penalties

Knowledge

10th February 2026

MARQ Trustees writes about the Full Federal Court’s decision in the BPS Financial case, in which a company was found to have issued and promoted an investment product without an AFSL and also having engaged in misleading and deceptive conduct. The judge said that the company “engaged in serious and unlawful misconduct”. The decision once again reinforces the serious consequences of acting without an AFSL.

Marketing material for wholesale offers – the misleading and deceptive conduct laws still apply

Knowledge

12th August 2025

MARQ Trustees writes about a recent Federal Court decision involving Mayfair 101, which highlights that prohibitions against misleading and deceptive conduct can apply to marketing materials used in wholesale investment offers, and shows how those involved in producing them can be held liable.

Six and a half year ban for property developer for promoting property investments without an AFSL

Knowledge

20th March 2025

MARQ Trustees writes about ASIC’s ban of Kingdom Developments Group director, for offering investment in property developments without an AFSL (Australian Financial Services Licence).

Can I accept foreign “wholesale” investors into my fund?

Knowledge

13th March 2025

A common question we get asked by Investment Managers is “Can I accept foreign investors into my fund”? In this article, we write about the rules for foreign investment into Australian wholesale funds.

Court issues $1.25 million penalty to unlicensed property scheme promoter

Knowledge

11th December 2024

In a first for an Australian Court, a $1.25 million penalty has been ordered against high profile property investment scheme promoter Sasha Hopkins for operating unregistered managed investment schemes.

ASIC focuses on property investment schemes and continues emphasis on pursuing action in the Courts

Knowledge

20th November 2024

ASIC has just released its enforcement priorities for 2025. They continue a theme of consumer credit protections, but also call-out property investment schemes and conduct which exploits superannuation savings.

Being “knowingly concerned” – Could you or your client be at risk?

Knowledge

23rd October 2024

A recent High Court decision could have a ripple effect across the financial services space. Professional advisers should be aware of the potential adverse consequences for them and for the directors and employees of a client company which breaches the financial services laws.

Beware “double duty” risks – investors coming into a property fund might be aggregated

Knowledge

15th August 2024

MARQ Trustees writes about a recent Victorian Court of Appeal decision which confirmed the State Revenue Office’s assessment of (stamp) duty on an aggregated basis. It’s a stark reminder to always get expert advice when structuring a property purchase and fund raising.