Equity Trustees (ASX: EQT) is a leading specialist trustee company. It offers diverse services to individuals, families, and corporate clients, including asset management, estate planning, philanthropic services, and Responsible Entity (RE) services. On 21 May 2026, the company advised that its subsidiary, Equity Trustees Superannuation Limited (ETSL), faces civil proceedings from the Australian Securities and Investments Commission (ASIC) in the Federal Court. These proceedings concern the First Guardian Master Fund, and while ETSL is reviewing the Statement of Claim, it expects to defend the allegations.
ASIC’s action seeks civil penalties, compensation or remediation orders, and costs against ETSL. This mirrors a prior matter where ASIC filed proceedings against ETSL concerning the Shield Master Fund, which ETSL also committed to defending. Equity Trustees Managing Director Mick O’Brien reiterated the company’s position, stating ETSL’s exposure to the First Guardian Master Fund and its board’s intention to defend. He underscored ETSL’s dedication to acting in members’ best financial interests and its serious approach to compliance.
Mr. O’Brien asserted ETSL acted “in line with its fiduciary duties and obligations under the Corporations Act and Superannuation Industry (Supervision) Act,” echoing its Shield Master Fund stance. He contended that “First Guardian is primarily a case of alleged and widespread fraud, and that the focus should be on those parties.” Member losses through the fund where ETSL was trustee total approximately $70 million, from overall First Guardian investor losses estimated at $446 million by liquidators. ETSL continues assisting liquidators to achieve best returns and provides affected members counselling and wellbeing support. Equity Trustees will keep the market informed.
