This compares to the average market value of the fund of $ 670 million during the period.
These include management fees charged for total assets of $ 25.8 million, responsible entity fees of $ 12.54 million, stamping and handling fees of $ 5.8 million, and real estate transaction fees of $ 18 million.
Meanwhile, the fund paid $ 68 million for the Dixon projects, which were used to refurbish properties in the fund located in the New Jersey and Manhattan regions.
The court file detailed how seven representatives advised clients to take part in investments and offers in URF units, bonds, and preferred shares, or not to hold property.
ASIC action has been taken against Dixon, not the actors. This comes after investors in the URF incurred significant losses, which Australian Financial Review It was first featured in a series of articles as of April 2018.
Dixon Advisory said it “will defend the proceedings and in a timely manner will present a thorough defense after receiving them and will have a reasonable opportunity to review the ASIC’s detailed Statement of Claim”.
Evans Dickson said in a statement on Friday that he was reviewing the statement.
Because Dixon Advisory reaped huge fees from the URF, its advisors recommended that clients invest heavily in fund units as well as unsecured bonds and preferred stocks.
Going out on the weekends A review of several Dixon portfolios with fund exposure ranged from 15% to 28% across all URF securities.
This is in addition to allocations to other Dixon-related funds such as New Energy Solar and Cordish Dixon.
URF performed poorly as it accumulated significant losses while its debt levels increased.
The unit price has decreased by 90 percent in value over five years compared to a 16 percent increase in the broader stock market index. Meanwhile, the URF preference shares are trading at 50 to the dollar.
Dixon Advisory is Australia’s 4th largest superfunded self-managed provider.
But its poor fund performance and high URF fees attracted scrutiny and raised questions of conflicts of interest.
In 2017, Dixon Advisory merged with Evans & The partners founded the ASX-listed Evans Dixon in 2018.
But the group has been plagued by Dickson’s advisory cases since it was listed and revealed last week that it would shift away from revenue from related parties.
Many executives were forced to leave the company, including former CEO Alan Dickson, who in late August sold his entire 16.7 percent stake in the company to 360 Capital. Dickson – who earned $ 17.6 million – left the company’s board of directors in July.
360 Capital managing director Tony Pitt declined to comment on Friday, but he’s now Evans Dixon’s biggest new shareholder.
A spokeswoman for Evans Dickson declined to comment on speculation that Dickson initially offered to sell his stake to CEO David Evans.
Dickson later sold to Pete, who allegedly surprised Evans when he appeared on the record.
It is believed that Pitt was buying more Evans Dixon shares in the market which would bring his ownership below 20 per cent.
Dickson resigned as CEO of the wealth management group to focus on a struggling URF fund last year, but quit all executive duties last October citing “personal reasons.”