Australian regulator sues EQT Holdings' superannuation unit over First Guardian lapses

EQT Holdings

21/05/2026 02:02

May 21 (Reuters) - Australia's regulator said on Thursday it has sued Equity Trustees Superannuation (ETSL), a unit of EQT Holdings EQT.AX, alleging it failed to obtain key information on the now-collapsed First Guardian Master Fund before allowing member investments.

Here are some more details:

About A$65 million ($46.48 million) was invested in First Guardian between June 2023 and March 2024 by roughly 2,700 members of a division of the AMG superannuation fund, for which Equity Trustees acted as the trustee, the Australian Securities and Investments Commission (ASIC) said.

ASIC has alleged Equity Trustees failed to obtain information before onboarding First Guardian, including its constitution, audited financial statements and an audit of its compliance plan.

ASIC also alleged that Equity Trustees allowed members to allocate up to 100% of their funds to First Guardian despite indications the investment was, or could become, illiquid.

The regulator has launched the civil penalty proceedings in the Federal Court seeking compensation for members as well as declarations and penalties from Equity Trustees.

In a separate announcement, EQT said ETSL would defend the allegations, adding that it has acted in line with its fiduciary duties and obligations under the Corporations Act and Superannuation Industry (Supervision) Act.

  ($1 = 1.3986 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))