The Federal Court of Australia has appointed Ross Blakeley and Paul Harlond of FTI Consulting as liquidators of Falcon Capital Limited and ordered the liquidators to wind up Falcon, the First Guardian Master Fund and related unregistered subsidiary funds.

The Liquidators were appointed following an application by the Australian Securities and Investments Commission (ASIC). ASIC took this action as it was concerned about Falcon’s management and operation of First Guardian and the associated risks to investors.

The Federal Court also ordered that Mr Paul Allen of PKF Melbourne be appointed as receiver to the property of David Anderson, a director of Falcon.

This action follows previous action taken by ASIC in February 2025 to freeze the assets of Falcon, First Guardian and Mr Anderson to help protect investor funds while ASIC continues its investigation.

Investors and creditors can contact the liquidators with any queries by emailing falcon.investors@fticonsulting.com.

ASIC’s investigation is ongoing.

In May 2024, Falcon suspended the processing of applications and withdrawals from First Guardian subject to some limited exceptions. Since that time, the vast majority of investors have been unable to access their funds.

On 24 February 2025, the Federal Court made orders freezing the assets of Falcon, First Guardian and Mr Anderson.

ASIC’s investigation to date suggests that many investors were called by lead generators and referred to personal financial advice providers who advised them to roll their superannuation assets into a retail choice superannuation fund and then invest into First Guardian. Some investors received advice to set up self-managed superannuation funds (SMSFs) to facilitate investments into First Guardian.

The related unregistered subsidiary funds are as follows:

• the First Guardian Global Income Fund
• the First Guardian Australian Development Fund
• the First Guardian Absolute Equities Fund
• the First Guardian Trulet Innovation Fund
• the First Guardian Global Equity Fund.