The corporate regulator has slammed the practices of funds operating in Australia’s $250 billion private credit sector, saying that they are too opaque and complicated, as it confirmed a probe into the activities of the Bathla Group.
In a scathing 58-page report to be released on Tuesday, the Australian Securities and Investments Commission said one fund was banking secret payments four times larger than its disclosed management fee, while some financial advisers were telling clients to pour up to 87 per cent of their money into private credit funds.
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