Philip Anthon

Trilogy Funds Management Limited (Trilogy Funds) has appointed experienced financial services executive and director Philip Anthon as an Independent Non-Executive Director, further strengthening the Board’s governance, risk management and funds management capabilities, and reinforcing the organisation’s commitment to delivering strong investor outcomes.

Mr Anthon has more than 30 years’ experience across the highly regulated financial services industry. Notable prior roles include serving as Chair of FIIG Holdings Limited, a Non-Executive Director of Intermediate Capital Managers (Australia), the Australian arm of a global private debt manager, and as a Responsible Manager for Partners Group Private Markets (Australia), part of a leading global private markets manager. He also held senior executive roles with Suncorp Wealth Management across risk, compliance, governance and executive leadership functions.

“We are pleased to welcome Philip to the Board of Directors,” said Henry Elgood, Co-Managing Director of Trilogy Funds.  “Philip brings significant funds management, governance and regulatory expertise to the Board. His experience spans both the strategic and operational dimensions of regulated financial services businesses, including direct involvement in AFSL governance frameworks, responsible entity operations and enterprise risk management,” he said.

“As the regulatory environment continues to evolve, strong governance and risk management practices remain fundamental to meeting our obligations as a responsible entity. Philip will further strengthen the Board’s capabilities in these areas and support disciplined decision-making across the business,” Mr Elgood said.

Commenting on his appointment, Mr Anthon said: “I am pleased to join the Board of Trilogy Funds Management at an important time for the Australian funds management sector. Robust governance, effective risk oversight and maintaining investor confidence are fundamental to the long-term success of any funds management business. Trilogy Funds has established a strong position within the Australian funds management sector, and I look forward to contributing my experience to the Trilogy Funds platform.”

Mr Anthon is an admitted solicitor of the Supreme Court of Queensland and the High Court of Australia. He holds a Bachelor of Laws from the Queensland University of Technology, is a Graduate of the Australian Institute of Company Directors (GAICD) and is a Certified Chair with the Advisory Board Centre.

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Connor Schafferius has joined Trilogy Funds as Senior Portfolio Manager in Melbourne from Monark Property Partners, where he was an associate director. He will assist Trilogy Funds in continuing to expand its loan origination across VIC, SA, WA and the ACT.

Dominic Wild has been appointed Senior Portfolio Manager in Sydney, joining from Ray White Capital where he was a portfolio manager. Mr Wild will help expand Trilogy Funds’ loan origination in NSW. He is skilled in portfolio management, investment analysis, and strategic credit planning.

Adam Ligori joins Trilogy Funds as Portfolio Manager, Development & Restructuring, in Sydney, joining from Construction Consultants, where he was a senior project manager. Mr Ligori’s experience spans client-side project management, superintendent administration, contract negotiation and development delivery. 

Clinton Arentz, Head of Lending at Trilogy Funds, said the new hires will bring great expertise to the Trilogy Funds Financing team.

“We are delighted to welcome Connor, Dominic, and Adam to our growing team as we expand our presence across Australia. By boosting our capabilities, our brokers and clients will continue to receive the highest level of service, support and expertise at every stage of their projects,” Mr Arentz said.

“Each of our new hires brings highly specialised experience in structuring construction credit and a broad understanding of what developers require. Adam’s technical background, combined with Connor’s and Dominic’s extensive credit and portfolio management experience, ensures Trilogy Funds is well positioned to support its growing borrower and broker networks.”

Trilogy Funds is helping to meet rising demand from brokers and developers for private credit as traditional banks tighten construction lending.

“The retreat of major banks from segments of the development lending market has created a significant opportunity for Trilogy Funds, an experienced non-bank lender, to provide a range of lending solutions to the construction sector. Our 20 years of experience, combined with our expanding team, ensure we have the leadership, technical expertise, and capital readiness in place to help finance the projects that will address Australia’s housing supply shortfall,” he said.

Trilogy Funds boasts a broad broker network across Australia, which is increasingly important as housing developers work to meet the Federal Government’s ambitious housing targets under the National Housing Accord.

As part of its growth, Trilogy Funds also recently appointed experienced property finance specialist Daniel Trist to the newly created role of Head of Origination, reflecting the continued growth of the organisation’s lending business and its commitment to supporting Australia’s expanding property development sector.

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Laurence Parisi

Australian household wealth hit an all-time high of $19.21 trillion in the March 2026 quarter, boosted by record property and cash investments, which sat at $12.98 trillion and $2.0 trillion, respectively, new data from the Australian Bureau of Statistics (ABS) reveal.

Household wealth rose by 1.32% or $224.9 billion during the March quarter, driven by growth in the value of residential land and dwellings, according to the ABS data. Australians held a record $12.98 trillion in residential property assets, accounting for 67.6% of the total household wealth, and $2.0 trillion in cash and deposits, which sat at a record high also and represented 10.4% of net worth.

Laurence Parisi, Trilogy Funds’ Head of Direct Property, said: “More than two-thirds of household wealth is now locked up in bricks and mortar assets, a proportion which has increased in recent times as property values have risen. That percentage may drop, however, as property price growth weakens in Sydney and Melbourne and potentially in other capital cities as mortgage interest rates rise,” Mr Parisi said.

“Households are also hoarding record levels of cash despite the very low level of returns after inflation.” Data from the Reserve Bank of Australia (RBA) reveals that the average interest rate paid by banks on term deposits across all maturities was just 3.55% p.a. in May 2026, while online savings accounts paid an average interest rate of 3.05% p.a.^[1], meaning the yield on savers’ money held in such bank accounts is negative in real terms, or after inflation.

Household superannuation assets fell 1.6%, or $72.9 billion, for the first time since the March 2025 quarter to sit at $4.47 trillion, the ABS said. This fall came in response to the Middle East conflict as higher risks of inflation slowed domestic and overseas equity markets.

“With such a large proportion of household wealth tied up in property and cash, we are seeing investors looking to diversify their assets into higher yielding private credit and commercial property investments, which can deliver attractive risk-adjusted income returns over time,” Mr Parisi said.

According to Mr Parisi, private credit and commercial property funds can offer investors relative price stability, when compared with listed investments, and regular income, with yields between 6% p.a. and 8% p.a..

“This can represent an attractive opportunity for investors to benefit from regular income. Interest rates on savings accounts are currently yielding around 3% p.a. on average, well below the inflation rate of 4.2% p.a. in April. Australians are increasingly reassessing their extensive cash holdings given the potential opportunity costs of remaining heavily invested in lower-yielding assets,” he said.

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Notes: 
[1] https://www.rba.gov.au/statistics/tables/xls/f04hist.xlsx?v=2026-06-09-11-39-11

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The meeting resolved, with 56.8% of units on issue voting in favour, to remove the Responsible Entity (RE) LM Investment Management Limited and replace them with Trilogy Funds Management Ltd. 

The change is effective from the date Trilogy is recorded on the ASIC Register as the new RE.  This should occur within the next 7 days. 

Trilogy Chairman, Rodger Bacon, thanked the investors and advisors who had supported the vote for change.  He also confirmed that they will continue their strategy on behalf of concerned investors and their advisers to bring about a change of RE in the LM Currency Protected Australian Income Fund and ultimately the LM First Mortgage Income Fund.

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Reflecting strong support Trilogy has delivered to LM proxy votes FOR the resolutions which comfortably exceed 50% of the total units on issue.

In the case of the LM Currency Protected Fund (“CPF”) Trilogy has also been encouraged by the support it has received.  Despite the low response rate (less than 20%) the votes received by Link Market Services were 85% for Trilogy replacing LM.

The low response rate was due to very significant mail delays which occurred, especially in New Zealand where the majority of unitholders in the CPF reside.

The situation was exacerbated by LM announcing as recently as last Friday that they would not accept proxies that were voted on-line. 

Also LM have still not published the Currency Fund or the First Mortgage Income Fund accounts for the FY 2012 which would allow for a more considered view of a member’s investment. 

While LM accepts that such delays occur, they would not agree with Trilogy to defer the meeting to give investors and their advisers more time to consider the proposals and send in their proxies.  

As a result the Convening Members Agent has today cancelled the proposed CPF meeting for 11.30 a.m. on 1st November 2012.   Trilogy also announced that it will notify CPF unitholders that a new meeting will be held as soon a possible after the CPF accounts have been published which LM has stated will be “mid November.”  This meeting will consider and vote on the matter of replacing LM with TFM as the RE of the Currency Fund.

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LM is the RE for the LM Wholesale First Mortgage Income Fund (Wholesale Fund), the LM Currency Protected Australian Income Fund (Currency Fund), both of which are “feeder funds” of the LM First Mortgage Income Fund (Main Fund). 

The Wholesale Fund and Currency Fund hold 20% and 24%, respectively, of the Main Fund, which, at 31 December 2011, had gross assets of $418 million, making it a mid-tier mortgage fund. Other unitholders hold the remaining 56% in the Main Fund.

Trilogy Group Chairman Rodger Bacon says: “We were initially approached by a significant group of investors, this time from overseas (mostly New Zealand), to call meetings to vote on a change of the funds’ RE. 

“Following this overseas initiative, two Australian institutions joined forces to support calling these meetings. All these investors want LM out; they want openness, a simple, professional wind-down of the funds and return of their capital.” 

Bacon says Trilogy is well placed to bring about the RE change with institutional investors holding more than 48% of the units in the Wholesale Fund supporting resolutions to remove LM as the RE. 

Meetings to replace LM as the RE of the two feeder funds – the Wholesale Fund and the Currency Fund – will be held on 1 November in Sydney, with a meeting for the Main Fund to be held later in November at a date to be advised. 

He says Trilogy’s proposal to unitholders is straightforward. “What we suggest is an orderly wind-down (but no fire sale) of the Main Fund’s assets and then capital distributions to investors in the Main Fund and through it to the two feeder funds – the Wholesale Fund and Currency Fund.

“It is easy to understand why unitholders have become so embittered with LM. The Main Fund has been frozen for close to three years, the value of its units has fallen from $1 to $0.73, and 89% of the loans are in default. 

“There has been no update of the asset position (RG45) for more than a year – a clear breach of ASIC regulations. 

“At the same time LM has taken out an extraordinary level of fees. In 2011 alone this amounted to 2.5% of funds under management in the Main Fund and over 2.4% in each of the two other funds (that is almost 5% in total for each feeder fund).  Trilogy has committed to a fee of 1.5% a year of the Main Fund and ultimately nil fees for the feeder funds. 

“Unitholders are also concerned with LM’s management of conflicts of interest with respect to related party lending between the Main Fund and the Managed Performance Fund (another LM fund).” 

Retail unitholders should also gain confidence in supporting the resolutions given the strong support from the institutions.

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