• ASIC commences civil proceedings against Fiducian Investment Management Services Limited
• Allegations relate to misleading statements in product disclosure statement and compliance failures
• Fiducian reviewing court documents and cooperating with ASIC investigation

Fiducian Group Limited (ASX: FID) has announced that civil proceedings have been commenced by the Australian Securities and Investments Commission (ASIC) in the NSW Supreme Court against its subsidiary, Fiducian Investment Management Services Limited (FIMS). ASIC's claim alleges that the product disclosure statement of the Fiducian Diversified Social Aspirations Fund (Fund), issued by FIMS as the responsible entity, contained misleading statements, and that FIMS failed to comply with the compliance plan of the Fund and act in its duties as responsible entity with care and diligence. FIMS is closely reviewing the court documents and the allegations made by ASIC. As the matter is now before the Court, FIMS or the Company will not make any other comment at this time. FIMS has fully cooperated with ASIC's investigations to date. The Fund ceased to operate in May 2024 due to a lack of scale, and upon closure, investors with two-thirds of funds invested elected to be transferred to the underlying funds, where FIMS bore the costs of the buy/sell differential. At the time of closure, the Fund had $15.57 million Funds Under Management and 158 underlying investors and delivered an annualised return of 7.62% p.a. over the 9 years and 86.61% total return since inception. The Company will keep the market informed in accordance with its disclosure requirements.