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ASIC bans Macquarie unit ex-manager

The Australian Securities and Investments Commission today said it had banned Clovelly man Timothy Hornibrook for the “extremely serious” deceptive conduct during his time as the head of Macquarie Agricultural Funds Management.

ASIC found that Mr Hornibrook contravened financial services laws when he and other members of the Macquarie business created a fake family office - private wealth management firms that serve high net-worth investors - named the Brook Family Office.

The emails contained a “Request for Information” document containing a list of questions, which sought information from Macquarie’s competitors such as company background, investment process, fund performance and fees.

ASIC said Mr Hornibrook has breached his duties as an officer of a responsible entity of a registered managed investment scheme and that he failed to act honestly, misused information to gain improper advantage and misused his position.