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ASIC bans Macquarie unit ex-manager

The corporate watchdog has banned the former director and manager of a Macquarie subsidiary from the industry for six years after the man created fake email accounts to extract secret information from competitors.

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.

Macquarie Agricultural Funds Management operated under the Macquarie Infrastructure and Real Assets division.

Mr Hornibrook was a former director of a number of subsidiaries and/or related entities of Macquarie Group Limited, including MCP, a Delaware limited partnership.