The boss of Australian investment firm Sequoia Financial Group has resigned as the company battles the ongoing fallout from the double Shield Master and First Guardian collapse.
Chief executive and director Garry Crole confirmed his decision to step down on Wednesday, describing it as in the “best interests of the company and its stakeholders”.
Australia’s superannuation industry was rocked by the First Guardian collapse. Getty Images/iStock
“It has been a privilege to lead Sequoia. I am proud of what the group and its people have built and I thank our advisors, clients and employees for their support over many years,” Crole said in a statement to the ASX.
Chief people officer Floriane Allard has been appointed director and will be paid an annual salary of $211,300, plus super and a discretionary bonus of up to 25 per cent.
Head of corporate finance Alex Fabbri has been named as interim chief executive as the firm seeks a permanent replacement for Crole.
Sequoia has faced intense scrutiny over its close association with its licensee, advice firm Interprac, which is currently being sued by the Australian Securities and Investments Commission (ASIC) over alleged failures associated with the Shield and First Guardian collapse.
Garry Crole has stepped down as chief executive of Sequoia. Supplied
Around 12,000 Australians are missing a combined total of about $1.2 billion after the collapse of First Guardian and Shield Master Trust.
ASIC alleges that Interprac failed to “enforce or maintain a hold on new investments into Shield and First Guardian after Interprac’s managing director and responsible manager, Garry Crole, acknowledged serious issues with both funds”.
The regulator said authorised Interprac representatives Venture Egg and Rhys Reilly Pty Ltd advised around 6843 clients to invest around $677 million of their superannuation into Shield and First Guardian.
ASIC chair Sarah Court said Interprac’s alleged failures “contributed to hundreds of millions of dollars of superannuation being invested in products that were unsuitable, high risk and costly”.
Sequoia initially planned to sell Interprac for $50,000 to Conquest Investment Partners but halted the sale after ASIC began its investigation.
Interprac is currently being sued by the Australian Securities and Investments Commission (ASIC) Darrian Traynor
Interprac has been the focus of close to 1500 complaints to the Australian Financial Complaints Authority (AFCA).
Sequoia has lost dozens of advisors since late 2025 as a result of its association with Shield Master and First Guardian.
The firm’s chairman Michael Ryan also stepped down last month.
Along with a dwindling headcount, Sequoia’s share price took a nearly 50 per cent dive in the wake of ASIC’s lawsuit against Interprac.