The Murdoch Clarke Contributory Mortgage Fund (the Old Fund) was established by the law firm of Murdoch Clarke over one hundred years ago and had grown significantly since its inception. In managing the Old Fund the partners of Murdoch Clarke adopted a conservative lending policy. With the introduction of the Managed Investments Act in 1998, a managed investment scheme (the definition of which includes the Old Fund) was required to be registered with the Australian Securities and Investments Commission (ASIC).

Accordingly, the Murdoch Clarke Mortgage Fund was created by Murdoch Clarke with Tasmanian Perpetual Trustees Limited (TPTL) as the Responsible Entity. All mortgage securities transferred to the Murdoch Clarke Mortgage Fund were subjected to a full due diligence evaluation.

After the creation of the Murdoch Clarke Mortgage Fund, negotiations took place in relation to investors and loans from other ‘run-out’ funds transferring to the Murdoch Clarke Mortgage Fund, subject to the consent of those investors and the loans being approved and complying with the relevant Murdoch Clarke Mortgage Fund criteria. To date, investors and loans from ‘run-out’ funds operated by Ogilvie McKenna (now Ogilvie Jennings) and Henry, Wherrett & Benjamin (the Participating Solicitors) have become part of the Murdoch Clarke Mortgage Fund.

In June 2006, TPTL was removed as the Responsible Entity of the Murdoch Clarke Mortgage Fund and MCMM was appointed to act as the Responsible Entity in its place. Island State Credit Union Limited (“ISCU”) was appointed as custodian of the property of the Murdoch Clarke Mortgage Fund.

In July 2007 ISCU transferred its business to Connect Credit Union of Tasmania Limited and Connect Credit Union of Tasmania Limited changed its name to Mystate Bank Limited. Mystate Bank Limited is now the custodian of the property of the Murdoch Clarke Mortgage Fund.