Alan Dixon (Australian investor)

Alan Dixon is an Australian businessman who was the managing director of Dixon Advisory.

Early life and education

Alan Dixon is the son of Daryl Dixon.[1] He attended Australian National University.[1]

Career

In 2012, Dixon assumed leadership of financial advisory firm Dixon Advisory, founded by his father in 1986.[2][3] The firm oversaw more than 4500 self-managed super funds – retirement savings accounts typically employed by middle class Australian workers – growing to become the fourth largest superannuation advisory firm in Australia.[3]

Under Alan Dixon's leadership, Dixon Advisory began operating its own investments, including creating and running United States-invested property funds.[3] The firm donated heavily to the political campaigns of Steven Fulop, the mayor of Jersey City, New Jersey, where many of its property investments were located, as well as the Hudson County Democratic Organization.[4] Fulop subsequently cancelled property value reassessments that threatened to raise taxes on Dixon Advisory-owned properties.[4] Dixon who, by this time was living in New York, frequently socialized with Fulop and helped renovate both the mayor's primary residence and his Rhode Island beach home for what one local real estate website estimated was almost at-cost.[4][5] In a separate deal between the two, Fulop arranged to purchase a "trophy" property from Dixon Advisory for his personal use that was never advertised to the public.[4]

The Dixon investments in the U.S. property market ultimately crashed, with some funds losing up to 90 percent of their value and the firm's investors claiming to have lost more than $350 million.[3][6]

Alan Dixon stepped down from the company in 2019 and, in 2020, the Australian Securities and Investments Commission, initiated action in the Federal Court of Australia against Dixon Advisory, leading to a $7.2 million penalty against the firm for not acting in the best interest of its clients.[3][7] In 2021, a class action lawsuit was filed against Dixon Advisory by investors who alleged they had lost significant sums of money due to its advice.[8]

In 2022, Dixon Advisory declared bankruptcy.[4] The company's former clients were expected to recoup their losses at four cents on the dollar after the liquidation of its assets.[9]

Personal life

In 2017, Dixon established the Dixon-Walsh scholarship fund at Australian National University with a $1.35 million donation.[1]

References
  1. "A birthday gift that keeps on giving". anu.edu.au. Australian National University. 23 April 2018. Retrieved September 11, 2023.
  2. Creswell, Julie (November 19, 2013). "G'Day From Bushwick". New York Times. Retrieved September 11, 2023.
  3. Hely, Susan (January 21, 2022). "Dixon in administration: What it means for investors". Money Magazine Australia. Retrieved September 11, 2023.
  4. Morrill, Aaron (February 6, 2022). "Australian Developer that Backed the Mayor Goes Under Down Under". Jersey City Times. Retrieved September 11, 2023.
  5. Shapiro, Jonathan (June 19, 2019). "Dixon ties to local US politicians questioned". Australian Financial Review. Retrieved September 11, 2023.
  6. Simmons, David (December 16, 2022). "Dixon Advisory creditors vote in favour of deed of company arrangement". Business News Australia. Retrieved September 11, 2023.
  7. Shapiro, Jonathan (September 19, 2022). "Dixon Advisory to pay $7.2m for breaching best interest rules". Australian Financial Review. Retrieved September 11, 2023.
  8. Griffiths, Neil (November 4, 2021). "Class action filed against wealth manager and former director". Independent Financial Advisor. Retrieved September 11, 2023.
  9. Shapiro, Jonathan (November 30, 2022). "Dixon Advisory clients to receive pittance under deed of arrangement". Australian Financial Review. Retrieved September 16, 2023.
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