An activist short seller that accused an ASX-listed agricultural fund of running "scams" was dealt a blow in a Supreme Court judgment handed down yesterday.

The $55 billion industry fund is hiking the cost of its standard insurance cover for most of its members, with those aged 55 to 64 years to be the worst hit.

A former Macquarie Group financial adviser has been permanently banned from the industry, following an ASIC investigation into the adviser's "dishonest" and "misleading" behaviour.

It's the end of the road for a BT multi-asset fund managed by Pendal after 52 years, as investor demand ebbs out.