This is a common misconception. Investors have beneficial ownership through a custodial agreement. In other words, the custodian holds the shares on behalf of the investor. Therefore the shares are actually held in the name of the custodian, under their HIN. Investors retain most rights of direct ownership, such as franking credits. However, company correspondence and information about corporate actions will be sent to the custodian and relayed by the platform operator to Fat Prophets who will make decisions judged to be in the best interest of the model portfolio as a whole.
Some providers of managed investments choose to also act as the custodian. The platform operator does, and always has chosen to appoint large, reputable providers of custodial services such as J.P. Morgan and HSBCwho are members of the Australian Custodial Services Association (ACSA).