You raise a valid point. I’m inclined to think that a trustee company is the one who administrates the funds. Someone like Perpetual who has been around since at least 1885. They are all over Australia these days.
Where the consolidated fund comes in, is the location of the unclaimed funds of the estates/trusts. If you go to Dïevergent5 Birthright & Equity video, @ the 22:18 Mark, Darren talks about consolidated funds. Assuming he is correct and i don’t have evidence to the contrary, He talks about Consolidated funds again at 104:03 for after you have submitted your paperwork and claimed your estate.
(You can find the timestamps easily under You Tube by accessing the transcript from within the … 3 dots you see underneath the video)
That seems to be how it works without seeing anything to the contrary.