Trainer Ciaron Maher's racing manager has stepped aside as investigations continue into the ownership of four horses he trains including Group One-winning mare Azkadellia.

Racing Victoria stewards on Wednesday opened an inquiry into the ownership bona fides of Azkadellia, Hart, Loveable Rogue and Mr Simples.

Ben Connolly, Maher's racing manager, is listed as the sole owner of the four horses.

Maher released a statement via racing.com and told AAP he did not wish to add to that while the investigation was ongoing.

"I am shocked and terribly disappointed to have been informed of the stewards' investigation involving Ben Connolly and Azkadellia," Maher said.

"As the stewards have reported of their continued investigations, I have spoken with Ben and we both agree it is in the best interest of the stable and to Ben to take a leave of absence until the stewards complete their investigation.

"At present, my main concern is the ban on Azkadellia.

"I look forward to this matter being resolved as quickly as possible."

The four horses are barred from racing until stewards complete their investigations.

In June, when Azkadellia was racing in Brisbane, the Courier Mail reported convicted Gold Coast-based conman Peter Foster was being investigated as possibly having a financial interest in the mare.