Industry funds-backed asset manager, IFM Investors has increased its cornerstone stake in publicly-listed digital software provider, Decimal Software.
Decimal announced to the Australian Securities Exchange (ASX) this week that IFM Investors had increased its stake to 15 per cent as a result of a placement of 28,900,000 ordinary shares at 0.03 cents per share.
Decimal chief executive, Nic Pollock said securing the increased investment from a large global fund would help the company continue its push into Australia’s superannuation market.
“There is no doubt that in the past 12 months since IFM became a shareholder, we’ve demonstrated how effective and relevant our digital advice platform is for many different types of superannuation funds,” he said.
Pollock said the new commitment from IFM Investors would allow Decimal to focus its investment on the succe3ssful release of its mobile first strategy as well as expanding existing programs with both current clients and new prospects.
IFM Investors head of Active Equities, Neil Carter said the investment decision was made given the natural shift of the superannuation industry to embrace more digital services.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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