Fund Product and Company Updates as of 12 April 2016

Company News

Westpac Faces Unconscionable Conduct Allegations
ASIC has commenced legal proceedings against Westpac Banking Corporation for unconscionable conduct and market manipulation. The allegations involve Westpac setting the bank bill swap reference rate (BBSW) between 2010 and 2012, with Westpac alleged to have traded in a manner intended to create an artificial price for bank bills on 16 occasions. 

Azimut Acquires 51pc Stake in Sigma Funds Management
Italian asset manager, Azimut, has bought 51 per cent of Sigma Funds Management, the second Australian acquisition in less than two years. The purchase means Pinnacle Investment Management is selling its share of Sigma. 

State Street Buys GE Asset Management
State Street Corporation has agreed to buy GE Asset Management from GE for up to $485 million.

Product Updates

Australian Catholic Super and Retirement Fund Updates

  • Catholic Super has updated asset distributions
  • Diversified Property has been renamed to Property
  • Diversified Shares has been renamed to Shares
  • Diversified Fixed Interest is now Bonds
  • Philosophies have been updated

Emergency Services and State Super Accumulation Plan

  • Asset distributions have been updated
  • Freedom of information request fee increased to $27.20 per application

ING Direct

  • Shares administration fee increased from $180 to $300 annually

Decimal Launches Automated Investment Advice Tools
Decimal has two new institutional investor tools offering automated advice - Eqilize offers fast, simple automated advice on superannuation funds and other large institutions, while Tentalon offers a bespoke customisable digital advice offering.