Fund Product, Company, and Regulatory Updates as at 30 August 2016

Product Updates

Sequoia launches two new funds: electric cars and batteries
Sequoia Financial Group has launched two new retail products offering exposure to electric cars and batteries. The Sequoia Accelerated Return Units - Series 1 gives exposure to Tesla Motors, and the Sequoia Launch Units - Series 23 provides exposure to global companies in the lithium mining, batteries, and electric vehicles sectors. 

EGFM launches unlisted real estate fund
EG Funds Management has launched the Yield Plus Infrastructure Fund No. 2, a close-ended, unlisted real estate fund. 

CFS launches Challenger's CarePlus annuity
CarePlus, an aged-care annuity product that combines regular income and aged-care costs, plus life insurance and estate planning certainty, has now been added to Colonial First State's FirstChoice and FirstWrap platforms. 

Henderson launches emerging markets fund
Henderson Global Investors has launched its Global Emerging Markets Equity Fund for Australian investors. The fund offers access to a range of countries and sectors and is for institutional investors only. 

Empirics data collaboration with super funds
Empirics, the creator of a data collaboration platform, is set to offer the superannuation fund industry deeper insights into its members' behaviour. MarketSuite Alliance allows super funds and their business partners to collaborate on data in a highly secure and encrypted way to improve member satisfaction and retention. Empirics already provides data services to 26 major Australian super funds. 

ANZ Wealth developing new model portfolios for retirees with Mercer
Mercer and ANZ Wealth have teamed up to create a new portfolio options for retirees. The portfolios will be distributed via ANZ Wealth-aligned businesses. 

Schroders launches ASX-quoted managed fund
Schroders has launched its Schroder Real Return Fund (Managed Fund) based on a previously successful Real Return fund. 

AMP Capital to liquidate AGF portfolio
AMP Capital is winding up its China Growth Fund by liquidation. 

Company Updates

Cbus to take 20pc of assets in-house
The Cbus board has approved a new strategy to take up to 20 per cent of Cbus' assets in-house. This includes new direct investments in infrastructure and Australian and international equities, with existing managers. 

Goldman Sachs closing Australian transition management business
Goldman Sachs is winding up the Australian transition management business, and will only be offering the service via its London office to Australian companies. The two running the business, Greg Woodham and Josh Altit, have left the company. This leaves only four Australian dedicated transition businesses. 

BT winds up alternatives fund
BT Financial Group is winding up its Advance Alternative Strategies Multi-Blend Fund, with the US hedge fund of funds manager being terminated and the funds returned to clients. 


Macquarie IM penalised over van Eyk fund
Macquarie Investment Management was found to have contravened the Corporations Act by failing to comply with its duties as a responsible entity of the van Eyk Blueprint International Shares Fund. Macquarie IM must pay a civil pecuniary penalty of $400,000 plus $200,000 for ASIC's legal costs. 

Ostrava, Marigold Falconer AFSLs cancelled, companies wound up
Ten companies have been wound up after the company directors, Vanessa Ash and Bradley Grimm, were banned from the industry and managing corporations for the foreseeable future for 'serious misconduct'. The companies wound up include Ostrava Equities Pty Ltd, Ostrava Asset Management Pty Ltd, Ostrava Securities Pty Ltd, Ostrava Wealth Management Pty Ltd, Beta Pharmacology Pty Ltd, Prometheus Capital Pty Ltd, Thrive Lending Pty Ltd, Trade BTC Pty Ltd and Equity Capital Partners Hedge Fund Pty Ltd (the Companies), and Marigold Falconer, a related company.