Fund Product, Company and Regulatory Updates as at 13 March 2018

Product Updates

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MyNorth Managed Portfolios launched by AMP
AMP has launched MyNorth Managed Portfolios, available across North, Summit, MyNorth, and iAccess super, investment, and pension platforms and products. The portfolios cover three investment categories: income, accumulation, and objective-based.

Good Super partners for investment options - Boycott Adani and Dump Trump
Good Super is partnering with US-based investment adviser, OpenInvest, to launch a suite of new investment options, including Boycott Adani and Dump Trump. Advisory services for the new options will be provided by OpenInvest to allow Good Super members to align their investments with their values without sacrificing performance.

Company Updates

Natixis rebrands
Natixis Asset Management will rebrand to Ostrum Asset Management as a part of the asset managers’ European parent's brand alignment with DNCA Investments, Asset Management, and Harris Associates.

Australian Unity acquires advice subsidiary
Australian Unity will acquire Bridgeport Financial Services from Netwealth. Bridgeport has nine advisers and $550 million in funds under advice.

Regulatory Updates

Superfunded wind-up ordered by Federal Court
The Federal Court of Australia has made orders to wind up Superfunded, with Jason Tracy of Deloitte appointed as liquidator. The order was made after ASIC made an application for the appointment of a liquidator 15 February 2018 after the self-managed super fund provider was offering early access to funds. 

CFA exam high fail rate
Two in every five people working in the investment industry passed level one of the Chartered Financial Analyst (CFA) exam in December 2017. Fifty-seven per cent of the 68,086 candidates failed to progress to the next level.