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Russell Investment Management has added Turner Investment Partners to its Gateway International Shares fund. Frank Russell says the move is to give the fund exposure to large US growth stocks.
Russell Investment Management has added Turner Investment Partners to its Gateway International Shares fund. Frank Russell says the move is to give the fund exposure to large US growth stocks. Turner brings the number of fund managers in the fund to seven. No managers have been displaced by Turner, however Frank Russell will be adjusting the weightings of each manager. The fund is available through the ANZ Funds Management Gateway business.
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Tower Trust has launched a new self managed superannuation service as an add-on to its traditional trustee services offered. The new product allows investors to be the trustee of their own fund, with Tower Trust fulfilling the administration functions, such as ATO remittance, legislative compliance and annual reviews. It allows investors to transfer personally held shares and business real property to the fund and caters for members still in the accumulation phase as well as paying pensions retired members.
Deutsche Asset Management has rolled out a diversified bond fund aimed at outperforming a composite benchmark of 60 per cent WDR Composite Bond Index and 40 per cent Salomon Smith Barney World Government Bond Index ex-Australia. This is based over rolling three year period and before fees and should equate to 1 per cent per annum above the composite benchmark. The recommended minimum investment period is three years with the fund gaining exposure via Deutsche unit trusts, with a maximum of 15 per cent invested directly in physical securities or financial derivatives.
Salomon Smith Barney’s acquisition of JP Morgan a few years ago has been brought to a close with the announcement Salomon Smith Barney Asset Management has taken over the management of its emerging market fund. The fund will bring SSB’s total of worldwide funds invested in emerging markets to $1.5 billion. The fund posted returns of 64.2 per cent for the year to the end of February and 8.9 per cent for five year returns.
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ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
