AMP dropped from funeral bonds
One of the few remaining funeral bond providers, the Melbourne-based State Trustees, has droppedAMP Hendersonas investment manager on its funeral bond.
In its place,Macquarie Investment Managementhas been appointed to look after the $20 million of funds under management in the bond.
The bond, which was launched in September 1997, now has 5000 members and is still being actively promoted.
State trustees general manger business services Katie Nemet says Macquarie was appointed to boost the returns for funeral directors, a major distribution channel for the product.
“Fund returns are one of the key factors for continued support of the product by funeral directors,” she says.
“Macquarie will manage the bond using a combination of cash/fixed interest and equity securities to achieve superior returns.”
The administration of the State Trustee bond will remain with the Foresters Friendly Society.
Recommended for you
ETF provider Global X has expanded its GARP ETF range with the launch of a vehicle focusing on Australian equities.
GCQ Funds Management has appointed a distribution director to work with advisory groups, who joins from Ausbil Investment Management.
ASIC has enacted civil penalty proceedings against Fiducian Investment Management Services alleging it breached its duties as a responsible entity and engaged in misleading and deceptive conduct.
Money Management looks back on the biggest people moves in the fund management world over the last three months.
