Hume lashes IFM Investors over $12.7m bonus
The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, has taken a direct swipe at the practices of industry funds-backed asset consultant, IFM Investors, questioning a $12.7 million bonus paid to an unnamed director.
In doing so, Hume accused the Federal Opposition Labor party of double standards.
The Assistant Minister described IFM Investors as being “notoriously opaque” and claimed that the business had paid “a whopping $12.7 million bonus to an unnamed director, on top of their $2.8 million salary".
“It’s concerning that the owners of IFM – 27 all profit for members super funds – a pouring their members’ money into an entity generating super-profits for executive, with alarmingly little transparency for members about where that money goes,” she said.
Hume said she could only wonder if a $12.7 million director’s payday was consistent with IFM’s ‘responsibility’ to put their fund members’ interests first.
“All profits for members, or fat profits for executives – what does Labor say?” she asked.
Recommended for you
L1 Capital has confirmed it intends to vote against the conversion of the Platinum Capital LIC into a listed ETF, meaning the deal “has a high probability of failing” due to L1’s substantial shareholding.
Betashares is to merge its managed account business with InvestSense to form a purpose-built option for financial advisers, forecasting a positive outlook for future industry growth.
With fund managers using ETFs as a way to reach the adviser market with a diversified product range, Betashares has shared how many ETFs were listed and closed during the first half of 2025.
Platinum Asset Management’s head of investment, Douglas Isles, has departed the fund manager after 12 years as the firm reshapes the business amid a merger with L1 Capital.
