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
With wealth managers and advisers having minimal capacity for fund research, a BNY report has found simple alternatives strategies from established providers are those which resonate best with that audience.
Platinum Asset Management has seen its third major client withdrawal this year, flagging a large client will redeem $580 million by November.
ETF provider BlackRock has redefined its underlying investment strategy for the iShares Future Tech Innovators ETF and almost halved the management fees as it continues its local iShares product suite review.
Natixis affiliate IML has launched an active ETF aimed at retirees and income-focused investors, while Loftus Peak has unveiled a hedged version of its Global Disruption ETF.
