IFM Investors take key Decimal stake
Industry funds-backed fund manager, IFM Investors has taken a cornerstone stake in publicly-listed financial services technology provider, Decimal Software, which will give it an interest in the roll-out of digital advice.
Decimal has announced to the Australian Securities Exchange (ASX) that IFM Investors has taken the cornerstone investment following a successful $2.29 million capital raising. It now has a 6.5 per cent stake in the company.
Confirming the arrangement, Decimal chief executive, Nic Pollock said the deal represented a significant milestone for the company.
"The commitment from IFM Investors allows us to invest more in our distribution efforts targeting the superannuation industry," he said.
IFM Investors head of Active Equities, Neil Carter said the company as pleased to join the rapidly emerging digital advice market.
"The superannuation market knows that members are increasingly demanding digital services," he said. "Decimal as the only provider of enterprise level digital advice, enables the superannuation to achieve just that."
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
