Fund Company Update
/Sunsuper and QSuper to merge
A Heads of Agreement has been signed between Sunsuper and QSuper with a merger planned for later in 2021. The key executives and board members have been named for the $200 billion joint entity.
Zenith buys Heuristic Investment Systems
Zenith Investment Partners has acquired investment strategy and asset allocation consultancy firm, Heuristic Investment Systems. Heuristic provides consultancy to wholesale clients via its proprietary StrategyEngine platform. Damien Hennessy, CEO and director, will lead the Heuristics team as it operates as a separate business unit within Zenith.
Raiz moves into SMSF market
Micro investing platform Raiz is now looking at self-managed superannuation funds (SMSFs) for its custom portfolio option to allow greater control of portfolio allocations. The custom portfolio option is now open to SMSFs and users can build their own personalised portfolio by choosing the target weighting for up to 14 exchange-traded funds and Bitcoin.
Profeta Investments - new boutique by ex-Perpetual portfolio manager
Garry Laurence has opened his own boutique after moving on from Perpetual Investments as a global equities portfolio manager. The boutique, named Profeta Investments (‘prophet’ in Spanish), is raising for its first fund. Laurence obtained an Australian financial services licence in 2020, with the launch of the fund for wholesale investors set for May 1.
The fund will hold five-40 stocks and allow ASX-listed companies, derivatives and up to 30 per cent in short positions. The fund doesn’t plan to gear and will have a neet exposure of 50-100 per cent.
Zuper folds
Zuper, the millennial superannuation fund sub-plan of OneSuper, is shuttering after just three years due to increased regulatory complexity and failure to reach sufficient scale. The fund will close from April 30. If action is not taken first, all accounts will be transferred into LESF and Macmahon Super.
GROW Super rebrands
GROW Super is now GROW Inc as it looks towards other interests besides superannuation. GROW Inc offers business and data intelligence software to growing companies, using distributed ledger technology (blockchain).
