Fund Company Update
/State Street launches digital finance division
Nadine Chakar is to lead State Street’s new digital finance division as the industry shifts to a digital economy and decentralised finance. State Street announced the new division will focus on the evolution of digital finance. The new division will build on already existing digital infrastructure and capabilities while expanding to include cryptocurrency, central bank digital currency, blockchain, and tokenisation.
AUSIEX acquired by Nomura Research Institute
Tokyo-based Nomura Research Institute has entered into an agreement with Commonwealth Bank of Australia to buy the Australian Investment Exchange (AUSIEX). AUSIEX is the wholesale arm of CommSec and currently trades under CommSec Adviser Services. The larger CommSec retail broking business is unaffected by the acquisition, with cash and lending products staying put at CommBank. The purchase includes the broking operations, licence and assets of AUSIEX.
Hostplus and Intrust consider merger
Hostplus and Intrust are at the advanced stages of a merger, set to create a fund with $63.6 billion in funds under management.
Local Government Super becomes Active Super
As part of a new strategy, Local Government Super is undergoing a rebrand to Active Super, a name that the fund says reflects their ethos and membership base. The $13 billion fund is under pressure to increase membership and funds under management after APRA declared any fund under $30 billion should be thinking of a merger.
She’s on the Money launched
Victoria Devine, a financial adviser and personal finance influencer, is launching her branded investment platform, She’s on the Money. The platform is powered by automated advice technology, Six Park. The minimum investment is $5,000. Devine’s social media audience is largely young women, many of whom work part-time and can’t afford professional financial advice.
