Fund Company Update

Aon-WTW deal crashes

Aon is to pay a break fee of US$1 million to Willis Towers Watson after the agreement between the two international firms dissolved after regulatory issues in the US. The 16-month engagement in a legal challenge from the US Department of Justice (DOJ) was to blame, the two firms said in a statement.

VISSF and Aware Super to merge

The Victorian Independent Schools Superannuation Fund (VISSF) and Aware Super are to merge. VISSF has about 6,700 members, largely women, while Aware super has about 1.1 million members, with over two-thirds women. The merger is expected to be completed by the end of 2021.

ISS to buy Rainmaker

Institutional Shareholder Services (ISS) is to acquire Rainmaker Information, building on ISS’s reputation for quality financial research. ISS is a global leader in market intelligence and fund services to the global asset management community, while Rainmaker Information is a leading Australian financial platform delivering data, research, events and media solutions to investment managers, superannuation funds and intermediaries.