Pendal shareholders voted in favour of a takeover by rival funds manager Perpetual on Friday,in a deal which will see the combined firm become one of the largest ASX-listed asset managers.
While the world’s largest money manager is taking fire in the US over its focus on environmental and socially progressive investing,it has found fertile ground in Australia.
The board of embattled funds manager Magellan wants shareholder approval to increase the cap on the pay of non-executive directors from $750,000 to $1.75 million as it works to renew and expand the board after a horror 12 months.
Regal Funds Management chief investment officer Phil King has underlined the company’s growth ambitions after its rejected takeover tilt at rival Perpetual.
Magellan Financial Group’s new chief executive David George said the embattled investment group will retain its cornerstone stake in the star-studded investment bank,Barrenjoey,despite its renewed focus on funds management.
Andrew Thorburn and Essendon’s management should have known better than to embroil the club in a controversy that has little to do with its financial future.
The embattled fund manager has become a victim of the latest global market volatility,adding more pressure to the shoulders of its refreshed management.
ASIC’s surveillance of fund manager marketing materials shows potential investors need to be on their guard and dig into product disclosure statements.
Well-known fund managers,Perpetual and BetaShares,have been named by the corporate regulator in a list of entities that were responsible for inaccurate marketing material on performance.
The $2.5 billion deal,which has been negotiated over months,will deliver the asset manager more scale to compete globally.
The fund manager’s founder and star stock picker Hamish Douglass walked away with more than $8 million,including almost $2.5 million in termination benefits.