Institutional manager places contractor in administration
Institutional investment manager IFM Investors has been instrumental in the collapse of contractor Tandem Corp, leaving thousands without work.
According to the Australian Financial Review, contractor Tandem Corp was half-owned by IFM and collapsed owing an estimated $3 million in wages to employees and 86 staff were sacked while hundreds more faced uncertainty about their jobs.
Directors representing IFM, which was the investment arm of 26 industry super funds and $148 billion, had put Tandem into administration after a major class action by a subsidiary prevented Tandem from winning work.
A move into administration also meant it was unlikely the class action would reach court.
On its website, Tandem Corp said it managed over 2,900 subcontracting companies who employed more than 5,200 workers.
IFM directors, Stuart Wardman-Browne and David Odgers, were the only two people remaining on the Tandem Corp after the remaining directors quit.
IFM directors, which was chaired by former Australian Council of Trade Unions (ACTU) secretary, Greg Combet, were the only two left on the Tandem board after the remaining directors quit.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
