WEEKLY WRAP: Industry superfund head resigns

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The Board of transport and logistics industry superfund TWUSUPER had accepted the resignation of CEO Debora Jackson with immediate effect. “Debora has resigned for personal reasons. The Board thanks Debora for her service and wishes her well for the future,” chairman David Galbally said. The fund’s CFO Frank Sandy has been appointed acting CEO.

OneVue has appointed David Storm, the former head of distribution at Australian Executor Trustees, to a newly created role of head of platform strategy, sales and service. The appointment comes as OneVue merges its strategy, sales and service teams which oversee direct to consumer and adviser platforms. Adviser and SMSF solutions teams will now report to Storm.

The shareholders of The Trust Company voted to approve Perpetual's acquisition of the company. Seventy-eight per cent of the votes were in favour of the resolution in relation to the proposed scheme of arrangement, where Perpetual Limited will acquire all of the shares in The Trust Company. A second court hearing to approve the scheme is scheduled for 3 December at the Supreme Court of NSW.

Bendigo Financial Planning – a subsidiary of the Bendigo and Adelaide Bank – has acquired Wheeler Financial Services, a firm based in Geelong West in Victoria. The Wheelers brand will change from Wheeler Financial Services to Bendigo Financial Planning.

The Council of Small Business Australia annual general meeting, held on Thursday, delivered a change of guard with Institute of Public Accountants chief executive officer Andrew Conway taking the role of chairman. He took over from Amanda Lynch.

Australian Ethical has voted down a remuneration proposal for the chief executive of ASG, because it believed the structure of CEO's remuneration is not appropriately aligned with shareholder interests.

State Street Global Advisors has been awarded active global equities environmental, social and corporate governance (ESG) mandate by VicSuper. The mandate, with approximately $310 million in assets, will invest in a portfolio of global equities that integrates ESG factors alongside a proprietary dynamic alpha model. The portfolio will specifically exclude companies involved in the manufacture of tobacco products.

SMSF service provider OneVue has completed the first $6.75 million of an $8 million capital raising program, with Perpetual and Thorney Investments major participants. The capital raised from the program will be used to fund business expansion following the acquisition of Computershare Fund Services, and to create a stronger balance sheet.

The Australian Unity Healthcare Property Trust (HPT) will shoot through the $500 million in funds under management mark, with the acquisition of a medical technology facility at St Leonards, New South Wales for $38.5 million. HPT is an unlisted property trust that invests in healthcare related property assets with a primary focus on delivering regular income, plus the opportunity for long-term capital growth.

IOOF has joined Calastone’s Global Funds Transaction Network. Previously, platforms and funds were communicating exclusively by fax machine. Seven of the top ten Australian platform administrators, representing around 60% of the Australian market, now use Calastone’s automated communication systems either directly or through their custodians.

AVCAL, which represents Australia’s private equity and venture capital industry, has lodged a submission to the National Commission of Audit. The submission urges the commissioners to maintain support for the Innovation Investment Fund programme and implement the 2013 McKeon Review recommendation to establish a Translational Biotech Fund.