POWERED BY MOMENTUM MEDIA
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
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
