Team turnover costs IML
Continued staff turnover has cost two Investors Mutual Limited (IML) products their place on the recommended list of ratings house Zenith Investment Partners.
Zenith said that following careful consideration and discussions with IML it had decided to remove the IML Australian Share Fund and IML Industrial Share Fund from its recommended list.
Both products have now been rated as approved.
Zenith said the decision followed continued investment team instability within IML with five departures over the past two years, including those of senior portfolio manager Paul Front and senior equities analyst Shaun O’Malley.
It said that following the downgrade of IML’s funds, Zenith’s preferred large cap ‘value style’ managers were Perpetual Investments and Perennial Value Management.
AUTHOR
Mike Taylor
Recommended for you
Insignia Financial has reached a major milestone in completing the separation of MLC Wealth from NAB, having acquired the firm back in 2021.
There could be changes ahead for how ASIC requires licensees to handle conflicts of interest as the corporate regulator announces it will be meeting key stakeholders next year to update guidance.
Proper recordkeeping has been described as the “mortar between the bricks” of the advice process and critical to an FSCP decision as an adviser is suspended for failures in this area.
As investors increasingly seek to embed ESG considerations in their portfolios, a specialist adviser has offered tips for financial planners who may feel overwhelmed in tackling these complex topics with clients.
