The Challenger small caps fund sold down its shareholding in IWL last week from 7.43 per cent to 6.33 per cent.
The latest move, announced to the ASX last week, caps off a busy month for Challenger, which included 10 other changes to its substantial shareholdings in various companies – seven decreases and three increases. In its presentation to institutions last month, IWL noted Challenger was one of its major institutional supporters and said it owned 8 per cent of the company. IWL also confirmed Susan Thomas as its new independent non-executive director last week, replacing Colin Scully who recently resigned the post.
Insignia Financial has shifted to outsource administration of its $180 billion superannuation assets, inking a deal with SS&C and reassigning 1300 workers to the service provider during the process. The decision stands in stark contrast to peers such as Aware Super, which recently internalised member services, but CEO Scott Hartley said that option is a “costly exercise”.
Darcy SongDecember 10, 2024
