IFM Investors, an Australian fund manager, has increased its stake in local digital advice provider Decimal to 15%.

IFM acquired the additional stake through the placement of 28,900,000 ordinary shares at $0.03 per share.

The placement includes a voluntary escrow agreement, which bars share transfer to IFM for 12 months.

IFM head of active equities Neil Carter said the investment in Decimal was owing to the natural shift of the superannuation industry to adopt digital services.

“Decimal, as the leading provider of enterprise digital advice, enables the superannuation industry to seamlessly transition into providing members with comprehensive financial advice services,” Carter noted.

IFM, which is owned by 28 superannuation funds, took its initial 6.5 % stake in Decimal in January of last year as part of a capital raise.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Decimal CEO Nic Pollock said: “The new commitment from IFM Investors allows us to focus our investment in the successful release of our mobile first strategy as well as expanding existing programmes with both current clients and new prospects, while signalling confidence in the move to fully compliant digital advice within the superannuation sector.”