IFM Investors’ private equity investment My Plan Manager has bought smaller competitor National Disability Support Partners in a deal tipped to be worth more than $40 million.
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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.
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