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IPAC morphs into FundSource

Tuesday 1st of May 2001

-Managed fund research house IPAC Securities has been bought out by its management team, headed by David van Schaardenburg (pictured) and changed its name to FundSource.

In this deal van Schaardenburg has bought 100% of the company from the executive directors of IPAC Australia.

Van Schaardenburg, who is the executive chairman of FundSource, says that the company has no formal tie up with IPAC in Australia, but they will continue to work together if needed.

The change is logical as IPAC Australia closed its fund rating and research business in 1995 to concentrate on its core businesses which include running one of Australia's biggest master trusts and a sizeable advisory force.

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Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
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