Fairfax to offload InvestSmart

Media group to sell managed funds internet site to Australasian Wealth Investments.

Fairfax Media (FXJ) has inked a deal to offload managed funds internet site InvestSMART to Australasian Wealth Investments (AWK) for $7 million in cash, six years after buying it for $12 million.  

Fairfax bought InvestSMART, which allows customers to research and purchase from about 4,000 managed funds, in September 2007 in an attempt to continue its online expansion.

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