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Fund managers nervously await 'golden visa' reforms

KARREN VERGARA  |  WEDNESDAY, 24 APR 2024
... minimum investment of $5 million and essentially fast track residency in Australia, to attract potential investors. The Financial Services Council estimates that SIVs have attracted $15 billion from investors, mainly from China. Some $2.7 billion of ...

FSC expands financial advice membership

KARREN VERGARA  |  WEDNESDAY, 24 APR 2024
The Financial Services Council (FSC) is expanding its remit into the financial advice sector by adding six licensees to its network of members. Count, Fortnum Private Wealth, Infocus, Otivo, Rhombus Advisory, and WT Financial Group have joined FSC's ...

ESG professionals' salary guide revealed

ELIZA BAVIN  |  WEDNESDAY, 24 APR 2024
... $120,000 on average. "Regarding bonuses, approximately 73% of professionals in the industry indicated eligibility for financial bonuses," Kaizen said. "Among the 73% of those with eligibility for bonus potential, 90% received a portion of their total ...

Actuaries Institute proposes new performance test measure

ANDREW MCKEAN  |  TUESDAY, 23 APR 2024
... proposed revising the annual superannuation performance test, so it better aligns trustees' investments with the best financial interests of members. In its Treasury submission, the Institute said the test should include two metrics: the current one ...

First Sentier axes investment units, AUM takes $14bn hit

KARREN VERGARA  |  TUESDAY, 23 APR 2024
... decision to axe the four units. "The flows varied across strategies, but the decision was based upon our long-term view of financial materiality of these businesses," an FSI spokesperson said. Mitsubishi UFG Financial Group acquired FSI in 2019 for $4.2 ...

LIT delisting simplifies Forager: CIO

KARREN VERGARA  |  TUESDAY, 23 APR 2024
... peaking about at $2.09 in 2018. FOR has returned 19.8% in the last year and 9.5% p.a. since its 2009 inception. "The 2019 financial year handed us some important lessons about the importance of portfolio liquidity that had nothing to do with redemptions. ...

S&P/ASX200 tipped to hit 8300: VanEck

KARREN VERGARA  |  TUESDAY, 23 APR 2024
The S&P/ASX200 is set to rise nearly 10% to 8300 by the end of the year, VanEck predicts, as Australia will also continue to avoid the "most anticipated recession" that never happened. Australia's blue-chip stocks are poised to surge further after ...

JANA appoints new director of client development

ELIZA BAVIN  |  TUESDAY, 23 APR 2024
... is a seasoned investment professional with more than 20 years of experience across a wide range of asset classes and financial services solutions. Prior to this appointment, Chebli was a senior business development manager and relationships manager at ...

Auditors lambast mandatory climate reporting requirements

ELIZA BAVIN  |  TUESDAY, 23 APR 2024
... introduced climate reporting Bill is fit purpose. I'm certain they don't want to send smaller business into unnecessary financial hardship as a result of these planned new reporting requirements." Meantime, Australian Securities and Investments Commission ...

ASIC cancels AFSL of JB Markets

ELIZA BAVIN  |  TUESDAY, 23 APR 2024
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services Licence (AFSL) of JB Markets effective from 12 April 2024. ASIC said JB Markets failed to comply with the financial requirements of its AFSL ...
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