Financial Standard

Advice veteran's exit creates $1bn Tassie wealth group

KARREN VERGARA   Mancell Financial Group (MFG) founder Peter Mancell has retired as a financial adviser after 46 years, selling the business he built to pave the way for a $1 billion wealth management firm in Tasmania.

Netwealth expands Morgan Stanley mandate

KARREN VERGARA   Amid expanding its stockbroking and private wealth capabilities, Netwealth has been picked by Morgan Stanley to provide a platform solution to its Australian wealth business.

ISS STOXX acquires Scientific Beta

RIDDHIMA TALWANI   ISS STOXX has acquired Scientific Beta from Singapore Exchange (SGX) in a bid to expand its presence within the asset owner segment and deepen engagement with large institutional investors.

Palisade marks first European acquisition

ELIZA BAVIN   Palisade Real Assets and APG Asset Management have completed the acquisition of Lemvig Biogas in Denmark, marking BioticNRG's first investment outside the UK.

Final report into Life Code makes 85 recommendations

MATTHEW WAI   The final report of an independent review of the Life Insurance Code of Practice has been finalised, proposing some 85 recommendations across aspects of mental health, customer vulnerability, claims handling, and sales practices.

Treasury releases adverse genetic test results ban draft regulation

KARREN VERGARA   Treasury is seeking feedback on draft regulations that ban the use of adverse genetic test results in life insurance, which come into effect on October 8.

Lack of awareness impacts retirement satisfaction: TAL

MATTHEW WAI   New research indicates that although around 90% of retirees selecting pension accounts or lifetime income streams were satisfied with their decision, less than two in five (38%) pre-retirees understood how those products work.

Investment performance will not help smaller balances: Research

MATTHEW WAI   Recent research from Monash University demonstrated retirees will require a balance above $400,000 to achieve sustainable retirement without investment-related constraints.

IMF downgrades Australian outlook

ELIZA BAVIN   The International Monetary Fund has downgraded the outlook for Australia while the RBA's Sarah Hunter has signalled another cash rate hike could be on the cards.

Inflation cools, RBA facing 'uncomfortable trade-off'

ELIZA BAVIN   While inflation has cooled, it remains stubbornly above the Reserve Bank's target range, putting the central bank in a tricky position, experts say.

FAAA urges insolvency crackdown to curb soaring CSLR costs

VINNY VUCAGO   The Financial Advice Association Australia (FAAA) has called for tougher insolvency rules to prevent "phoenixing" activity.

Government consults on discretionary trust tax

MATTHEW WAI   The government is consulting on the minimum tax on discretionary trusts set to come into effect 1 July 2028.

Focus Partners Australia appoints head of wealth advisory

RIDDHIMA TALWANI   Focus Partners Australia has appointed a head of wealth advisory, hiring from Ord Minnett.

HESTA executive jumps ship to Cbus

VINNY VUCAGO   A C-suite executive from HESTA has taken on a new role as chief member officer at Cbus, effective October.

ASFA makes suggestions for performance test overhaul

VINNY VUCAGO   The Association of Superannuation Funds of Australia (ASFA) has called for the federal governments annual superannuation performance test to be modernised, arguing the current framework is discouraging long-term investment assets such as housing, infrastructure and renewable energy.

AutralianSuper injects $500m in Indian infrastructure

MATTHEW WAI   AustralianSuper will increase its commitment to India's National Investment and Infrastructure Fund (NIIF) with a further $500 million, taking the fund's overall holdings in India across all asset classes to $3.3 billion.

SS&C to accept digital cash for tokenised investments

MATTHEW WAI   SS&C Technologies Holdings is planning to adopt digital cash such as stablecoins and tokenised commercial bank deposits during the transactions of tokenised investments.

EQT to acquire Australian parking technology provider

VINNY VUCAGO   Global private markets firm EQT have agreed to acquire Australian parking technology provider Orikan.

Australia welcomes 25k to millionaires' club: UBS

KARREN VERGARA   Australia's club of millionaires jumped by 25,000 last year thanks to booming property values and fat superannuation balances, according to the lasts UBS Global Wealth Report.

Family office succession takes back seat to investments

KARREN VERGARA   While family offices have investment strategies down pat, the state of their succession plans paint another story, which reports suggest could undermine a seamless transfer of a vast amount of wealth.