Financial Standard

Shield investors launch Macquarie class action

VINNY VUCAGO   Gordan Legal commenced a class action against Macquarie Investment Management, alleging the investors in the collapsed Shield Master Fund have not been fully compensated for losses affecting their retirement savings.

Sequoia plots potential restructure

MATTHEW WAI   Sequoia Financial Group, the parent company of InterPrac Financial Planning, is conducting a thorough review of all its operating subsidiaries for a potential restructuring.

EQT AB's takeover bid for Perpetual comes to an end

KARREN VERGARA   Perpetual has rejected Swedish private-equity investor EQT AB's best and final takeover bid.

Australia's alpha female representation regresses: Report

KARREN VERGARA   Representation of females in Australia's funds management industry has regressed over the last five years, while progress on gender diversity on a global scale has also gone backwards.

Australian life insurers lag global peers: Capgemini

MATTHEW WAI   A new survey from Capgemini found that Australian life insurers are stowed behind the global average when it comes to member engagement and educational efforts.

AIA Australia rolls out TPD CORE

KARREN VERGARA   AIA Australia has launched TPD CORE, a new retail product that charges lower premiums and provides clearer claim assessment criteria for total and permanent disability (TPD).

ART leads retirement product race, others wrestle with covenant

KARREN VERGARA   Superannuation funds continue to grapple with their Retirement Income Covenant obligations, underscored by Australian Retirement Trust (ART) being the only fund from a sample that has successfully brought two products to market.

Russell launches retirement solution

VINNY VUCAGO   Russell Investments has launched retirement solutions comprising two managed portfolios and a retirement calculator, aimed at helping advisers manage the competing liquidity and growth needs of Australians entering retirement.

Fed's rate hike exacerbates Australia's outlook

MATTHEW WAI   The Federal Reserve has lifted its interest rate for the first time in more than three years, contributing to the ongoing adversity the global economy is facing, especially in Australia.

ECB hikes rates, economists expect RBA might be next

RIDDHIMA TALWANI   The European Central Bank (ECB) has raised the interest rates on the deposit facility by 25 basis points to 2.5%, in a bid to stabilise inflation at its 2% target in the medium term, as conflicts in the Middle East continue to generate inflation pressures.

Netwealth faces potential class action over First Guardian failure

RIDDHIMA TALWANI   Netwealth Group has received letters of potential class action, alleging it breached duties while offering and monitoring certain First Guardian investment options available through the Netwealth Superannuation Master Fund.

ASIC secures court orders against questionable investment scheme

MATTHEW WAI   ASIC has secured interim asset preservation and travel restraint orders against Star Investment Group Australia (SIGA) and Gondal Holdings, and the director of both entities Ijaz Ahmad, following investigations into its managed investment scheme.

Dexus chief financial officer steps down

RIDDHIMA TALWANI   Dexus chief financial officer Keir Barnes will move to the ASX, ending a seven-year stint with the real estate investment manager.

Hamilton Wealth mandates arcpoint OCIO

VINNY VUCAGO   Hamilton Wealth Partners has appointed arcpoint OCIO as its outsourced chief investment office as the specialist family wealth advisory firm seeks to strengthen its investment governance and support the needs of its growing client base.

Australian Ethical, Bloomberg join ASFA

VINNY VUCAGO   Stakeholders in the superannuation industry are becoming increasingly diverse despite continued consolidation among funds, with the Association of Superannuation Funds of Australia (ASFA) expanding its membership to include organisations spanning responsible investment, technology, banking and workplace health.

Taxpayers to foot Age Pension if super turned into ATM: SMC

RIDDHIMA TALWANI   New modelling by the Super Members Council (SMC) has shown One Nation's superannuation policy could leave taxpayers on the hook to pay up to double the amount taken out.

AI moves into the advice process

VINNY VUCAGO   Financial advisers could soon spend less time piecing together clients' histories and more time acting on them, as Marloo launches an artificial intelligence (AI) tool that searches entire client books alongside new research showing consumers are increasingly willing to let AI help make financial decisions.

Asset managers turn to outsourcing, AI: Survey

VINNY VUCAGO   Global asset managers are sharpening their focus on core capabilities, increasing their use of outsourcing and tightening cost controls as they pursue more disciplined growth, according to a new Northern Trust survey.

Australia's family offices surpass $323bn in assets

RIDDHIMA TALWANI   Family offices in Australia have surpassed $323 billion in assets, according to data from Rainmaker Information.

Mining, property fuel Aussie billionaires' wealth

KARREN VERGARA   Australian billionaires' riches are highly concentrated in mining, financial services, technology and property, accounting for 0.7% of the total US$15.1 trillion in global wealth studied by the 2026 Billionaire Census.