Financial Standard

Lumiant raises capital, adds to board

KARREN VERGARA  |    12:29PM   Fintech Lumiant is seeking more funding as it adds the expertise of two financial advice executives to its board.

Court orders new group definition in CBA advice class action

KANIKA SOOD  |    12:09PM   Clients who claimed Commonwealth Bank financial advisers put them in expensive CMLA life insurance policies instead of cheaper alternatives have been asked to narrow their group definition.

Australia among the richest nations

KARREN VERGARA  |    12:45PM   The nation's wealth gap continues to widen as new research suggests Australia is among the richest in the world, rising up the ranks to record one of the largest gains in wealth in 2020.

Dexus reports higher portfolio valuations

KANIKA SOOD  |    12:39PM   ASX-listed Dexus reported a $362 million increase in the valuations of its 117 property assets as at June end.

CBA offloads general insurance arm

ANNABELLE DICKSON   Commonwealth Bank has announced the sale of CommInsure General Insurance to the Hollard Group after divesting CommInsure Life and BoCommLife.

Cost of group insurance declines

KARREN VERGARA   Despite the spate of superannuation funds increasing the cost of cover, new Rainmaker analysis shows group insurance premiums fell by 7% to a four-year low of $8.7 billion.

UK lender targets SMSFs in Australia

ELIZABETH MCARTHUR   A UK marketplace lender is launching in Australia, targeting wholesale investors and self-managed super funds.

Raiz expands to SMSF market

ANNABELLE DICKSON   The micro-investing platform is targeting SMSFs with its custom portfolio option, giving members more control over their portfolio allocations.

Chief economist update: Chinese activity indicators disappoint but growth target intact

BENJAMIN ONG   Disappointing. This is the one word that describes the latest batch of activity indicators out of China.

Chief economist update: It's raining jobs

BENJAMIN ONG   According to ABS data, employment in May was higher than it was pre-pandemic. This bodes well for everyone praying for Australia's recovery - so why are financial markets throwing a tantrum at mounting indications we are well on our way?

ASIC fines trading firm

ANNABELLE DICKSON  |    12:33PM   The corporate regulator has fined Life Trading $200,000 and imposed an enforceable undertaking after it was found to have inappropriate supervisory policies and procedures in place.

ASIC changes ETF market maker rules

KARREN VERGARA   ASIC is changing a class order that will allow ETF issuers in Australia to use offshore market makers.

Citi names head of research

KARREN VERGARA  |    12:52PM   Citi has appointed a new head of research for Australia and New Zealand.

NZ Super Fund hires asset allocation head

ANNABELLE DICKSON  |    12:36PM   The Guardians of NZ Superannuation promoted a senior investment strategist to head of asset allocation.

SG increase to self-fund retirement

ANNABELLE DICKSON  |    12:34PM   The latest figures from the Association of Superannuation Funds of Australia (ASFA) show the Superannuation Guarantee increases will double the number of Aussies reaching a comfortable standard of retirement.

Family offices should supplement super

KARREN VERGARA  |    12:30PM   Despite the raft of reforms aiming to make superannuation more attractive, wealthy Australians should consider supplementing their nest eggs, a wealth management expert says.

Teachers Mutual launches neobank

ANNABELLE DICKSON   Australia's largest mutual bank has launched a digital bank to meet the needs of essential workers and appointed a chief digital bank officer.

FinClear to acquire BNY subsidiary

KARREN VERGARA   BNY Mellon is offloading its local execution and settlements business to FinClear for an undisclosed amount.

Fisher Investments launches local HNW offering

ELIZABETH MCARTHUR   Fisher Investments will start offering investment management services to high-net-worth private clients via its local subsidiary.

Rich investors not worried about low rates: Citi

KANIKA SOOD   New research from Citi says Australian high-net-worth investors are optimistic despite low interest rates.