ALLY SELBY  |    12:08PM   New research has revealed the true value of advice, as the mental and financial wellbeing of Australia's unadvised population suffers from the impacts of the COVID-19 crisis.ELIZABETH MCARTHUR  |    12:08PM   As Melbourne has returned to a strict lockdown to battle a second wave of COVID-19, FASEA has responded by bringing back remote tests.

KANIKA SOOD  |    12:22PM   Local institutional investors handed out $43.5 billion of funds management mandates in the year to March end and Macquarie had the most wins, latest league tables from Rainmaker show.ALLY SELBY  |    11:52AM   The ASX has announced it will extend its temporary capital raising measures until November 30, as a second wave of COVID-19 infections batters Victoria.

ELIZA BAVIN   MLC Life has lost the Qantas Super mandate with the super fund announcing a new mandate.ELIZABETH MCARTHUR   A trustee has been appointed to AMP Life's superannuation funds, which hold more than $7 billion, following the sale of AMP Life to Resolution Life.

ELIZABETH MCARTHUR   Vanguard has launched a self-managed super fund capability within its Personal Investor offering.ELIZA BAVIN   The Australian Taxation Office has announced new accounting requirements for SMSFs, which will come into effect 1 July 2021.

BENJAMIN ONG  |    11:39AM   Australian Federal Treasurer Josh Frydenberg estimated that Victoria's lockdown will cost the about $1 billion a week "for the Victorian economy alone" - that is, not counting the multiplier effect on the national economy.BENJAMIN ONG   The UK chancellor has laid out initiatives to support, create and protect jobs.

ALLY SELBY   Australia's banks will defer repayments on loans for an additional four months, in a bid to avoid a 'fiscal cliff' in September and aid in the country's economic recovery.ELIZA BAVIN   A major financial institution has been hit with a US$150 million fine over its relationship with sex offender Jeffrey Epstein.

ALLY SELBY   Pengana Capital's national sales manager for private banking and wealth has left the firm after more than five years, setting his eyes on a new life in sunny Queensland.ALLY SELBY   Advice firm Stanford Brown has appointed a new partner with over two decades of experience.

ELIZA BAVIN  |    12:02PM   The Financial Sector Union (FSU) has confirmed employees at a number of super funds will receive pay increases in a deal that followed 12 months of negotiation.ELIZA BAVIN  |    12:01PM   Self-managed super funds have the edge over their APRA-regulated counterparts, according to insights from Rice Warner.

ALLY SELBY  |    12:00PM   Specialist wealth management platform Netwealth has seen its share price soar, after it reported a 35% increase in funds under administration for the financial year.KANIKA SOOD   Praemium this morning advanced a $55.6 million bid to acquire Powerwrap in an off-market conditional takeover priced at 26.55 cents per share.

ELIZABETH MCARTHUR  |    12:00PM   For the first time in eight years, more high net worth individuals (HNWI) emerged in North America than in the Asia Pacific region.KANIKA SOOD   Hedge fund billionaire Paul Tudor Jones backed ShareNett Holdings is partnering with Clearlist Holdings to develop a platform for family offices to transact in private markets securities.