Financial Standard

Diversa board backs chief executive pay rise, bonus amid First Guardian fallout

KARREN VERGARA  |    11:03AM   Diversa Trustees' board paid chief executive Andrew Peterson a bonus of $770,000 and increased his salary at the height of the First Guardian collapse, an inquiry heard, doubling down on its confidence in his leadership and suitability to lead the business.

Inquiry rips into Diversa: 'All profit, no responsibility'

KARREN VERGARA   Diversa Trustees deflected responsibility at a parliamentary inquiry that criticised its governance and structural problems, particularly its role in the failed First Guardian Master Fund, in which members invested about $240 million.

MAM acquires half of Aware Super's Victorian land registry stake

RIDDHIMA TALWANI  |    12:52PM   Macquarie Asset Management (MAM) has acquired Aware Super's 50% stake in Secure Electronic Registries Victoria (SERV), the private operator of Victoria's register of land.

Active equity managers lag benchmarks: SPIVA

VINNY VUCAGO  |    12:44PM   Most active equity managers in Australia underperformed their benchmarks in the first half of 2026, despite market conditions that appeared supportive of stock picking, according to S&P Dow Jones Indices' latest SPIVA Australia Scorecard.

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).

Insurer sanctioned for over 10k breaches

MATTHEW WAI   The Life Insurance Code Compliance Committee has sanctioned a life insurer after it reported more than 10,000 breaches of the Life Insurance Code of Practice in relation to failure to provide timely, completed annual notices.

Half of Australians lack retirement plan: Vanguard

KARREN VERGARA   Nearly half of working-age Australians approaching retirement do not have a retirement plan, raising concerns about long-term financial preparedness and confidence, according to Vanguard.

New platform provides guidance for retirees

MATTHEW WAI   A new artificial intelligence (AI) platform has launched to fill a gap that is persisting for retiring members seeking purpose in the retirement phase.

Labor moves to kill non-compete clauses in productivity push

RIDDHIMA TALWANI  |    12:44PM   The Labor government has put forward a draft bill to ban non-compete clauses for employees whose earnings are equal to or less than the high-income threshold, in a bid to promote productivity and competition in the broader economy.

Australian economy growth 'stronger than expected'

RIDDHIMA TALWANI   The Australian economy grew 0.4% in the June quarter, growing 2.1% in the year to June 2026.

Crole banned for 10 years after abrupt exit from Sequoia

MATTHEW WAI  |    12:49PM   ASIC has banned former Sequoia Financial Group managing director and chief executive Garry Crole for 10 years, following the events that unfolded under his leadership.

Treasury launches minimum tax on discretionary trusts draft legislation

KARREN VERGARA   Treasury has released draft legislation on the minimum tax it is set to impose on discretionary trusts from 1 July 2028.

Infocus continues leadership expansion with new appointment

MATTHEW WAI  |    12:50PM   Infocus has welcomed a new head of practice growth, as the firm continues to strengthen its business following several leadership appointments in recent months.

Iress appoints new chief financial officer

VINNY VUCAGO  |    12:45PM   Iress has appointed new group chief financial officer as the listed software provider prepares to enter its next phase, with a focus on product sustainable earnings growth.

Industry, economist blasts One Nation's super agenda

RIDDHIMA TALWANI  |    12:45PM   Industry bodies and an economist have criticised One Nation's plan to let Australians redirect part of their superannuation into take-home pay, warning the policy would fuel inflation and leave workers significantly poorer in retirement.

CareSuper earns place among pension fund giants, ART breaks into top 20

KARREN VERGARA  |    10:58AM   Australian Retirement Trust (ART) has cracked the top 20 ranking of the world's largest pension funds, while CareSuper has debuted on WTW's annual Global Top 300 Pension Funds report.

RBA consults on settlement infrastructure following Project Acacia

MATTHEW WAI   The Reserve Bank of Australia is consulting on its Reserve Bank Information and Transfer System's role (RITS) to support settlement in a tokenised ecosystem that was explored through Project Acacia.

SS&C wins mandate from Aussie boutique fund manager

RIDDHIMA TALWANI   Fundamental Investment Management, a Sydney-based boutique investment management firm, has mandated SS&C Technologies for its inaugural Fundamental Smaller Companies Fund.

HNWIs demand outperforming, mission-driven endowment funds

KARREN VERGARA   High-net-worth investors' (HNWIs) increasing demand for philanthropy vehicles with robust governance, a clear mission and can outperform in equal measure is helping fuel the rise of endowment funds such as the Aspect Impact Fund.

Family businesses turn to external chief executives: Deloitte

RIDDHIMA TALWANI   While family members will largely remain at the helm of family businesses post-succession, a Deloitte Private report anticipates a meaningful shift globally, with more businesses preferring outside professionals to step into the chief executive roles.