Financial Standard

Shaw and Partners splashes $63m for New Zealand expansion

MATTHEW WAI  |    12:46PM   Shaw and Partners Financial Services, a subsidiary of EFG International, has acquired a 75% stake in Auckland-based Investment Services Group (ISG) for NZ$67.5 million ($62.5m).

4600 relevant providers yet to meet qualification standards: ASIC

KARREN VERGARA  |    12:09PM   More than 4600 relevant providers have yet to meet qualification standards, according to ASIC, and have only six months to meet the deadline.

Australia's largest real estate fundie pulls ahead of the pack

ANDREW MCKEAN  |    12:47PM   Australia's largest real estate fund manager has widened its lead over competitors in the past year, according to a new industry survey.

TWG Global to acquire LA Lakers: Reports

KARREN VERGARA   Fresh from acquiring a stake in Mubadala Investment Company, TWG Global will reportedly acquire the LA Lakers for US$10 billion.

TAL partners to expand access to affordable insurance

MATTHEW WAI   The life insurer has today launched backd by TAL in partnership with Cover Genius, targeting those with limited access to affordable cover options.

TAL scores new super fund mandate

JAMIE WILLIAMSON   TAL has won another group insurance mandate, replacing Zurich Australia.

New SMSF trustees drive financial advice uptake

ANDREW MCKEAN   Trustees of newly established self-managed super funds (SMSFs) are behind a surge in the uptake of financial advice, according to a Vanguard/Investment Trends SMSF report.

Panic selling of SMSF assets 'totally unnecessary'

ELIZA BAVIN   SMSF Alliance principal David Busoli says concerns over the government's $3 million super tax are overblown.

Productivity woes endure in March quarter

ANDREW MCKEAN   Productivity, a concept treasurer Jim Chalmers recently described as too often seen as "cold" and "almost soulless," despite it being, as he also noted, the best way to improve people's lives over time, was stagnant in the March quarter and declined over the year, according to the latest figures from the Productivity Commission.

Resilient job market reduces rate cut probability: Experts

MATTHEW WAI   While the Australian unemployment rate remained unchanged, experts are becoming less optimistic we'll see many more rate cuts this year.

ASIC calls on AFS licensees to 'step up'

ELIZA BAVIN  |    12:08PM   ASIC has called on AFS licensees to bolster their fraud detection after the regulator reported a spike in share sale fraud.

SMC backs principles-based approach to corporate governance

ANDREW MCKEAN   Super Members Council (SMC) has championed the flexibility of a principles-based approach to corporate governance as essential for effective oversight, risk management, and accountability, warning against a 'tick-the-box' approach in its submission to the prudential regulator's Governance Review.

Life insurer chief executives step down, successor named

MATTHEW WAI  |    12:40PM   Acenda Group is set to welcome a group chief executive, as Kent Griffin and Tim Tez announce their departures.

Acenda Group assembles board of directors

MATTHEW WAI   Four independent non-executive directors have been named to the board of what will be known as the Acenda Group, following the merger with Resolution Life Australasia.

Group insurance premiums paid by super funds up 7%

ANDREW MCKEAN  |    12:51PM   Group insurance premiums paid through APRA-regulated superannuation funds rose by 7% in 2023-24, taking total premiums up to $9.5 billion, according to Rainmaker Information.

Super spending calls BFID compliance into question

JAMIE WILLIAMSON  |    12:48PM   There is still much room for improvement when it comes to super funds' expenditure management practices, with APRA finding some RSEs caring more about competing with peers than members' best financial interests, others not having revisited historic arrangements since the BFID was legislated, and a host of other shortcomings.

Rest pilots Payday Super tech, moves to implement

JAMIE WILLIAMSON   The $93 billion super fund will now work with its administrator to implement the Wrkr employer services platform in preparation for Payday Super.

Fin365 to build one-stop-shop for financial firms

MATTHEW WAI   The Victorian-based software solution company for financial services has acquired Qwrk Outsourcing to formulate a one-stop-shop for outsourced services as demand grows.

Geopolitical risks force family offices into alternatives, cash: Survey

KARREN VERGARA   Geopolitical uncertainties are forcing family offices out of US equities, diversifying into cash and liquid alternatives, according to BlackRock's annual Global Family Office Survey.

Labor proposes changes to ancillary funds

KARREN VERGARA   Labor is proposing several reforms to giving or ancillary funds that include increasing the annual distribution rate and smoothing out minimal distributions over three years.