Pasika has been serving in the role in an acting capacity since October 2025, stepping up after Simon Esposito left the fund for a role at buyout firm CVC Capital Partners. At the time, he also held the role of deputy chief investment officer.

Since, she's continued to progress the fund's private markets agenda and strengthen external relationships in that time, Rest said.

Pasika has been with the fund since 2020 working across private equity and the broader alternatives portfolio. She served as head of private equity and head of growth alternatives.

Previously, she worked in private equity at Future Fund for close to a decade.

Rest chief investment officer Michael Clancy said Pasika's appointment reflects her depth of investment experience and leadership capability.

"Marina brings strong investing credentials, a proven track record in private equity and deep experience across private markets," he said.

"She has also demonstrated strong leadership capability in the role, building momentum within the team.

"Since stepping into the role on an interim basis, Marina has led the team with clarity and sound judgement, while continuing to advance our private markets strategy. I'm delighted that she is now stepping into the role on a permanent basis."

For her part, Pasika said: "It's a privilege to continue leading the private markets team and to build on the work underway."

"The focus remains on delivering strong long-term outcomes for members through disciplined investing, strong partnerships and a clear strategic approach. I'm looking forward to what lies ahead."

The cash transaction is subject to platform consent, due diligence and completed documentation.

"Commercial terms are agreed. These transactions represent further progress in exiting sub-scale retail product structures and aligning the group to its future mandate-led operating model," Clime said.

Yesterday, the group finalised the sale of its retail advice arm, Clime Advice, for $6 million, comprising $1 million in equity and vendor finance of $5 million. It retains a 10% interest in the newly combined business.

The deal involved Clime retaining selected high-net-worth family office relationships operating under portfolio management arrangements rather than traditional retail advice structures.

"The business will continue to trade as Clime Private Wealth and approximately 20 staff will relocate to our Angel Place Pitt Street Office over the next six weeks. Clime continues to support advisers through asset consulting, research and portfolio services, maintaining long-term commercial alignment while materially reducing internal complexity," the company said.

During the March quarter, Clime appointed Anshul Thapar as chief operating officer.

Thapar was previously Clime's head of operations for nearly a year and before that was operations manager.

Elsewhere, he served as manager of investor services at Leveraged Equities and was a team leader of cash operations at Ord Minnett.

In the last few months, Clime also restructured its investment in James Street Wealth, with its 30% ownership transferred to the founder under a structured financing arrangement. Clime retains a 20% interest.

Newly appointed chair Paul Lahiff said: "Clime is transitioning toward a mandate-led investment model supported by improving investment performance and reduced operational complexity. The board believes these changes provide a strong foundation for scalable growth and long-term shareholder value."

Clime had $1.5 billion in funds under management at the end of March.

Sequoia announced it will offload InterPrac to the little-known Conquest Investment Partners for $50,000 in late March.

The regulator jumped on this, applying to the Federal Court for KPMG to investigate the proposed sale.

ASIC expressed concerns the sale could adversely affect InterPrac's creditors, including its liabilities in relation to complaints sitting with the Australian Financial Complaints Authority (AFCA) regarding the collapse of the Shield and First Guardian Master Funds.

In an update to the ASX, Sequoia said developments subsequent to signing the share sale agreement "resulted in circumstances where completion cannot occur on terms consistent with those originally contemplated by the parties."

"Having regard to the expected cost, complexity and uncertainty associated with progressing the transaction under these revised circumstances, the company determined that it is not in the best interests of shareholders to proceed. Accordingly, the proposed sale of InterPrac to Conquest will not proceed," Sequoia said.

Sequoia currently has about 900 InterPrac-related complaints sitting with AFCA stemming from the collapsed Shield and First Guardian master funds.

About $677 million is estimated to be owed to investors who were advised by InterPrac representatives to invest in the failed funds.

ASIC insisted a receiver must be appointed to investigate and report on whether the deal made between Sequoia and Conquest is "bona fide, fair and reasonable", and report on InterPrac's financial position and solvency.

Sequoia recently assured shareholders ASIC's concerns around the sale of InterPrac were "unfounded" and it was working with the ASX to determine whether shareholders are required to approve the transaction.

Selling 100% of the shares in InterPrac to Conquest would have meant the latter taking on all assets and liabilities of the troubled advice practice.

InterPrac currently has a professional indemnity (PI) insurance policy worth $20 million covering the failures of Shield and First Guardian.

Going forward, Sequoia's board said it will continue to assess strategic options for InterPrac and will update the market in accordance with its continuous disclosure obligations.

US Treasury Secretary Scott Bessent said the government designed a plan "that's something pretty close or in the direction of the Australian system."

However, Trump said his plan would be "better".

"I promised to make the same types of retirement accounts enjoyed by federal employees available to all Americans, and that's what we're doing. Nobody thought that was possible," Trump said while speaking to reporters.

"This will be really revolutionary because they'll be covered."

Under the "TrumpIRA" plan, the government will contribute up to $1000 per year to eligible lower- and middle-income workers who contribute to qualifying retirement accounts, through the Saver's Match program.

The scheme will be operational by 1 January 2027.

"President Trump wants to give American workers - particularly independent contractors, part-time workers, small business employees, and self-employed individuals - more investment options in order to attain stronger and more financially secure retirement outcomes," the White House said.

"Roughly 41 million American workers between ages 18 and 65 lack access to any employer-provided retirement plan, and 49 million full-time workers and 14 million part-time workers do not receive an employer match to their retirement savings contributions."

The White House said a 25-year-old low-income worker who saves around $165 per month and qualifies for the Saver's Match of around $1000 per year could, at a 6% rate of return, end up with around $465,000 by the age of 65, with nearly $155,000 attributable to the Saver's Match.

"Hardworking Americans deserve retirement security in portable savings vehicles that offer access to low-cost investments similar to those offered to federal workers," the White House said.

"Over half of low-income federal employees already successfully utilise the federal retirement-savings program and over 50% more participate when there is a matching contribution from their employer."

At an event in Sydney last night, NEOS took home the 2026 Life Insurance Award for Excellence in Adviser Service, presented by Financial Standard.

NEOS was selected as the winner following an online survey of financial advisers, licensees and support staff, rating insurers across various service parameters that can critically affect their business. This includes underwriting and new business, claims service and business support.

It's the second year running that NEOS has taken home the honour.

NEOS chief executive John de Zwart said the insurer is incredibly proud to receive the award again.

"It's a powerful endorsement from advisers that our focus on service, underwriting expertise and platform efficiency is delivering real value and continues to make a meaningful difference in their day-to-day businesses," he said.

"Everything we do is centred on making adviser's lives easy - helping them spend less time on administration and more time with their clients."

Meantime, TAL received the 2026 Life Insurance Award for Innovation in Product, recognised for its TPD Support Option.

The TPD Support Option was developed to support customers with complex mental health, chronic fatigue and functional conditions while maintaining long-term product sustainability. Customers can receive up to 20% of their sum insured each year for claims involving conditions where recovery outcomes can vary, provided they continue to meet the 'Any Occupation' criteria.

In accepting the award, TAL chief executive, individual life Gavin Teichner said the group was honoured to receive the recognition.

"Life insurance exists to support people through their hardest moments, and for too long the structure of traditional TPD wasn't serving everyone it needed to. This award reflects the work of a lot of people - customers, advisers, clinicians and our team - who helped us understand the problem deeply so we could build something genuinely different," he said.

TAL chief medical officer Summer Zhu added: "For conditions like mental health disorders, chronic fatigue and functional illness, asking a treating doctor to confirm that a patient will never recover can put the treating relationship at odds with the claims process at exactly the moment when hope and support matter most. The TPD Support Option changes that dynamic - and that's meaningful, not just for customers, but for the clinicians supporting them."

"Recovery for these conditions doesn't always follow a straight line. Someone can be genuinely unable to work today and, with the right support at the right time, find their way back. What we've built acknowledges that uncertainty honestly and tries to work with it rather than against it."

Speaking with Financial Standard, Barrett said there are specific components and criteria that need to be ticked off before a deal can proceed, and only as much as one in 10 deals actually closes.

"There are clear ideas internally on what we're looking for in regard to aspects about client, segment, demography, geography," he explained.

"... we look for growth corridors across regional areas, towns that have the thematics to enable us to grow in those areas. Historically, we've focused on the mass affluent segment, but increasingly, we're moving up towards high-net-worth (HNW) segment."

He said the expanded scope was based on the "real opportunity" to establish a concrete network in the HNW segment as Australians are becoming wealthier.

"We won't invest in businesses that service segments that we don't think we can add value in or grow," he said.

"It's very much a growth mindset. We have specific intelligence behind the scenes around where we will invest and where we won't. It's not just some scattergun approach. It's quite targeted."

He also noted a "power shift" currently taking place across the advice industry, which involves the transitioning from product-led advice to a more holistic and bespoke model.

"... in the advice space, businesses of scale are emerging, and they are putting the advice value proposition and their clients first, not the product proposition," Barrett said.

"You should expect to see the emergence of more advice platforms with capital and large balance sheets adopt this approach... that for me is the big thematic in the industry currently."

The group kicked off the year with a strong start, acquiring a Tasmanian advice business and plotting a regional advice hub through strategic partnerships in NSW.

More recently, it has acquired national advisory firm Intend Financial, adding 10 financial advisers and four locations to its network. It aims to deliver capital, expertise to help scale Intend Financial's continued expansion.

Established in 2021 by the amalgamation of three mature financial planning firms, Intend Financial has offices in Victoria, Queensland and Tasmania and is led by five principal advisers: John Moran, Zach McArthur, Jesse Nihill, Yihsing Koo and Ben Buchanan.

Over the past five years, the business has grown rapidly through M&A and organic activity, AZ NGA said.

Commenting, AZ NGA chief growth officer Chesne Stafford said Intend Financial demonstrated the power of a clear vision, unity and collaboration to build something extremely unique and valuable in a relatively short period of time.

"Advice businesses that want to grow need to scale in order to serve more clients and provide opportunities for employees, and the team at Intend Financial have done a brilliant job of expanding geographically and integrating businesses while continuing to deliver excellent service and advice to clients," she said.

"This is a high-quality business with a loyal, growing client base that is supported by a group of experienced advisers and a knowledgeable team of support staff, making it an ideal business to join AZ NGA and support our rapid expansion strategy."

JANA said the appointment reflects its constant evolution as the world in which it operates changes, with client and regulatory expectations on the rise.

As first reported by Financial Standard, Wacher recently stepped down as chief investment officer, Asia Pacific at Morningstar Investment Management and chair of its global investment committee.

Prior to Morningstar, Wacher was the investments chief at Cambooya, the family office for the Vincent Fairfax family. He's also held roles at Qantas Super, Russell Investments and CMC Markets.

At JANA, he will lead the overarching investment strategy and oversee investment outcomes across all client segments and mandates. This includes the investment research, investment strategy and sustainability functions.

Wacher will report directly to chief executive Georgina Dudley, who said the creation of the role is in response to the increasing breadth and complexity of client needs.

"JANA has a team with real depth across research, strategy and sustainability, and I'm incredibly proud of what they've built," Dudley said.

"As demand continues to broaden across our clients, the work is becoming more multi-dimensional as we support a wider range of client objectives and portfolio needs."

"A chief investment officer role strengthens investment leadership across our business and ensures we continue to deliver disciplined, long-term outcomes for our clients."

Wacher, who will take on the role on May 19, said: "I'm excited to join JANA at a time when clients are placing an even greater emphasis on disciplined decision-making and consistent oversight."

"JANA has built strong investment capability grounded in rigorous research and thoughtful portfolio construction.

"My focus will be to provide leadership across the investment function, build on the depth already in place, and ensure we continue delivering disciplined, long-term outcomes for clients."

The super fund's default Balanced option declined 2.80% over the month of March alone for both super and transition to retirement (TTR). Over the three-month period, the option returned -1.73%, while the Growth option returned -2.51%.

The retirement income options of Balanced and Growth returned -1.86% and -2.61%, respectively, over the same period.

Across different asset classes, CareSuper saw the worst outcome for global shares, which returned -5.9% for super and TTR in the three months to March end, followed by Australian shares (-2.37%) and fixed interest (-0.59%). Property and cash saw positive returns of 1.22% and 0.95%, respectively, as retirement income also reflected a similar performance.

The super fund said global share markets started the calendar year on "solid ground", with several markets delivering near-record highs but was significantly impacted by the conflict between the US and Iran in March.

"Global share and bond markets both fell as concerns grew that higher energy prices could push up inflation and slow economic growth," the super fund said.

"Oil prices spiked from $60 to peak at $110 in mid-March on worries that the Strait of Hormuz, through which 20% of global oil supply flows, would be shut for an extended period."

The decline in global shares reflect a weaker investor sentiment across most regions, as bonds continue to fall, impacted by interest rates and oil prices. Especially in Australia, which was already experiencing elevated inflation.

"Europe and some emerging markets were particularly affected by energy supply disruptions, while share markets in Australia and the US gave back earlier gains from the quarter," it said.

CareSuper said April was telling a different story but still expects some volatility to continue.

"A strong rebound during the month has brought investment returns back to near financial year to date highs," CareSuper added.

"We expect periods of volatility from time to time but design our options to operate in different environments.

"While markets continue to navigate uncertainty, it's important to note that the quarter's overall decline was relatively contained given the scale of global disruption caused by the conflict."

Under existing super law, a family violence perpetrator can claim and be paid their victim's super even in cases involving clear, sustained abuse of their spouse or prior convictions for family violence. The only current legal deviation is where the perpetrator's actions are found to have directly caused the death. SMC argued this creates a serious gap in the system, allowing financial gain from harmful behaviour.

In a submission to Treasury, the group backed the introduction of a clear rule that would give super fund trustees the authority to withhold payments from perpetrators in cases involving family violence or unlawful killing. It also supported allowing trustees to consider evidence of abuse when deciding how death benefits are distributed, even if the abuse was not a direct cause of death.

SMC said empowering trustees to make these decisions would avoid forcing families into lengthy and costly court proceedings, which could further distress those affected.

SMC chief executive Misha Schubert said the current framework does not reflect community expectations or adequately protect members.

"It is fundamentally wrong that a perpetrator of domestic or family violence can still inherit their victim's super," Schubert said.

The proposed reforms would also need to extend across different types of super funds and payment structures to ensure consistency, SMC added. The submission also highlighted the need to include self-managed super funds, as well as more complex arrangements such as defined benefit schemes and reversionary pensions, where gaps in coverage could otherwise undermine the intent of the changes.

SMC also emphasised trustees would require clear legislative backing and guidance to apply the rules consistently and fairly, particularly in cases involving coercive control, elder abuse or long-term patterns of harm that may not be captured by existing legal thresholds.

Speaking to Financial Standard, Wingate Group head of Asia Pacific Joel Rosen explained the current dynamics between different locations across the nation. Although Sydney and Melbourne continue as powerhouses for entrepreneurship and investments, other states are slowly catching up.

He added it is very rare to have several cities or states across a country that have "so much embedded wealth".

"... how we view Australia as a country compared to these cities, is that people have realised each city has their own unique story and they're booming for very different reasons. It's unique that none of them are similar to the other, which is quite interesting," he said.

"If we use the example like Perth, which is a huge resource-driven economy, you'd be observing a host of economic activity based on a very resource-driven space. Whereas, moving to the likes of Sydney, not only have you seen a real estate boom, but you're also seeing the AI explosion and a tech entrepreneur boom."

Rosen said closing the gap will require more collaboration between local governments and the private sector across other states and territories, as well as increasing investment appeal for lesser-known locations.

"Internationally, the best outcomes have been achieved through public-private partnerships - it's got to be a joint initiative," Rosen said.

"When big industry players couple with local and state governments, and market the country as a safe haven, all these things historically has worked really well."

He noted that there are organic movements for Brisbane, attributed by the upcoming Olympics.

"... all this infrastructure spend, and they've had positive property growth... They need to take more of that narrative and push it out to the global audience to position themselves out of just Melbourne and Sydney when foreigners or the global markets are looking into Australia."

MA Financial chief executive Julian Biggins agrees but noted foreign investors are traditionally more tentative to engage with the capital cities.

The recent research from Knight Frank supports this, noting Sydney has become one of the favourite cities for commercial real estate among foreign investors, drawing almost half of the entire nation's cross-border investment in 2025 for the asset class.

"Foreign capital really wants to be in the big capital cities, while Brisbane and southeast Queensland are attracting a lot of domestic capital, there's only been a bit of foreign capital come in," Biggins said.

"New South Wales will always have a strong heartbeat because of the nature of the city... We've seen quite a few transactions happen in the last 12 months where you've seen foreign capital, whether it's South Korea, Japanese or Singaporean, it's mainly capital from around Asia now."

"But Melbourne is getting an overlay where the stamp duty, foreign tax, and the economic performance of the state have been pretty weak for a while."

Australia is seen as one of the top priorities for foreign investors, particularly across Asia, given the current uncertainty and volatility coming out of the US, Biggins added.

"Australia has climbed the ladder in terms of where it sits in conversations for Asian investors," Biggins said.

"And that's been demonstrated in real estate transactions that we've been involved in..."

For this, Rosen said it is now the time for other cities to shift the general perception of Australia to really capitalise on the attention drawn.

"And taking a couple of the pages out of the box of what got Sydney and Melbourne popular over the years, and what other cities are doing internationally to bring in focus, is what they need to do," Rosen continued.

"Because there's a key opportunity where we've got this window at the moment, where the whole world is looking into Australia, that if they are able to differentiate themselves, it will be a key opportunity to bring in this foreign direct investment."

The ETF will expose investors to a portfolio of 30 global companies operating in the space value chain, including satellite communications, connectivity and data services, rocket launch, and space infrastructure and manufacturing.

Betashares expects to include companies such as Rocket Lab, AST SpaceMobile, EchoStar, Planet Labs and Firefly Aerospace. It said it will also target fast entry of major initial public offerings (IPOs) in the index, including the upcoming listing of SpaceX.

Betashares chief executive Alex Vynokur said the fund will offer investors a new way to access one of the most dynamic and fast-evolving areas of the global economy.

"Once led primarily by government agencies, the space industry is increasingly being shaped by commercial companies launching rockets, building satellite networks and delivering critical data from orbit," Vynokur said.

"As falling launch costs expand what is commercially possible, and anticipated IPOs such as SpaceX move closer, RCKT is designed to capture the opportunity set emerging across the global space industry."

Betashares said RCKT is designed to complement core exposures as a thematic allocation within a diversified portfolio.

Globally, space-related ETFs manage about $4.45 billion in funds under management and have attracted roughly $2.1 billion in flows since the start of the year.

Global X recently also said it is on track to launch its space technology ETF in Australia this year.

"We are constructive on the space economy, a view shared by many of our domestic and global peers and see it as a compelling long-term thematic opportunity," Global X chief executive Alex Zaika said.

Global X's Space Tech ETF has been listed on Nasdaq as ORBX since April 14 and seeks to invest in companies positioned to benefit from the commercialisation of the global space economy.

ORBX's portfolio includes names like Rocket Lab, Planet Labs, AST SpaceMobile, Firefly Aerospace and Iridium Communications.

Schmidt was most recently principal analyst at APRA, a role she held since January 2023. There she led research projects related to super fund member outcomes, including the recent thematic review of investment governance among platform trustees.

Previously, she worked in super fund research at SuperRatings for six years.

She's also worked for Macquarie University and the Centre for International Finance and Regulation in the past.

Schmidt said she is looking forward to working with the team to deliver research, insights and strategic perspectives.

"Rainmaker sits at a unique intersection in the wealth management landscape with coverage including superannuation, investment management, platforms, managed accounts, model portfolios, retirement solutions and financial advice under one roof. It's a breadth that's genuinely rare, and underpinned by an incredibly strong depth of data, coupled with a leading media and events footprint," she said.

"These were all big draw cards given my passion for research and insights and expertise in superannuation and investment management."

Also commenting, Rainmaker's executive director, research David Gallagher said: "Camille's background, including her recent APRA experience, combines academic rigour with real-world industry impact. Camille has a proven ability to translate complex data into insights that inform industry professionals, regulators and industry leaders."

Meanwhile, Rainmaker managing director Chris Page said: "Camille's appointment further strengthens our research team, building on our recent hires across the business to help clients stay ahead of the industry."

"For more than 30 years, Rainmaker has been the primary source of industry research, and with our expanded team, we're well-positioned to remain the most superior offering in the market. We look forward to showing clients exactly what's in store over the next 12 months."

Together disability income insurance (DII) and total and permanent disablement (TPD) accounted for 88% of all disputes made on claims. Both categories made up 64% of the total claims made in 2025.

Disputed claims in the same period came in at 11,207 - up 13.7% from 9851 compared to the same period in 2024.

Of all the claim disputes lodged in the year, 56% of them related to group insurance inside superannuation. This was followed by individuals who received advice, accounting for 33% of the disputes made on claims.

DII disputes were the highest from both sections, with group super disputing 3194 of the claims and advised individuals disputing 2118 of the claims.

DII have continuously been the most highly disputed product among advised, non-advised and group insurance customers.

TPD claims received the second highest number of disputes, with group super disputing 2913 of the claims and advised individuals disputing 934 of the claims.

A study released in July last year by the Council of Australian Life Insurers (CALI) found mental health was the leading cause of TPD claims, making up almost one in three claims paid.

The $2.2 billion paid in 2024 in retail mental health claims nearly doubled the amount recorded five years ago.

Further, mental ill health is also driving one in five income protection claims, with payouts totalling $887 million in 2024, CALI said.

CALI noted the trend was especially significant among younger people, with TPD claims for mental health increasing by 732% for those in their 30s over the past decade.

Yip will assume the role, effective May 29, following the earlier announcement that chief executive Helen Lofthouse would step down.

The exchange said the appointment is intended to ensure leadership continuity during the transition period, with Yip bringing more than two decades of experience across global financial markets. He joined ASX in 2023 and has held senior roles spanning capital markets operations and strategy.

Lofthouse, who made the announcement she would be stepping down in February, faced immense pressure over lengthy delays to the rollout of the CHESS system.

The new technology was originally supposed to be rolled out in April 2021, but faced successive year-long delays. In 2024, ASIC sued the ASX in the Federal Court over allegedly misleading statements related to the project.

One of Lofthouse's first calls as chief executive, when she took the top job in August 2022, was to dump that initial CHESS replacement project and start over.

However, throughout her tenure the ASX has also suffered several outages, most recently in December 2025, which also became the subject of an ASIC inquiry.

ASX chair David Clark said Yip's institutional knowledge and operational experience would support the organisation as it maintains focus on delivering stable and well governed markets.

"The board is committed to ensuring a smooth transition and maintaining momentum against ASX's strategic priorities," Clarke said, adding the global search for a permanent chief executive is ongoing.

Candidates under consideration are understood to require experience across financial markets, transformation and risk management.

Yip said his immediate priority would be maintaining operational resilience, supporting customers while continuing to deliver key strategic and technology initiatives.

The leadership change comes at a time when ASX remains focused on strengthening its systems and governance, following a series of technology and operational challenges in recent years.

In recognition of Yip agreeing to assume the role of interim chief executive, the board has agreed to additional remuneration arrangements for the period of time Yip is in the role on a pro rata basis.

Yip will receive an additional remuneration of $600,000 per annum on top of his current $900,000 salary. Additionally, he is eligible for a short-term incentive of $325,000, on top of his current short-term incentive of $800,000.

This means that should Yip stay in the interim role for at least 12 months and meet his short-term incentives, he could earn a total of $2.625 million.

The amendments introduce limited exemptions from specific contractual requirements in CPS 230 for material arrangements with certain categories of non-traditional service providers (NTSPs), where contractual compliance is not practicable.

"Developed in response to industry feedback, these changes aim to provide targeted, administratively efficient solutions for regulated entities that maintain material arrangements with NTSPs, while preserving the core objectives of operational risk management," APRA said.

APRA's final amendments provide relief that is "narrowly targeted, administratively efficient, and responds to industry concerns", with the regulator adding the core objectives of CPS 230 will be preserved.

Under the changes, a regulated entity will not need to comply with specified contractual requirements in CPS 230 for a material arrangement if the arrangement is with, for example, government agencies, central banks, financial market exchanges, operators of clearing and settlement facilities, operators of payment systems and schemes, and financial messaging infrastructures.

An exemption will also be granted if the arrangement uses standardised terms or is not documented in a formal agreement.

"The exemption applies only to the specified CPS 230 contractual requirements. All other CPS 230 requirements continue to apply," APRA said in a letter to regulated entities.

"These amendments do not reduce the expectation that regulated entities actively manage the operational risks arising from reliance on these service providers."

APRA also made minor amendments to supporting guidance to clarify expectations for managing material arrangements with exempt service providers, and to enable entities to classify exempt arrangements in the Material Service Provider Register Template - which is available on APRA's website.

"APRA will have the ability to grant exemptions for additional service providers by written notice where appropriate. Over time, as domestic and international operational resilience practices mature, APRA expects the scope of exemptions to narrow rather than expand," APRA said.

"APRA will periodically review the operation of these exemptions to ensure they remain appropriate and aligned with prudential objectives."

The amendments will come into effect on 1 July 2026.

The Pension Schemes Bill was passed into law on Wednesday, which will kickstart one of the most major reform packages seen in the UK's pension system.

The primary reform is the introduction of a Value for Money framework which will require trustees to offer clear default retirement income options. The aim is to avoid savers being stuck in underperforming schemes. This will involve a standardised approach to how value is assessed, driving competition in the sector.

Automatic consolidation of multiple small pension pots will also be enabled.

It is expected the changes could see the average worker retire with as much as $55,000 more in savings.

Further consolidation is also being sought via a measure that would see the creation of multi-employer defined contribution megafunds to drive greater diversification of investments and provide a more cost-effective option to pension savers.

Local Government Pension Scheme assets would also be pooled and managed by select managers to increase investment in infrastructure, housing and clean energy across the UK.

This will effectively force pension schemes to invest in nation-building projects and UK businesses. However, mandation powers that the original proposed legislation included and would have allowed the government to dictate allocation levels to certain asset classes have been watered down.

While a reserve power to mandate how funds invest remains in the bill, guardrails were put in place to monitor the use of this, including the need for an independent assessment to be made before the power can be enacted.

"Today is a landmark moment for the 22 million workers building up a pension pot across the UK," minister for pensions Torsten Bell said.

"For too long, our pensions system has been fragmented and rarely ensures that people's savings are working hard enough to support them in retirement.

"The Pensions Schemes Act will change that by creating schemes that drive down costs, deliver higher returns, and give savers the security they deserve."

The reforms have been on the table for some time. In September 2020 consultation first began on plans to force smaller workplace pension schemes to justify their existence, and it was expected this pressure to consolidate was going to then be placed on larger but sub-$10 billion funds.

In an update, NZ Super Fund said it has promoted Sian Orr to the role of director, private equity.

Orr was previously portfolio manager, private equity, a role she'd held since July 2019. Prior, she worked for PwC UK, New Zealand Treasury, and Deloitte.

The fund also promoted Bryan Bennett to director, real assets.

Bennett was previously portfolio manager, direct investments. He took this role in December 2020 after about five years with the fund.

"With some 20 years' collective experience on the investment team, Orr and Bennett have been involved in some of the super fund's most important investments as portfolio managers and have held numerous governance roles on behalf of the fund," NZ Super Fund said.

Meantime, Chris Parks was named director, sustainable investment.

Parks will join from Cbus where he's been working in ESG portfolio integration. He's also previously worked as ESG manager at TelstraSuper, and as an ESG investment strategist at QSuper.

The fund said Parks is responsible for fostering cross-team collaboration to ensure sustainability considerations are fully integrated into all parts of the Guardians' investment process and leading the Guardians' stewardship activities.

NZ Super said it continues to hunt for a head of portfolio completion and head of private equity.

Parks' appointment comes after a judicial review found against NZ Super Fund, determining part of the fund's current sustainable investment policy was not compliant with legislative requirements.

The New Zealand High Court found the fund had failed to invest "in a manner consistent with avoiding prejudice to New Zealand's reputation as a responsible member of the world community" when it continued to invest in companies operating in the Occupied Palestinian Territory.

He served as chief operating officer at Evolution Trustees for more than eight years and was appointed the interim chief executive following the passing of former chief executive Rupert Smoker in September last year.

He brings over 25 years' experience across the financial services industry, including stints at PwC, Hastings Funds Management and GE Capital. Prior to Evolution Trustees, Norman was the chief operating officer at Aurora Funds Management and director of transaction advisory services at EY, a position he held for nearly a decade.

Speaking to Financial Standard, Norman described the appointment as a "great personal honour".

"I have been with the business for more than eight years, so this appointment is both a great personal honour and a strong endorsement from the board of the strategy we have been pursuing," Norman said.

"To me, it reflects the strength of the foundations we have built and gives us confidence as we move into the next phase of growth."

Norman said he is observing strong growth across the business, including in ETFs, real assets and ASX-listed schemes.

"More broadly, we are seeing continued demand for high-quality trustee and responsible entity services, particularly from clients who value strong governance and operational capability," he said.

Moving forward, Norman has set his eyes on scaling the business by allocating resources accordingly.

"Our focus is on maintaining the momentum we have built by continuing to invest in our people, operations, systems and processes," Norman continued.

"That will help us scale in a disciplined way, continue delivering high-quality service to clients, and maintain the strong compliance and governance standards that are central to our business."

In a letter to regulated entities, the prudential regulator said while AI is increasingly embedded across financial assurance, frameworks remain uneven and, in some cases, underdeveloped.

The findings follow a targeted review of large, regulated entities conducted in late 2025, which found widespread use of AI, but varying levels of maturity in oversight and operational resilience.

APRA noted boards are actively pursuing AI driven productivity and customer gains but often lack the technical expertise required to effectively challenge management and oversee associated risks. It also flagged an overreliance on third-party vendors, with limited scrutiny of issues such as model unpredictability and potential impacts on critical systems.

APRA member Therese McCarthy Hockey said regulated entities need to constantly adjust cyber practices to lift resilience and protect assets in a fast-moving threat environment.

"The AI revolution presents tremendous opportunities for banks, insurers and superannuation trustees to deliver improved efficiency and enhanced customer services," McCarthy Hockey said.

"We are already beginning to see these benefits materialise. But we cannot be blind to the risks of such powerful technology, whether in our own hands or the hands of those with malign intent."

APRA said cyber risks remain a key concern, particularly as more advanced models emerge. The regulator warned frontier systems including those developed by Anthropic, could increase the scale and sophistication of cyber threats, requiring a corresponding uplift in security capabilities.

It also identified concentration risk where firms depend on a single provider across multiple use cases, alongside limited transparency in AI tools embedded in broader software platforms.

APRA said its supervisory focus will intensify with potential enforcement action where entities fail to adequately manage AI related risks in line with their size and complexity.

While no new potential standards have been introduced, APRA signalled expectations for more robust governance, stronger cyber hygiene and faster identification of vulnerabilities as AI adoption accelerates.

Currently visiting the UK with several superannuation funds, IFM Investors announced the acquisitions to further enhance its presence across the UK infrastructure and renewable energy markets.

The announcement also follows a $7 billion takeover bid for the toll road operator Atlas Arteria a few days prior.

IFM currently owns 50% stake in Nala Renewables and will acquire the remaining half from Trafigura Renewables on behalf of funds managed by IFM.

Headquartered in London, Nala Renewables contains fully integrated in-house project life cycle capabilities and spans across strategic markets in Europe. The platform has a portfolio of over 2 gigawatts (GW) of renewable energy capacity across solar PV, onshore wind and battery energy storage systems.

The transaction, expected to complete in mid-2026, underscores IFM's renewable power conviction, including the growing need for energy security and reliable low-carbon generation.

Commenting, IFM executive director Neil Doherty said Nala's operational experience and expertise will provide a compelling opportunity to capture the growing demand for renewable power in the UK.

"Critical to this success has been the dedication of the entire Nala team. We are excited to support Nala's next phase of growth and to accelerate the energy transition by building a best-in-class renewable platform," Doherty said.

"I would like to thank Trafigura for their valuable partnership and contribution to the growth of Nala over the past six years."

Separately, IFM is set to acquire 100% of Briggs Equipment UK from long-term owner Sammons Enterprises.

Briggs Equipment is a UK provider of materials handling and specialist rental equipment, focusing on the leasing, maintenance, repair and fleet management of industrial assets.

The business serves customers across a diversified range of infrastructure and adjacent sectors and a diversified blue-chip client base with a high-quality installed fleet, providing a mix of downside protection and growth potential, IFM said.

Housing more than 40 depots and over 850 engineers, the portfolio includes a managed fleet of some 53,000 assets, making it one of the largest independent materials handling platforms in the UK.

The transaction is expected to complete in Q2 2026.

IFM head of infrastructure Europe Deepa Bharadwaj said the firm already has significant presence in the infrastructure sector, through deals like Manchester Airports Group, the M6 toll, Anglian Water and Nala Renewables.

"We are pleased to partner with Briggs as it enters the next stage of its development. As a well-established business operating within the infrastructure value chain, we believe Briggs is well positioned for success, and we see opportunity to support management's growth strategy and aim to drive long-term value creation," Bharadwaj said.

Briggs managing director Peter Jones added: "We are pleased to welcome IFM Investors as our new partner. The team at IFM share our values, vision and commitment to providing mission-critical equipment to our valued customers."

"Their investment builds on all that has been achieved to date, and we look forward to working together to cement our position as a leader in materials handling and specialist rental in the UK and Ireland."

The UK remains one of IFM's most important markets globally, with over $11 billion (£5.8bn) invested in the country as of March 2026, it said.

The asset manager downgraded Australia's annualised growth rate from 2% tipped at the start of the year before the breakout of the Israel-US attack on Iran to now just 1.5%.

J.P. Morgan Asset Management global market strategist Kerry Craig explained the impact is already materialising in the economy with "data starting to soften."

This is seen in the housing market and household spending numbers. On top of this, recent inflation numbers show a 4.6% year on year increase to March - close to the 5% headline figure many were anticipating.

"That's going to stoke a lot of concern around a great stagflationary environment in Australia," he told a media briefing in Sydney.

However, Craig is optimistic Australia will not fall into a recession and will even weather through its heavy reliance on oil and refined products.

"There's good momentum here in the economy. We're not thinking about that recession," he said.

"We think that the market pricing for RBA rate hikes are a little bit too aggressive, because we think some of that momentum would be coming out of the economy that the RBA doesn't have to respond to."

The fund manager is expecting just one rate hike at the upcoming meeting on May 5. In the US, it predicts the Federal Reserve will potentially cut rates this year rather than increase them.

Europe and parts of Asia, meanwhile, may not fare as well.

"Europe is the one that we worry about the most. Growth forecasts there have been revised downside to under 1% growth for this year, whereas the US is still at 2%," Craig said.

China is proving to be resilient and shrugging off the headwinds.

"We think the Chinese story is pretty good. It's resilient. We expect more monetary policy and fiscal stimulus there. We like the China tech story as well," he said.

The Korean and Taiwan markets also appear to be doing very well.

"There are some pluses and minuses across how we view the economies versus the markets around the world," he said.

"[It] does seem like the ASEAN countries are the ones that are probably going to be at the lower end [in terms of] economic consequences and not having the same composition as a market benefit some of these big secular things that are coming through."

"We are pleased to complete the acquisition of Insignia, one of Australia's most established wealth management companies, and to assist Australians in building a secure retirement," CC Capital senior managing director Chinh Chu.

"We understand the deep trust and duty of care that comes with ownership of a company that plays a critical role in securing Australians' long-term financial well-being. Our core focus is on investing to improve outcomes for members and advisers."

Chu said CC Capital has a strong conviction in Insignia's management team led by chief executive Scott Hartley and is aligned with Insignia's Vision 2030 strategy.

"We are committed to providing the capital and operational expertise needed to accelerate the transformation and enable Insignia to better support members. Australia's world-class superannuation system and Insignia's scale, rich heritage and brands, including MLC, have long made the business and industry compelling to CC Capital and we look forward to supporting Insignia in its next phase of growth," Chu said.

Hartley added Insignia was looking forward to continuing its progress towards its vision to be the leading and most efficient diversified wealth management company.

"Their investment reflects strong confidence in our business and allows us to stay focused on what matters most - delivering better outcomes for our customers," Hartley said.

Earlier this month Insignia Financial shareholders voted in favour of the proposed acquisition by CC Capital Partners by an overwhelming majority of 98.65%.

Shareholders received $4.80 cash per share, valuing the company at $3.3 billion.

Insignia chair Allan Griffiths said he was pleased with the strong level of shareholder support for the Scheme of Arrangement.

"The board's focus throughout this process has been to ensure shareholders had the information they needed to make an informed decision. The level of engagement and support today reflects the importance of that decision," Griffiths said.

"The board agreed that the Scheme delivers compelling and certain value for shareholders, and we thank them for their support."

Insignia's farewell to the ASX comes after what became a bidding war for the wealth manager which resulted in it receiving eight non-binding indicative proposals from CC Capital, Bain Capital and Brookfield Capital Partners.

Bain Capital initially placed a takeover bid to acquire all of Insignia's shares at $4 cash per share in late 2024; the offer was subsequently rejected.

At the beginning of 2025, CC Capital expressed interest in the takeover by offering a higher sum for the shares.

Following much back-and-forth between the two, Insignia granted both companies more time to finalise debt funding and associate due diligence in April.

CC Capital was the only player left by July 2025 after Bain Capital withdrew its bid in May and Brookfield Capital Partners dropped out after making a single offer in February of the same year.

APRA greenlit the takeover in March 2026 and the Foreign Investment Review Board granted its approval in early April.

"March CPI inflation of 4.6% is up from the 3.7% annual inflation to February. Annual CPI inflation is the highest it's been since September 2023," ABS head of prices statistics Sue-Ellen Luke said.

Trimmed mean annual inflation was unchanged at 3.3% in the 12 months to March 2026.

Housing, which is the highest weighted group in the CPI, was the largest contributor to annual inflation in March, with a rise of 6.5%. This was followed by an 8.95% rise in transport.

The rise in transport was due primarily to a 32.8% monthly increase in automotive fuel prices, as a result of the ongoing conflict in the Middle East.

"Automotive fuel prices rose 32.8% from February to March, which pre-dates the halving of the fuel excise on 1 April. The increase in March is the largest monthly increase since the series began in 2017, reflecting the impact of the conflict in the Middle East on fuel prices," Luke said.

BNY APAC macro strategist Wee Khoon Chong said the data reinforces market expectations that the Reserve Bank of Australia (RBA) will continue lifting the official cash rate.

"While business and market sentiment remain fragile amid geopolitical uncertainty, persistently high oil prices and a tight labour market are likely to sustain upward pressure on inflation, keeping the RBA hawkish. We expect a hawkish hike in May," Chong said.

"The focus will be on the updated forecasts in the Statement of Monetary Policy, particularly the near-term OCR path. Markets are currently pricing in just under three hikes by end-2026."

VanEck head of investments and capital markets Russel Chesler said today's inflation read was "no surprise".

"It is now very likely that the RBA will increase the cash rate to 4.35% at its meeting next week Tuesday," Chesler said.

"The full effect of the Iran war and the increase in the oil price continues to feed into the economy. We expect year-on-year inflation to move even higher when the figures for April are released."

Chesler said VanEck is also anticipating wages to start reacting to rising inflation.

"Fair Work is expected to release its decision on the minimum wage increase, which flows through to about 50% of wage earners early in June," he said.

"We expect the minimum wage increase which was 3.5% last year to come in higher this year and has the potential to be well above 4% and have a further knock-on effect to inflation."

Chesler said he anticipates three RBA rate hikes by the end of the year, bringing the cash rate to 4.85% - levels not seen since 2010.

"In our view, this may be overly aggressive. The RBA faces a difficult balancing act, containing inflation without placing excessive strain on an already stretched consumer and tipping the economy into recession," he said.

That is a premium of 64.7% from its last closing prices of $0.85 and values the media firm at around $747million.

oOh!media provides outdoor advertising services helping clients reach a large and diverse audience.

It has over 35,000 assets across its national digital and classic network that reaches over 99% of metro Australians and 72% of metro New Zealanders every week. Assets are located across roadsides, retail centres, airports, train stations, bus stops, office towers and universities.

The board of oOh!media said it will consider and evaluate the proposal and update shareholders in due course.

The proposal is subject to a satisfactory completion of due diligence by PEP, a unanimous recommendation by the oOh!media board, an approval by PEP's investment committee along with an approval by the Foreign Investment Review Board and Overseas Investment Office.

PEP said it is open to adjusting the terms of the proposal to take into account the impact of any further buyback, dividends, distribution, acquisitions, divestments, changes in the final share capital or undisclosed liabilities.

PEP is Australia's largest private markets firm with $18 billion in assets under management.

oOh!media reported a revenue of $691.4 million in 2025, with adjusted profits coming in at $63 million. It expects to continue to take revenue share from other media sectors.

Following its recent administration transition to SS&C, REI Super completed a structural review, opting to fold all its member services functions under one role.

Group executive, transition and transformation Michelle Boucher has been named chief member officer, retaining a focus on transformation.

Meanwhile, group executive, marketing and growth Andrew Tait has become chief operating and growth officer.

REI Super said the changes were made to "further streamline accountability and decision-making across the fund", adding they align executive responsibility with strategic priorities, efficient operations, and its focus on delivering value for members.

They've also been made in line with the hiring of Hayley Pope, who is now chief risk officer at REI Super.

Also serving as general counsel, Pope joined in the role this month. The fund said, given the evolving legislative environment of superannuation, it made sense to introduce a senior lawyer to the leadership team.

Pope leaves behind the role of executive manager, governance at First Super after close to three years. Prior, she was head of risk and compliance at RMBL Investments and worked at IOOF, Australian Unity, Cbus and Hostplus, always in legal and compliance roles.

REI Super chief executive Jarrod Coysh said the appointment reflects the fund's "continued commitment to strong governance, prudent risk management and member-first decision making."

"Hayley brings a strong track record in risk, governance and compliance, with deep experience across the superannuation sector," Coysh said.

"She understands the regulatory environment we operate in and the importance of sound risk management in supporting better outcomes for members."

He added that the new structure better reflects how the fund operates today.

"They support faster decision-making and stronger coordination of activities across the fund," he said.

At First Super the role of executive manager, governance is being temporarily filled by Jeremy Johnson. Johnson joined the fund in January this year as company secretary and in-house counsel.

He was previously general manager, operations at Prime Super.

Financial Standard understands the $500 million commitment was made by Australian Retirement Trust (ART).

The investment from ART is the first through a capital partnership with the major Australian superannuation fund. The remaining $100 million represents investments from a combination of existing and new institutional investors.

Dexus chief executive Ross Du Vernet said the investment demonstrated the quality of the platform Dexus was building.

"This investment is a strong endorsement of our real asset management capability and focus on delivering compelling returns for all investors on our funds management platform," Du Vernet said.

"Attracting and deepening significant new institutional capital relationships in the current environment reflects the quality of the fund's portfolio and our team's commitment to deliver for clients.

Du Vernet added Dexus is growing its funds management business through a focus on delivering outperformance and selectively expanding its new and existing relationships.

"This is a key plank of our strategy to build a diversified, capital-efficient business where our strong balance sheet is enhanced with a growing share of earnings from managing real assets and capital for our partners," he said.

These transactions were executed as secondary trades, with Dexus saying it reflects strong investor demand for access to high-quality assets and will support both existing investor liquidity needs and selective growth opportunities.

Canadian Prime Minister Mark Carney announced the launch of the Canada Strong Fund, the nation's first sovereign wealth fund, which will strategically invest alongside the private sector to boost Canada's economy.

The government will commit $25 billion over three years, with the government to consider committing more as it grows.

It's intended the fund will focus on projects like new ports, mines, and trade and energy corridors to unlock the country's resources, secure domestic supply chains, and enable it to sell to new markets across Canada and the world, the government said.

The projects will focus on clean and conventional energy, critical minerals, agriculture, and infrastructure, it said.

All returns will be reinvested in the fund; it will direct its capital into investments with the highest potential returns.

At the same time, and to help capitalise the fund, a retail investment product will be launched to ensure Canadians can share in the returns by investing some of their own savings into the fund. The government will consult on the exact design of this product, but the aim is to give Canadians a direct stake in the nation's long-term wealth, it said.

It said, over time, the government will consider other sources of capital for the fund.

"Canada's new government is catalysing a series of nation-building projects in energy, trade, critical minerals, transport, data, and beyond - projects that will make Canada stronger, more resilient, and more independent," Carney said.

"Through the Canada Strong Fund, all Canadians will have the opportunity to share directly in these benefits. This is our country, this is your future, and we are building it together."

A dedicated office will be established to oversee the Canada Strong Fund, which will develop and finalise its investment mandate and that of the retail product. It will operate at arms-length from the government, with a chief executive and independent board of directors to be appointed.

"Canada's next chapter of growth starts with investing at home. The Canada Strong Fund will invest in key, strategic Canadian projects and companies, creating good-paying jobs, supercharging innovation, and keeping Canada competitive in a rapidly changing world," minister of finance and national revenue François-Philippe Champagne said.

"Importantly, Canadians themselves will have the opportunity to invest in the fund, giving them a direct stake in our country's growth and the ability to share in its success. This fund is a powerful example of how we're investing today to build tomorrow's productivity, growth, and shared prosperity."

The Vanguard Adviser Portfolio Trends Report 2026 gathered insights from more than 100 advisers in 2025 and found the industry continues to favour disciplined core-satellite construction, with average indexed exposure around 50% and the normal range of indexation being around 20%-65%.

Active and indexed exposures stood at 49% and 44%, respectively, with total portfolio costs mostly contained between 0.30% and 0.75%.

However, across the portfolios analysed, Vanguard said there is a "long tail" of practices that apply the model liberally without clear purpose, which leads to overlapping exposures, style drift, excessive costs and unintended risks.

Vanguard Australia head of financial adviser services Rachel White said the issue revolves around how deliberately advisers are utilising the approach.

"What we see in the data is encouraging at a surface level, advisers are getting most of the big decisions right," White said.

"But when we look deeper, there are some quiet portfolio construction behaviours that have become normal over time, and those behaviours carry consequences for diversification, risk and long-term returns.

"The issue is not that advisers are using satellites, it is how deliberately they are being used."

She said the most successful implementations were those where advisers made deliberate decisions on the clear distinction between core and satellite, while calculating the risk they were willing to absorb.

A strong core and strategic asset allocation remains the primary determinant of long-term outcomes. Satellites should enhance, not obscure, portfolio intent, she added.

Meanwhile, although cost continues to be a key consideration in portfolio construction, alternative assets were the most expensive component, with average costs of 1.46% per year, exceeding the current average range.

Vanguard found many commonly used alternative strategies delivered inconsistent outcomes, with some private market funds underperforming basic equity benchmarks despite the higher fee load.

However, allocations towards alternatives remained relatively low for retail clients, as advisers were reminded to reconsider if the asset class should remain in a portfolio.

Among different asset classes, cash remains elevated, averaging 21% of the fixed income allocation but higher and longer-term cash allocations could cost clients the term premium and the defensive benefits of duration, Vanguard said.

Across both Australian and global equities, advisers adopted a more balanced, style-neutral posture than in previous years.

"Cash is a useful liquidity tool, but it is not a long-term return driver and in regard to alternatives their inclusion does not automatically mean better outcomes, in many cases they raise costs and complexity without clearly improving long-term results," White said.

"Markets change, but the drivers of long-term outcomes do not. Asset allocation, diversification and costs still do the heavy lifting.

"For advisers in 2026, getting the basics right remains the most powerful decision they can make which then allows advisers have clear conversations, which builds confidence and clarity with clients."

Peter MacCallum Cancer Foundation chief executive Craig Connelly said the long-standing partnership with UBS has built on more than a decade of trust and shared commitment to impact.

"Their proven investment expertise will help us maximise the value of philanthropic funds, strengthening our ability to invest in the future of personalised cancer care and accelerate the breakthroughs that matter most to patients," Connelly said.

Based in Melbourne, the Peter MacCallum Cancer Foundation conducts advanced cancer research at the Peter MacCallum Cancer Centre.

As the fundraising arm of the hospital, its primary purpose is to accelerate the pace of discovery and innovation in the field of oncology.

Funds raised by the foundation are directed towards supporting researchers and scientists at the hospital.

The Peter MacCallum Cancer Centre cares for some 50,000 patients each year and employs 750 researchers.

UBS GWM Australia head of not-for-profit advisory Zarmeen Pavri said: "Our third-term reappointment with the Peter MacCallum Cancer Foundation builds on over a decade of trusted partnership and reflects our commitment beyond traditional investment advisory."

The partnership aims to ensure strong financial stewardship that underpins the breakthroughs that improve and save lives, advancing world-class cancer research and supporting the broader medical research sector to deliver lasting impact, Pavri said.

For charitable endowments and foundations, UBS GWM offers advice and investment solutions for clients, across strategic asset allocation, discretionary portfolio management, portfolio risk management, investment governance, custody and reporting.

The Core+ suite, which consists of the VanEck Core+ Diversified Balanced Active ETF (VBAL); VanEck Core+ Diversified Growth Active ETF (VGRO); and VanEck Core+ Diversified High Growth Active ETF (VHGR), will be available on the ASX tomorrow.

The new funds provide broadened asset class breadth access and investments beyond market beta, while leveraging institutional grade strategic asset allocations (SAA) which will be updated quarterly.

They will also provide granular and refined exposure through each asset class.

"... such as within fixed income, where we target fixed and floating and government in individual weights determined by our SAA and do not just use a single sleeve like the composite bond index," VanEck said.

"Each of the three Core+ funds has been calibrated to meet a different risk-return objective and aims to outperform its benchmark after fees."

Specifically, VBAL is designed to reduce concentration risk by providing a steady core for long-term investors who value resilience as much as return, with a measured growth target of CPI+3% per annum.

Meanwhile, VGRO, with a return benchmark of CPI+4% p.a., will have a "modest" defensive allocation providing ballast during market stress.

Lastly, VHGR is suited to long-term investors tuned to have maximum capital growth at a higher degree of market variability and targets a return of CPI+5% p.a..

VanEck Asia Pacific chief executive Arian Neiron said the new approach has been carefully designed using the same institutional asset allocation frameworks that underpin large-scale portfolios.

"What we are delivering to investors is simple in concept, but powerful in execution, a fully implemented, diversified portfolio in a single trade with full transparency. Investors will see through to the underlying securities, the exposures, the geographies. This is institutional grade portfolio construction, and we're making it accessible with one trade," Neiron said.

"Our goal is not to predict markets with precision but to prepare portfolios to perform across a range of outcomes and to help you stay invested through cycles that test conviction.

"Markets are not static systems. They evolve driven by cycles in growth, liquidity, policy and behaviour. Portfolios that endure are not those built on a single philosophy, but those constructed with an appreciation for how different investment approaches perform across regimes."

Andrew Champion was appointed the principal of natural capital in November 2021 and then promoted as head of natural capital in April 2024.

He was responsible for the direct investments into natural capital assets, including diversified agricultural assets and operations and regulated environmental market projects.

"Following a strategic review, QIC has realigned its natural capital capability within the private equity platform," a QIC spokesperson said.

"As part of this transition, Andrew Champion has stepped down from his role as head of natural capital and QIC. We thank Andrew for his leadership and contributions to establishing the capability."

In the last 18 months, Champion was involved in deals that included the QIC, Wollemi Capital and Kalfresh Vegetables consortium.

Some $80 million was invested into the Kalfresh Bioenergy Facility which transforms locally produced food and farm waste into renewable electricity and natural gas.

"I am grateful for the opportunity to pursue this mandate with QIC, building a small portfolio of direct investments which target attractive returns with opportunities for improved productivity and positive environmental outcomes," he said at the time on LinkedIn.

Prior to QIC, Champion was a non-executive director at GM Hotels and spent five years at the now-defunct Blue Sky Alternative Investments.

Champion served as the head of the Syndey office for five years and at the same time was chair of the listed investment company Blue Sky Alternatives Access Fund.

He also held senior positions at private market investment advisory PhillipCapital, Citi and Wilson HTM Investment Group.

QIC recently appointed two partners to its private debt infrastructure team.

Xi Chen, based in London, and Lindsay Scully, based in New York, were promoted from principal after originating and executing several major deals.

The pair oversees deployment of capital as the Queensland government-backed fund expands its global infrastructure debt portfolios for institutional investors.

The consortium includes Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and Manulife Investment Management.

"Cleco's progress in recent years reflects its strong collaboration with Louisiana communities, regulators and political leaders to build a more reliable system that meets customers' evolving needs and supports economic growth across its service territory," Macquarie senior managing director and head of Americas energy infrastructure Aaron Rubin said.

"It has been our privilege to have served as a steward of Cleco over the past 10 years as the company has navigated both challenges, such as maintaining high service standards during COVID-19 and the hurricanes of 2020 and 2021, and better times such as the growth phase the region has seen over the last few years."

BCI executive vice president and global head of infrastructure and renewable resources Lincoln Webb said the consortium worked closely with Cleco's management team to modernise its operations through long-term, targeted capital investments.

The deal will bring investors with capital, industry expertise and a local presence to support Cleco in continuing to provide safe, reliable service to its customers.

"We are excited to extend our track record of investing in Louisiana's energy infrastructure and believe Cleco is well positioned to be a driver of economic growth within its service territory, while providing dependable service to its customers," Stonepeak senior managing director Rob Kupchak said.

Bernhard founder and partner Jeff Jenkins said the partnership combines the firm's operational expertise and local knowledge alongside Stonepeak's experience with similar mission-critical companies to build upon Cleco's century of service in Louisiana.

"This investment advances Bernhard Capital Partners' focus on strengthening the nation's critical energy infrastructure, building more resilient communities and accelerating innovation across the energy sector," Jenkins said.

Cleco president and chief executive Bill Fontenot added: "With support from new partners Stonepeak and Bernhard, we can strengthen system reliability and encourage regional economic growth. This transaction marks an important day for our community, our customers and our company."

Pearce said that while there have been some ups and down associated with the conflict, he said this is another situation where a major geopolitical event has not translated into a lasting negative impact on the share market.

"In fact, I would suggest that fear levels didn't rise much at all. Why do I say that? It's because we're the finance industry. We measure fear," Pearce said.

Pearce said the VIX index - which measures market volatility - spiked far more on Liberation Day when US President Donald Trump announced his initial tariff plan than it has during this most recent episode.

"We see nowhere near the same level of fear, and in fact as we speak today, that fear has all but dissipated," Pearce said.

Additionally, Pearce said while oil prices have grown, and may remain elevated, it's unlikely to derail global growth.

"In particular, it won't be enough to derail the growth in corporate profits that are being driven by investment super cycles. We're talking about super cycles in AI, data centres, the energy transition, infrastructure," he said.

"All this is contributing to growth, and this is still happening regardless of what's happening in the Middle East."

Pearce said there were several takeaways from the crisis in the Middle East and how markets have reacted. The first being "beware the predictions of geopolitical experts".

"These predictions don't hold much value when the actors involved are irrational and unpredictable. There's a school of thought that Trump's administration acts with a 'grand master plan' in mind, that Trump himself plays 'four-dimensional chess', he's 'ahead of the game'. What nonsense," Pearce said.

"From the time this war started, it's pretty clear that it was devoid of a coherent strategy. It's been riddled with miscalculations from go to woe."

Pearce said another lesson, however, is despite the reservations and concerns the world might have with US leadership, in times of a crisis, global capital still flows to the US.

"And that's indeed what happened during the height of the recent panic. The death of US exceptionalism may indeed come one day, but it's not today," he said.

Pearce said in times of crisis, it's important to remember the only truly consistent, reliable, safe haven is the "humble cash account".

"When share markets were falling recently, gold prices were also falling. Bond prices were falling. These are traditional safe havens," he said.

Pearce added that while it is true that "cash is king", that may come at a cost and it's usually the cost of missing the recovery.

"Investing in the Australian market over the last 30 years-if you were fully invested in the Aussie market-your return would have been about 9.4% p.a. If you had just missed the 10 best days in that the 30 years, that return reduced to 7.5% p.a. That's a big drop when you think about the compounding impact of that. And that's just 10 days," he said.

"We know it's impossible to predict when those 10 days are going to happen. They happen often at the most unlikely of times. And it goes on. If you miss the best 20 days, the return goes to 6.1% p.a."

UniSuper members switching out of growth options into more defensive options like cash made up around $1.4 billion in member funds, but Pearce said around $300 million has since moved back.

"That means there's still a lot of money sitting on the sidelines. It's missed the recovery. It's not over yet, so those members might still get a chance to get back in at lower prices, but we just don't know. It's all a bit of a gamble," Pearce said.

It has also appointed BCA Research as a research partner to support the development of asset allocation and portfolio construction frameworks for the forthcoming platform.

FinCap executive chair Christian Ryan noted demand has been growing from advisers who want to allocate to private assets, but have limited resources and specialist focus just on private assets.

"We're bringing institutional grade resources and competencies to the wealth channel because at the moment I think it exists in a very limited way," Ryan said.

Financial Standard reported last year on Pinnacle Investment Management's investment in FinCap to support the launch of a private assets managed accounts platform.

Ryan said FinCap will have an investment team that will work with advisers to have their own portfolios on the platform, and it will also work with asset consultants who wants to offer their portfolios.

"The platform will have a menu of different models or portfolios that advisers can select," he said.

The challenge with existing managed accounts, Ryan said, is that their primary infrastructure is focused on daily liquidity investments like shares and ETFs.

"But the reality is there's the other 90% of the market is all sitting in private assets," Ryan said.

"There hasn't been a technology that allows you to run a portfolio of these products for private assets, because private assets have multi duration liquidity profiles."

The platform will allow monthly contributions and quarterly withdrawals. To assist in managing the liquidity profile in each managed portfolio, Ryan said FinCap will have a liquidity management team.

"We want this to be a central marketplace for managing and trading private assets," he said.

"Having a dedicated liquidity management team means that we play a very strong Treasury cash flow role in monitoring of the portfolios."

"In the platform, if five advisers want to sell five units and I've got five advisers that want to buy five units, I can match it off and trade in the platform. So, if you've got a buyer and a seller, they net it off," he said.

FinCap will also provide detailed due diligence on all the managers on the platform.

"If a fund manager comes on our platform, it would have had operational due diligence done, investment due diligence done, tax and legal and financial of all their funds to make sure that who they are, what they do is really good," Ryan said.

"We will be select in our manager relationships so we can have a strong focus on ongoing monitoring of their investment holdings and their processes."

FinCap recently nabbed ex-Zenith partner Ben Davis as its new head of portfolio construction and investment solutions for its platform.

Davis will work closely with BCA Research to help integrate frameworks into the platform's managed portfolios.

"Private markets portfolio construction has historically been the domain of large institutions with dedicated resources," Davis said.

"What we're building at FinCap changes that. Increased manager specialisation and the rise of evergreen investment structures have broadened access beyond traditional multi-strategy platforms."

Mercer head of wealth management investment solutions Rebecca Jacques welcomed the new platform by FinCap.

"I think private markets has got a long way to go in terms of being able to do things in the same manner from a technology perspective," Jacques said.

"But it's certainly coming, and I'm really pleased that people are trying to manage this, because a lot of the effects that you're seeing of liquidity constraints and all of that are a concern. And they need to be managed."

"At this stage, there has been no evidence of impact on Generation Life's core systems and no evidence of unauthorised transactions. Generation Life's business continuity plan was immediately implemented and there was minimal disruption to its operations," parent company Generation Development Group (GDG) said.

"While this unauthorised access occurred through a third-party service provider, it was detected quickly by Generation Life and immediately contained."

Other subsidiaries Evidentia Group and Lonsec Research & Ratings were not affected.

Generation Life has engaged cyber security experts to assist in its response. It is also investigating the nature and scope of the unauthorised activity and verifying what information may have been impacted.

"If it is identified that any advisers or clients have been affected, they will be notified directly by Generation Life at the conclusion of that process," GDG said.

APRA, the Office of the Australian Information Commissioner (OAIC), Australian Cyber Security Centre (ACSC) and National Office of Cyber Security (NOCS) have been notified of the incident.

Generation Life reported March-quarter sales of $375 million, up 57% on the prior corresponding period. Funds under management (FUM) increased to $5.3 billion, with $310 million coming in as net inflows.

FUM for Evidentia reached $34.8 billion, up 30% year on year.

"During the quarter, Division 296 legislation received Royal Assent and became law, representing a structural shift in the taxation of superannuation balances above $3 million," GDG chief executive Grant Hackett said.

"This is expected to further accelerate demand for tax-effective investment solutions outside superannuation, reinforcing Generation Life's long-term growth opportunity.

"The group is also monitoring potential changes to capital gains tax flagged ahead of the May Federal Budget, which may further influence investor behaviour and demand for tax-effective structures."

Major news outlets report that Treasury will announce the change in the Budget, which will take place on May 12.

The AFR states the inflation-based discount will apply to all asset classes, including property and shares.

Between 1985 to 1999, the cost base of an asset was indexed so only real gains were taxed.

Investors were also subject to the averaging of large one-off capital gains over five years, which aimed to reduce tax spikes.

In 1999, Treasury introduced the CGT discount to "promote more efficient asset management and improve capital mobility, by reducing the tax bias towards asset retention, and to make Australia's capital gains tax internationally competitive."

The indexation and averaging provisions were removed for assets acquired after 30 September 1999.

Under the discount, individuals and the beneficiaries of trusts pay tax at normal rates on only half of any capital gain realised on an asset held for at least 12 months. Superannuation funds, meanwhile, received a one-third discount.

At a press conference at Parliament House last week, Treasurer Jim Chalmers flagged changes to the CGT discount but did not provide the specifics.

"We're obviously considering a whole range of changes in the tax system, but we haven't changed those policies. We haven't taken any decisions on those policies, whether it's the specific ones you mentioned, there's more work to do on our options for tax reform in this Budget," he said.

"We have been really upfront for some time now in saying that we do think that there is intergenerational unfairness in the tax system and in the housing market. I think the housing market is where some of those intergenerational issues are most obvious. We are working through a range of options to see if we can deal with them or address them in a responsible way."

Housing Industry Association (HIA) managing director Jocelyn Martin said proposed changes to negative gearing and CGT would worsen Australia's rental crisis by reducing the supply of housing and putting upward pressure on weekly rents.

"Australia has an acute shortage of rental housing. Any policy that discourages investment in rental homes will only make conditions worse for renters," Martin said.

HIA modelling shows changes to negative gearing and CGT would significantly reduce the supply of rental housing by discouraging new investment and slowing housing construction. This could also lead to tens of thousands fewer homes being built, reduced construction employment and higher rents as rental supply tightens further.

"Combined, these tax changes would have a compounding effect, fewer rental homes, lower housing construction and higher rents paid by tenants," she said.

"Renter affordability is ultimately about supply. When fewer rental homes are built, renters face higher rents and fewer choices."

The ETFS Global Lithium Miners ETF (ASX: VOLT) and the ETFS Global Pure Play Copper Miners ETF (ASX: CPPR) will be available on the ASX tomorrow, April 29. Just like the other three ETFs currently available, the new funds will be distributed annually.

VOLT, tracking the BITA Global Lithium Miners Select Index, will provide investors exposure to global lithium mining companies, including the PLS Group, Albemarle Corporation, Ganfeng Lithium, and more, and will charge a management fee of 0.49% per annum.

Meanwhile, CPPR provides exposure to global copper mining companies. Its portfolio currently consists of Aurubis AG; Lundin Miningl; Hudbay Minerals; Taseko Mines; and more. It will track the BITA Global Copper Miners Equal Weight Index and incur a management fee of 0.39% p.a..

Both ETFs will incur the ASX minimum investment of $10.

ETF Shares chief executive Cliff Man said the launch reflects growing investor demand for transparent, rules-based access to the critical materials underpinning the megatrend of modern electrification.

"Copper and lithium are two of the most important metals for the next phase of global growth," Man said.

"Copper is essential for high-speed rail, grid investment and the build-out of AI data centres, while lithium is not only critical for creating batteries and energy storage beyond electric vehicles but also emerging applications such as humanoid robotics.

"For Australian investors, these ETFs provide a simple way to gain diversified global exposure to these structural themes. CPPR and VOLT are designed to give investors targeted access to the global miners that sit at the centre of long-term demand growth."

Man said the launch also marks another step in ETF Shares' expansion in the Australian ETF market.

"Our goal is to build ETFs that are relevant, accessible and cost-effective for Australian investors. We believe this metal suite works best for investing with clear index rules, globally diversified, transparent holdings and genuine long-term investment drivers. CPPR and VOLT are strong additions to our product range," he said.

The custodian and administrator for both ETFs is MUFG Corporate Markets.

The launch coincides with the first anniversary of ETF Shares, who introduced their first three ETFs on Cboe Australia in May 2025. The business migrated their ETFs to ASX for better connectivity in October - just prior to Cboe's announcement to offload its Australian business.

Earlier this week, Canada's TMX Group has announced that it reached an agreement to acquire the exchange, pending regulatory approvals.

In her new role, Allirah Rehac will be responsible for portfolio implementation, investment communications, platform due diligence and governance, Aequitas said.

Rehac brings over a decade of experience across financial advice, private banking and platform development. She began her career as a trustee consultant at MLC, before moving to the private wealth division at Commonwealth Bank. She also spent nearly two years at Iress as client solutions consultant in the UK.

More recently, she was head of operations at Lumiant, the cloud-based advice and client engagement platform, for over four years before transitioning into the role of senior product owner, adviser at Colonial First State, developing and overseeing initiatives for its FirstNet Adviser platform.

Aequitas said she will work closely with joint chief investment officers Rowan Stewart and David Berthon-Jones to lead the investment operation team and ensure investment decisions are delivered with "discipline, accuracy and consistency."

She will also work to strengthen the firm's governance, data integrity and execution as it continues to scale for growth, it said.

Aequitas was founded in 2020 and aims to assist financial advisers and dealer groups looking to scale their businesses through tailored investment solutions.

The bid was launched by Diamond Infraco 1, a wholly owned subsidiary of the IFM Global Infrastructure Fund, which already holds a 34.48% stake in Atlas Arteria, with a further 1.21% stake held by or on behalf of clients of IFM Investors.

IFM has issued a bidder's statement, spurred by continued underperformance from Atlas Arteria, and a significant change in strategy to pursue more mergers and acquisitions (M&A).

"Atlas Arteria has underperformed in terms of total shareholder return relative to global listed infrastructure and other market indices," the statement said.

IFM pointed to Atlas Arteria's acquisition of the Chicago Skyway in 2022 - after which Atlas Arteria said it would not be pursuing further M&A, other than growth opportunities directly related to, or in proximity of, the existing business.

"The bidder wished to avoid a repeat of what it regards as the shareholder value destruction associated with the Chicago Skyway acquisition in 2022," it said.

It warned shareholders who do not accept IFM's offer could risk continued underperformance.

IFM said it has made it known to the Atlas Arteria board and management it has "strong concerns" about the recent change in strategic direction to pursue M&A more broadly.

"Atlas Arteria has recently indicated that it is actively looking at new M&A opportunities with funding flexibility. This is a material change from Atlas Arteria's previous position, which explicitly ruled out equity funding in relation to new opportunities," the statement said.

"Bidder is also concerned that management's attention will be diverted from addressing critical operational and strategic issues across its existing portfolio.

"If Atlas Arteria continues with this change in strategy, there is a risk that further acquisitions by Atlas Arteria may not enhance shareholder value, and that management's attention will be increasingly diverted from addressing those existing issues."

The offer is subject to several conditions including a requiring a waiver of third-party rights on a change of control under material agreements, that there is no material market fall and that there is no material acquisitions or disposals prior to the end of the offer period.

The call is part of the fund's submission to the federal government's superannuation advertising ban draft regulations.

Cbus said it supports clear limitations on which superannuation products can be presented during onboarding, as well as the introduction of rules around the labelling, prominence and disclosure for permitted MySuper products.

However, to protect workers from being left underinsured, Cbus is proposing mandated warnings at onboarding for employees, including a clear, mandatory disclosure where a member's stapled fund may not provide appropriate insurance for their occupation or circumstances.

It also said there should be a prominent warning that insurance for people under 25 or with a low super balance will not be provided automatic cover unless they work in a hazardous job and their fund has a Dangerous Occupation Exception (DOE). It also thinks key insurance differences should be highlighted, including hazardous occupations exclusions or inclusions.

Cbus chief member officer Tom Garcia said the reforms are critically important to ensure workers don't get funnelled into underperforming or inappropriate superannuation products, especially when changing jobs.

"We support individuals' right to choose the super fund that best suits them, but there should be protections in place to highlight key differences, particularly insurance," he said.

"As a minimum, new employees need to be made explicitly aware of these risks so they can make an informed decision."

Cbus said workers under 30 years of age represent close to a third of claims paid by the fund under its DOE.

However, the fund added critical information about insurance cover often isn't provided when workers select a super fund upon starting a new job.

Garcia said choosing a fund without industry-specific cover could have immediate and lasting consequences for workers, particularly in high-risk industries.

"Choosing a super fund tailored to your industry can be the difference between being adequately insured or not insured at all," he said.

"For many workers, especially in high-risk jobs, insurance within super is a key source of financial protection in the event of death, disability or serious illness.

"This coverage is highly sensitive to fund choice, and decisions influenced by marketing or a lack of information during onboarding can have dire financial consequences for workers and their families."

Cbus added workers starting jobs in building and construction, energy and other high-risk occupations, are unlikely to be able to take out cover outside of superannuation and therefore rely on default insurance in super to provide vital protection.

Between April 2020 and 31 December 2025, Cbus said it paid a total of $178.5 million to over 1415 members or their loved ones due to the DOE.

"Had these members been with almost any other fund they would have received nothing," Garcia said.

"And we know this disproportionately impacts younger workers - almost one in three of these claims are for members under the age of 30."

Facer had been with NGS Super since 2017, having first joined as chief risk and governance officer. He's since held a raft of roles, and most recently had the dual title of chief member officer and deputy chief executive.

A spokesperson for NGS Super confirmed the fund is now actively recruiting for a new chief member officer and, following a review of its executive structure, the deputy chief executive position has been retired.

At Russell, Facer replaces Bronwyn Yates, who is leaving the company after a 19-year tenure. She became head of super in July 2025 after holding a variety of roles in strategy and product.

Yates has decided to spend more time with family but will stay on until the end of May to ensure a smooth transition.

Facer brings over 30 years' experience in superannuation, with previous roles including partner at Deloitte for over five years, and close to 20 years at Mercer in Sydney, London and Singapore.

In taking on the new role, he also becomes a member of Russell's Asia Pacific leadership team, reporting to head of Asia Pacific Jason Edgar.

"Ben brings deep industry experience and a strong track record leading large-scale programs, building strong stakeholder partnerships and driving member growth," Russell Investments said.

"His expertise will help us continue growing the superannuation funds we power and deliver more innovative solutions to the market. Welcome to the team, Ben."

For his part, Facer said: "I'm excited to join Russell Investments at a time of continued growth with our partner funds and innovation in our member offering."

Facer's appointment comes as Russell Investments integrates Zurich's investment management business, after acquiring it earlier this year.

This year, Russell Investments celebrates 40 years in business in Australia.

Team Super confirmed to Financial Standard it is in the process of fixing the issue but did not specify which technology provider or when and how the technical issue started.

"Unfortunately, due to technical issues, investment switches are currently unavailable online. We apologise for any inconvenience this may cause and are working to restore this online service as soon as possible. To make an investment switch, download the Super or Pension form," the super fund's website shows.

In a statement to Financial Standard, Team Super said: "Due to a technical issue experienced by one of our technology partners, Team Super members have recently been unable to make investment switches through our member portal."

"While this specific functionality is being restored, Team Super members are still able to make investment switches through other online channels. All other member portal capabilities remain unaffected. Team Super is committed to maintaining the reliability of its member portal and is working closely with its technology partners to restore the investment switch functionality in its member portal."

Amid the volatility from the Middle East conflict, Team Super chief investment officer Seamus Collins told members in early March: "It's important to keep in mind that while events like these may have a short-term impact, this volatility isn't unexpected and it's been seen many times before. Remember, it was less than a year ago that share markets fell due to the uncertainty around tariffs and have since more than recovered."

Collins added while the recent falls in share markets can be unsettling, it's important for members to look past the short-term movements and keep focussed on the long-term investment strategy and goals.

"Changes you make now can be costly as you're locking in your losses so if you're unsure what to do next, call us and we can put you in touch with Team Super Financial Advice," he said.

Last October, the prudential regulator warned super funds about relying on a concentrated set of technology providers and the dependency on the cloud and movement of workloads to it has "exponentially increased third-party and concentration risk, data security and privacy concerns."

This came off the back of UniSuper's major systems outage with members unable to log in to access account balances and services.

Members were also blocked form using calculators or consolidating their super, switching investments, accessing holdings data, uploading documents, or making withdrawal requests. The super fund's app also went down.

Team Super is the merger between Mine Super and TWUSUPER, which officially took hold in March 2025.

At this year's SIAA Conference, which will take place on May 19-20 at the Park Hyatt Melbourne, Investing in growth and resilience is the key theme that underscores much of what is taking shape in the world right now.

"There is so much going on geopolitically and locally. Economically, we're at a place where resilience is really key to how we operate across the industry. So, we thought having that as a theme was important at this time," SIAA chief executive Maria Lykouras said.

Over two days, the conference will cover hot topics, ranging from technology to geopolitical risks to the intergenerational wealth transfer, and hear from leading experts in their respective fields.

The conference also celebrates the vital role advisers and stockbrokers play in supporting Australia's capital markets - building investor confidence and strengthening financial trust.

This year's conference will feature an interactive fire drill for the first time to simulate a catastrophic event such as the market going down.

The panel will have experts discussing how different parties should respond to such an event and ask for the audience's participation.

"We also have a session on financial abuse with Catherine Fitzpatrick from Flequity Ventures, who is an expert in this space. Advisers and stockbrokers all engage with clients who will be the subject of financial abuse, and sometimes the abusers can use money, and particularly some of our systems and our processes to bring harm," Lykouras said.

"So, this is a really good session for the industry to think about how we can play a role in reducing financial abuse across Australia."

For the first time, SIAA will also raise charitable funds for the Australian Stockbrokers Foundation.

"Generally, we've operated as two separate groups. We're starting to bring our organisations together, so we're going to use the conference as an opportunity to raise funds," she said.

The Australian Stockbrokers Foundation has raised nearly $10 million since its inception, which has been donated to a variety of charities.

Lykouras was appointed chief executive of SIAA last December, replacing Judith Fox, who announced her intention to retire in early 2025.

"This is my first conference as the chief executive, so it's a great opportunity for me to get to connect with all my members, the sponsors and the industry more broadly. We've got a wonderful agenda across the two days," she said.

Financial Standard is the official media partner of the 2026 SIAA Conference.

ASX-listed ETFs reached record flows of $15.2 billion in the first quarter of the year.

Vanguard Australia managing director Daniel Shrimski said Australian investors continue to use ETFs as a core portfolio strategy amid global uncertainty.

"This year has started strong for Australians investing in ETFs. In periods of market volatility, we see investors turn to ETFs due to benefits such as transparency and liquidity," Shrimski said.

While Australians preferred international equities the most, Australian equities followed with around $4 billion in inflows during the period.

"In particular, demand for equity ETFs has grown, with investors favouring broad, diversified core exposures," he said.

BlackRock recently said Australian ETF investors are preferring local equities over the US as global unrest rises due to the conflict in the Middle East.

BlackRock Australia iShares ETF and index investments specialist Tamara Haban-Beer Stats said investors are becoming more deliberate with their investments in the US.

Vanguard's most popular ETF Australian Shares Index ETF (VAS) reported around $880 million of inflows during the quarter. Vanguard MSCI Index International Shares ETF (VGS) remained Australia's second-largest ETF product, with over $537 million of inflows in March.

"We're also seeing continued confidence in Australian equities," Shrimski said.

"VAS remains a core holding for many investors, reflecting its role as a long-term, diversified exposure to the Australian share market."

Flows into Australian fixed income ETFs came in at $2 billion and commodity ETFs saw inflows of $785 million.

Vanguard expanded its Australian investment range in the quarter, launching four new products in global technology and international high yield in the form of three new ETFs and one unlisted managed fund.

State Street expects net ETF inflows to surpass $40 billion in 2026, bringing total assets under management close to $380 billion. It also expects both domestic and international fixed income strategies to increase market share.

"ETF flows clearly indicate that international equity ETFs are the most popular form of investment, giving Australian access to an international basket of securities in a single trade. At the same time fixed income ETFs are gaining increased traction and continue to grow as a percentage of the overall market," VanEck deputy head of investments and capital markets Jamie Hannah said.

"We expect 2026 to continue the upward trajectory of the Australian ETF market as pension fund assets, managed by local advisers continue to grow the pool of investable money."

According to Knight Frank's The Wealth Report 2026, cross-border investment in Australian commercial real estate was $17.9 billion (US$12.8bn) in 2025, with the fifth allocation globally just behind the UK ($41.9bn), the US ($39.8), Germany ($20.6bn) and France ($20.3bn).

Out of the $17.9 billion, Sydney attracted almost half ($8.8bn), coming in behind other major cities like London metro ($13.4bn), Tokyo ($11.1bn) and Paris ($10.2bn).

South Korea and the US accounted for the largest share of buying activity, with 25% respectively, followed by Japan (17%), and Singapore (10%), as Knight Frank said Asian investors were "particularly active" in the Australian market over the period. This is because of Australia's depth and relationship with the US, allowing them to diversify away from tariff-induced volatility across many other Asia Pacific regions.

Senior housing and care was the most sought-after sector, reflected by the sale of Aveo in July 2025.

Outside of this transaction, cross-border investors were largely focused on the traditional sectors of office, retail and industrial, Knight Frank said.

Meanwhile, investment in CRE grew by 12% globally in the year, a "decent rise" due to the revival of traditional sectors, including offices and retail, as well as thematic diversification.

Commenting, Knight Frank chief economist Ben Burston said he saw strong recovery in investment activity last year.

"However, recent global instability has generated renewed uncertainty, and activity has slowed since February with some major investors pausing further deployment until the outlook stabilises," he said.

"Preliminary data for Q1 2026 points to $7.3 billion in transactions - roughly 30% less than the volume recorded in Q1 2025 - underscoring the degree to which sentiment has shifted.

"As the year goes on and the shock fades, the trajectory driven by fundamentals will reassert with institutions and private investors seeking to identify opportunities to drive strong returns through income growth."

He also highlighted that high and uncertain construction costs will motivate investors to be more focused on existing assets rather than new developments.

Meanwhile, Knight Frank chief executive James Patterson said Australia remains a sought-after destination for global capital.

"Heightened geopolitical and economic volatility has reinforced Australia's safe-haven appeal, underpinned by a rare combination of political stability, strong rule of law and market transparency that consistently places it among the world's most liquid and accessible real estate markets," Patterson said.

"Global capital is also increasingly drawn to Australia's improving fundamentals - strong population growth, resilient economic growth and structural undersupply across most asset classes present a compelling long-term outlook for investor returns in the years ahead."

Speaking to Financial Standard, Exit Advisory Group founder Simon Bedard said leaving enough time to plan a business exit, including seeking advice, is crucial to ensuring a successful transaction.

Based on his research, only 20% to 30% of businesses listed are successfully sold on the market, which creates a great risk for those looking to fund their retirement with the proceeds of a business divestment.

"Your business might be making up 60% or 70% of your net worth... I don't think there'll be an investment adviser on the planet that would advise you to have that amount in one asset, particularly in an illiquid asset that carries intrinsic risk compared to other asset classes," Bedard said.

"This is an issue for people thinking about getting out of their business."

Bedard believes financial advisers are well positioned to help as they understand this period of transition and the time it takes for clients to liquidate capital from a business.

"... [Advisers can] remind them that it takes time to divest significant assets like this but also helping them in the broader context to get ready for that type of illiquid event... it makes sense for them to prep their clients early," Bedard said.

"Because [the clients] don't necessarily have the framework to resolve these issues."

However, he warns frustration can grow among clients as the process to sell can be "gruelling", with clients sometimes coming with "unrealistic expectations" as to the value of their business.

Bedard notes there is no government policy that supports business owners when it comes to exiting compared to the US and Canada - even then, it requires five to 10 years to procure a transaction at maximum value.

He believes if the government can provide more support around business succession, the benefits for the broader society would be significant.

"At the moment, the policy settings don't reflect this at all," he said.

"For people trying to get into business, if they acquire a small business, but it's been running for 20 years with existing customers and a proven model... is a less risky option...

"I'm not saying we shouldn't [encourage entrepreneurship] but we're racing towards this succession cliff where all these people have to leave these businesses and if we don't have a mechanism to help people to buy these businesses, a lot of them are just going to shut down."

Kate Misic will join HESTA in the role on June 15.

The role was vacated by Dianne Sandoval when she departed the fund in December 2025.

She has been acting chief investment officer at TelstraSuper since March 2025 and at the fund for over 16 years. Her departure comes as TelstraSuper is set to complete its merger with Aware Super, with members to join Aware Super on April 30 and have access to its full suite of services from May 11.

Misic also previously held roles at Warakirri Asset Management, Frontier Investment Consulting and Wilshire Associates.

In her new role, Misic will be responsible for leading the 'top down' aspects of the portfolio, which includes portfolio construction and risk analysis, economic and capital market research, and portfolio overlays.

She will report directly to HESTA chief investment officer Sonya Sawtell-Rickson.

HESTA chief executive Debby Blakey, who recently announced her upcoming departure, said the appointment will further strengthen leadership and expertise within the fund's investment team.

"We're excited to welcome Kate to HESTA, who brings a strong track record in investments. This is a critical role within our investment team and we're confident Kate's expertise will help us continue to deliver the strong long-term returns our members deserve," Blakey said.

Sawtell-Rickson added Misic's experience would support HESTA's efforts to capitalise on long-term opportunities for members in a fast-changing environment.

"Kate has broad and deep experience navigating a range of market conditions and asset classes, including internal management, which will be invaluable for HESTA as we continue to leverage our total portfolio approach," she said.

"Her deep knowledge and trusted leadership will be invaluable as we continue to evolve, internalise and strengthen our investment strategy for the benefit of our members."

Commenting on her appointment, Misic said she is excited to support the fund's clear sense of purpose.

"I'm thrilled to be joining HESTA. I look forward to contributing to an investment strategy that delivers real impact for members, many of whom have dedicated their careers to caring for others," Misic said.

The $8 billion fund will utilise Merlon's Concentrated Australian Share strategy, which focuses on high conviction, long-term investing and invests in companies that may be overlooked due to short term concerns or the pursuit of popular trends.

Prime Super has made several changes recently. In March it announced it was ending its long-standing relationship with PATRIZIA, appointing Frontier Advisors as its new asset consultant, effective June 1.

This follows a reduction in administration fees and costs, along with the streamlining of its investment menu.

Prime Super general manager, investments Michael McQueen said Merlon's appointment reflects the fund's focus on long-term outcomes for members.

"Merlon's contrarian approach, with a focus on capital preservation, will play an important role in seeking to deliver strong risk adjusted returns within our Australian equities portfolio over the long term," McQueen said.

"We look forward to working with Merlon Capital as we continue to strengthen and evolve our manager lineup."

Merlon Capital Partners, which became fully owned by its investment team in mid-2024 following a buyout from Fidante, said it has been actively bolstering its capabilities.

The firm recently added ex-Ellerston chief investment officer Chris Hall to its advisory board and client relationship manager Jack Dooley.

Merlon Capital co-founder and lead portfolio manager Neil Margolis said the mandate reflects a growing institutional interest in high conviction, active management within the Australian market.

"We are delighted to support Prime Super's members. Our approach is built on independent fundamental research and a long-term perspective, which is particularly relevant in the current environment, where valuation discipline and fundamentals are paramount to cutting through market volatility and noise," Margolis said.

"The addition of Chris and Jack reinforces our commitment to this philosophy and our aim to be a trusted partner for clients, helping them meet their goals."

This comes as ASIC continues working alongside 16 global regulators as part of its crackdown on unlawful social media finfluencers amid growing concerns about the influence of financial information online, particularly among younger Australians.

ASIC said the action is intended to disrupt unlawful finfluencer online promotion before consumers suffer financial harm.

The warning notices to the four finfluencers relate to the suspected provision of unlicensed financial advice, including promoting claims of guaranteed returns, which may also be misleading or deceptive.

ASIC's action formed part of the second Global Week of Action Against Unlawful Finfluencers, involving 17 regulators globally, including ASIC, across Asia, Europe, North America, South America and the Middle East to disrupt unlawful online financial promotion and warn consumers about misinformation.

The regulator said the continued crackdown reflects its concern about the growing influence of social media on financial decision making.

"Unlawful finfluencer activity doesn't respect borders, which is why regulators are taking strong action together for a second year in a row," ASIC commissioner Alan Kirkland said.

"What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information. This means consumers are more exposed to biased or misleading content."

ASIC's surveillance focused on finfluencers targeting Australian investors and discussing a range of financial products, including leveraged derivatives, shares and exchange-traded funds.

"Finfluencers must either hold an AFS licence or operate as an authorised representative to legally provide financial product advice or arrange for their followers to deal in financial products," Kirkland said.

"When viewing financial content on social media, we urge Australians to check a creator's credentials, and sense-check the information before acting on it.

"If someone on social media is promising easy money or guaranteed returns, there is a real risk they're breaking the law, and you could be the one who loses money."

ASIC is also reminding licensees about their supervisory obligations when engaging finfluencers.

Under the arrangements, unlicensed finfluencers may operate as authorised representatives of AFS licensees, however responsibility for supervising finfluencer conduct and the liability for any breaches remains with the licensee.

As part of this, ASIC said it has contacted and met with three licensees to review their supervision of 15 finfluencers operating as authorised representatives and reminding them of their legal supervisory obligations.

ASIC expects licensees that authorise finfluencers to have adequate, documented arrangements in place to actively supervise their conduct, and to maintain records of that supervision.

"Licensees remain responsible and liable for what their representatives say and do online," Kirkland said.

"We expect active supervision, not a set-and-forget approach."

ASIC said it will continue monitoring social media activity and may take enforcement action where finfluencer conduct or licensee failures place Australian consumers at risk.

"If a social media influencer isn't licensed or authorised, they cannot offer financial advice in Australia and could face up to five years' imprisonment or million-dollar fines," Kirkland said.

Jesse Curtis has been appointed as the new head of direct real estate for the group's Australian business.

In a media statement, Qualitas said Curtis will be responsible for building out the group's direct real estate platform as a separate business to its private credit and real estate private equity divisions.

"It's something we've had on the radar since IPO but we've been patient and we waited for the right person and the right point in the cycle. Jesse ticks both boxes," the group said.

In 2024, Curtis was promoted to head of funds management at Centuria Capital where he oversaw more than $20 billion in assets across listed and unlisted property funds invested in the office, industrial, retail, healthcare, and agricultural sectors.

Prior to that, he was the head of industrial and the fund manager of the Centuria Industrial REIT (CIP).

Curtis also spent six years at Dexus in portfolio management and capital transactions, and had earlier stints at Goodman and CBRE.

Based in Sydney, he will lead a business that deploys third-party capital across core, core-plus and value-add strategies.

"We've already got around $1 billion in gross assets across two existing funds, so there's a foundation for him to build from," the group said.

Separately, Qualitas announced two new appointments since the start of the year.

Michelle Porcelli was named director, platforms & distribution in January while Jack Delaforce, previously VP at BlackRock, joined last month as director in the group's Advised Distribution team.

Qualitas manages more than $10.9 billion in assets for institutional, wholesale and retail investors.