Perennial will take a shareholding in the business for an undisclosed sum.

Antipodes has announced it will acquire Bennelong from Bangarra Group, and its investment affiliates Quay Global Investors, Bennelong Long Short Equity Management (BLSEM), Bennelong Australian Equity Partners and Skerryvore Asset Management.

The acquisition will include Bennelong's distribution partners Allspring Global Investments and Leadenhall Capital Partners.

Under binding agreements, 4D will continue as the appointed manager of the 4D Global Infrastructure Fund, which invests in listed infrastructure companies globally through both Australian dollar hedged and unhedged versions.

4D chief investment officer Sarah Shaw will continue to lead the business, with the existing investment team retaining their positions and roles across the funds.

4D was established in 2015 in partnership with Bennelong, together with Shaw, Michael Morrison and Greg Goodsell and Bennelong, when it was known as 4 Corners Infrastructure.

The 4D Global Infrastructure Fund targets quality listed global infrastructure securities trading below fair value, with a focus on sustainable earnings and dividend growth.

The unhedged fund, launched in March 2016, has delivered an annualised return of 9.81% after fees and expenses since inception, compared with 8.53% for its benchmark. The hedged fund, established in August 2022, has returned 7.55% annualised after fees and expenses, versus 9.08% for its benchmark.

Perennial manages approximately $8.5 billion across its specialist investment businesses, spanning Australian and global equities, fixed income, resources, private markets, smaller companies and healthcare.

"We are delighted to welcome Sarah and her team to Perennial," Perennial Partners executive director Anthony Patterson said.

"The 4D business has carved out an impressive niche in the Australian investment landscape and they bring to our group an established investment capability that we are eager to promote and confident that we can grow."

Patterson said Perennial would commit resources to the management, distribution and governance of the 4D funds, while allowing Shaw and her team to maintain their investment approach.

"With Sarah and her colleagues joining the Perennial team, continuity of management and investment strategy is ensured, with the substantial resources of Perennial now to draw from," he said.

Shaw said Perennial's support for specialist investment teams would provide 4D with additional resources as it enters its next phase.

"I'm really proud of the solid track record we've established over the past decade for the 4D Global Infrastructure Funds," Shaw said.

"We are excited to join Perennial Partners and look forward to taking our business to the next stage of its growth."

Melanie Slade has joined UniSuper as head of advice strategy and technical, reporting to chief advice officer Andrew Gregory, who was previously the head of advice until he was promoted to his current role in September last year.

Slade brings over 20 years' experience in financial services, beginning as a financial planner earlier in her career before taking on the role of team leader in financial education and advice team at Superpartners for two years.

She was a team manager for advice and engagement at First State Super from 2011 to 2015 and joined TelstraSuper in the same year, serving in various leadership positions, including heading its retirement, product, and member services divisions.

TelstraSuper merged with Aware Super in May, some nine months after it first announced that the two funds were exploring a potential merger.

Meanwhile, UniSuper said the fund is "incredibly pleased" to welcome Slade and explained that she will lead various "important" initiatives in her new role.

"Mel will lead advice strategy, research governance and technical frameworks for UniSuper's advice business, helping shape the future of advice delivery and retirement outcomes for members," a UniSuper spokesperson explained.

"Mel will also oversee future advice propositions, ensuring advice services remain member-focused, scalable and compliant."

The appointment comes as the government is set to introduce the New Class of Advisers (NCAs), as part of the Delivering Better Financial Outcomes (DBFO) reforms, to APRA-regulated super funds and life insurers during a National Press Club announcement last month.

The government will review the implemented measures in three years to determine whether it should be expanded further.

The Financial Advice Association of Australia has said it will advocate to expand NCAs to all financial advisers.

The acquisition will include Bennelong's distribution partners Allspring Global Investments and Leadenhall Capital Partners.

The transaction is expected to complete before the end of September.

Antipodes Partners chief executive Andrew Findlay said: "The addition of Bennelong's high-quality investment teams is consistent with our strategy to further diversify the Antipodes platform, broaden our investment offerings and strengthen our distribution capabilities."

Bangarra Group founder Jeff Chapman noted as multi-specialist investment firms Bennelong and Antipodes both share a common philosophy and structure.

"I am delighted that Antipodes will seek to grow what we have built over twenty years and I wish them every success," Chapman said.

The Bennelong investment affiliates will retain investment autonomy, with no changes to their investment personnel, philosophies or strategies as a result of the transaction.

Bennelong FM chief executive John Burke said: "We believe our broad support base of financial advisers and investors will benefit from the combined scale and expertise of both firms."

Antipodes' existing platform manages more than $21 billion across five independent investment teams operating under the Antipodes and Maple-Brown Abbott brands. Its strategies span global and emerging market equities, global credit, global listed infrastructure, Australian value equities and Australian small companies.

"The Antipodes platform, backed by Pinnacle's institutional-grade infrastructure and operational capabilities, provides a stable and supportive environment in which specialist investment teams can focus on delivering for clients," Findlay said.

Last year, Bennelong boutique Touchstone Asset Management closed its doors due to low funds under management of about $14 million. Touchstone was launched in 2015 by principals Jack Chemello, Suellen Morgan and Mary Feros. At its height, it had some $3.5 billion in funds under management.

Burke attributed the decision to pressure from the Your Future, Your Super legislation, institutions' efforts to in-house investments and a weak asset raising environment.

Affiliate Canopy Investors also recently shut its doors three years since launching. The boutique launched in early 2023 by Magellan Financial Group veterans Kris Webster and Michael Poulsen.

The new ETFs are the ETFS Magnificent 7+ Currency Hedged ETF (ASX: HULK) and ETFS US Technology Currency Hedged ETF (ASX: HTTP).

They provide currency hedged exposure to the same portfolios as the ETFS Magnificent 7+ ETF (ASX: HUGE) and the ETFS US Technology ETF (ASX: WWWW), respectively.

The new ETFs have the same management fees as their unhedged counterparts. HULK has a management fee of 0.19% p.a., while HTTP charges 0.17% p.a.

ETF Shares chief executive Cliff Man said currency hedging should not automatically mean investors pay more.

"Currency hedging is often used as an excuse to charge investors a higher fee. We don't think that is justified," Man said.

"We have built these products to be straightforward extensions of HUGE and WWWW. Investors can choose whether they want the underlying US equity exposure with or without currency hedging, without paying a premium for the hedged option."

The launch also addresses a practical issue for local investors seeking a currency hedged exposure to US technology companies.

"Advisers have told us that currency hedging is particularly useful as there isn't an equivalent US-listed product they can simply buy themselves," Man added.

"These are Australian-listed ETFs designed specifically for Australian investors. They provide access to the underlying US companies, with the currency exposure managed within the fund, rather than requiring investors to manage the currency themselves.

"WWWW was designed to reflect where technology and technology-driven growth actually sit in the US market. HTTP gives investors the same exposure while managing the Australian dollar component."

The launch takes ETF Shares' range to seven ETFs, including two ETFs focusing on commodities rolled out in April, and follows the recent reduction in the fee on WWWW from 0.29% to 0.17% p.a.

MDS has written to the Treasury to intervene, noting that rather than a funding reform, the FSC's motive is to force consolidation of smaller licensees.

In its white paper proposal, the FSC recommends redesigning the ASIC financial advice levy to fund supervisory uplift, by materially increasing the licence-level component while reducing the per-adviser burden.

Under the first option, it proposes increasing the levy from $1500 to a minimum of $25,000 while proportionately reducing the per-adviser fee from approximately $2,300 to a maximum of $1,700.

"This would better align levy incidence with where risk is managed, recognising that continued increases in per-adviser fees are not sustainable as a means of addressing ongoing regulatory costs," the FSC said.

Under a second option, FSC recommends raising levy to $40,000 for licensees and per-adviser levy to reduce to $500.

MDS noted under this proposal a single adviser practice would face an increase of roughly 600% under the first option and over 950% under the second, while a 300-adviser licensee's levy would fall by around 23%.

"Essentially the entire redistribution flows to the 28 licensees at the top. Those licensees, carrying 5744 advisers or 37.9% of the profession would collectively save in the order of $2.8 million a year under Option A and $9.3 million under Option B," MDS director and founder Alexander Euvrard said.

"That is the transaction at the heart of this proposal: an eight-figure annual transfer from more than 1700 of the smallest advice businesses in the country to a group of large licensees small enough to fit in one (albeit large) boardroom."

MDS added the white paper's own modelling assumes that 15-20% of licensees would consolidate or close as a result.

"That is not an unintended side effect to be managed; it is the design working as intended," Euvrard said.

MDS head of strategy Ashley Mahadeea noted many large adviser groups view the rapidly growing self-licensed sector as a competitive threat and this proposal would materially blunt that competition.

"A levy whose stated modelling anticipates the exit of one in five licensees, overwhelmingly the smallest, is an industry restructuring instrument, not a cost-recovery mechanism and it should be evaluated as such," Mahadeea said.

"In our view the proposal is not a funding reform. It is a redistribution of regulatory cost away from large licensees and onto small ones, dressed as risk pricing and it would operate as a structural barrier to the self-licensed model at precisely the time that model is delivering strong growth and client outcomes."

The Driving Growth in Asset Management 2026 report, based on responses from 300 senior executives across North America, Europe, EMEA and Asia-Pacific, found firms are becoming more selective about where they deploy resources amid market volatility, fee pressures and rising operational complexity.

Product expansion has fallen as a strategic priority, with 47% of respondents citing it compared with 60% in 2024, while the proportion prioritising product reduction increased from 5% to 28%.

"The central theme emerging from our study is a renewed focus on the core: core products, core capabilities, core markets and core client relationships," the report said.

The shift towards simplification is also reflected in operating models, with some firms prioritising a major target operating model redesign falling from 75% in 2024 to 46% in 2026. Enhancing quality and accuracy and controlling costs was identified as the leading operational priorities.

At the same time, the number of managers planning to outsource non-core activities to achieve their priorities more than doubled to 39% from 18% two years earlier.

Northern Trust head of asset managers and private markets for the Americas Ryan Burns said managers were focusing resources on areas where they could differentiate.

"Asset managers are pursuing growth with greater discipline and a sharper focus on the areas where they can differentiate," Burns said.

"Rather than pursuing broad-based expansion, firms are directing resources toward investment expertise, client outcomes and distribution, while extending successful strategies through vehicles such as ETFs, semi-liquid funds and collective investment trusts."

Cost pressures are also reshaping operating models with offshoring cited by 69% of respondents as a cost-control strategy, followed by automation and technology improvements at 52% and outsourcing non-core activities at 42%.

Artificial Intelligence (AI) adoption has moved beyond experimentation, with every respondent reporting some form of deployment. The leading use cases include data accuracy and quality control, document management and research and report summarisation.

Northern Trust head of asset servicing for EMEA Nick Gilbert said AI's effectiveness would depend on the quality of underlying data.

"AI is moving from experimentation to implementation across the industry," Gilbert said.

"But its value will depend on the quality, governance and accessibility of the data beneath it. This is not just a technology issue; it is an operating model and resilience issue."

The survey also found more than half of managers plan to target new global markets, while firms increasingly favour strategic partnerships to support scale and operational efficiency.

New client types were identified by 54% of respondents as a growth priority, followed by expansion into new countries at 53% and technology-driven distribution channels at 50%.

The report said distribution is becoming more targeted and channel-focused, with managers increasingly looking to scale through ETF model portfolios, semi-liquid structures and retail wealth platforms.

"Managers are doing more with less, consolidating the number of providers they rely on and going deeper with the partners they trust," the report concluded.

The board found Bradley failed to exercise professional scepticism and judgement as well as perform appropriate audit procedures for three managed investment schemes with Australian Fiduciaries as the responsible entity.

The three schemes included the Global Diversified Alpha Fund, Global All Seasons Fund and Global Multi-Strategy Fund.

Last year, ASIC started an investigation into Australian Fiduciaries on concerns of inadequate management of conflicts of interest, the ways investors were sold units in its schemes and how their funds were ultimately invested, as well as the lack of regular valuation checks of its schemes.

The disciplinary board found Bradley's failings were not on the margins of the audit function but went to its core.

"This is not a case of an isolated or technical breach on a single audit; it involved foundational obligations of an auditor - the obligation to obtain sufficient appropriate audit evidence, to exercise professional scepticism and to prepare documentation sufficient to allow an experienced auditor with no connection to the audit to understand what was done," CADB said.

"These were not technical or lesser-known requirements. They are obligations imposed on every auditor in every audit regardless of the complexity of the entity being audited."

The board further reprimanded Bradley and requires him to give certain undertakings, including future peer reviews and additional continuing professional development.

ASIC recently also cancelled the AFSL of Australian Fiduciaries, which is currently in liquidation, following its inability to pay the amount determined by the Australian Financial Complaints Authority (AFCA).

"ASIC has consistently highlighted the importance of robust valuation practices, governance and audit quality, including in private markets," ASIC commissioner Kate O'Rourke said.

"Auditors provide an important line of defence for investors. When audits fail to appropriately interrogate significant assets and valuations, confidence in those markets can be undermined. This outcome sends a clear message that auditors must meet the fundamental standards expected of the profession."

ASIC believes around 600 retail investors had invested approximately $160 million into managed investment schemes run by Australian Fiduciaries since February 2020, predominantly through their self-managed super funds (SMSFs).

Australian Fiduciaries ceased distributing units in the schemes in September 2023.

Trading 212 is making Australia the next stop following its expansions across the UK and Germany, stating that there is a "clear gap" in the local market for affordable, low-barrier access to UK, European and US shares at a time when many Australians, in particular younger investors, are searching for lower-cost investments.

As part of that push, Trading 212 will offer Australians zero brokerage on share and ETF trading. Fractional investing starts from $1 across some 16 global exchanges, spanning the US, UK and Europe.

The platform will have zero monthly or annual platform fees, while providing daily interest of 5.2% p.a. on uninvested cash balances.

It will also contain multi-currency wallets, allowing clients to hold and be paid out in AUD, and other selected currencies without converting each time.

Commenting, Trading 212 Australia chief executive Eric Peterson explained the distinct features of the platform places itself ahead against other competitors.

"A lot of platforms in this category make their margin by holding onto clients' uninvested cash rather than paying interest on it. We've taken the opposite approach, we pay 5.2% back to clients on their AUD cash, and it's a permanent feature of the product, not a promotional rate that gets wound back after a few months," he said.

"Sixteen global exchanges puts us well ahead of most players in this market.

"It means Australian investors can get direct exposure to offshore names that aren't accessible through most local platforms, German industrials, US technology stocks and other markets that have typically required an international broker or a much higher cost base to reach."

Kit Georgeos will take on the role of chief executive of funds manager from October 6, joining Mirvac's executive leadership team and reports directly to group chief executive and managing director Cambell Hanan.

Georgeos will oversee the group's wholesale investment vehicles, capital partnerships and investor relationships. She joined Mirvac in 2023 and currently serves as fund manager of the Mirvac Wholesale Officer Fund (MWOF), where Hanan said she has strengthened investor relationships and maintained a disciplined investment approach.

"Kit is an outstanding leader with deep experience across real estate investment, funds management and capital markets, and I am delighted to welcome her to Mirvac's executive leadership team," Hanan said.

"Funds management is a core pillar of Mirvac's strategy and a key driver of our future growth. Kit's appointment provides strong continuity for investors and positions the business to continue building on the momentum established over recent years."

Georgeos brings more than 20 years of experience across real estate investment, funds management and capital markets. Having previously held senior roles at AMP, GPT Group and Macquire Group.

Mirvac is now progressing the appointment of a new fund manager for MWOF as Georgeos transitions into the broader leadership position.

The appointment comes as Mirvac continues to expand its funds management and industrial investment operations, including its partnership with Australian Retirement Trust (ART) at Western Sydney's Aspect Industrial Estate.

More than 200,000 square metres completed stages of the $850 million precinct has reached practical completion and is fully leased, with the opening of IVE Group's new 42,000-square-metre facility making another milestone.

The industrial portfolio forms part of Mirvac's broader growth strategy, with net operating income from the business up nearly 80% over the past seven and a half years.

Mirvac reported a 7% increase in FY26 operating profit to $508 million in August, while gearing fell to 24.1%. Funds management was identified as a key component of the group's strategy as it works to build recurring income and improve returns.

ART, which has more than $188 billion invested in Australian assets, is Mirvac's partner at Aspect and is also backing its $2 billion SEED industrial and enterprise precinct in the Western Sydney Aerotropolis.

This is according to J.P. Morgan's newly published Future of Superannuation report, which canvassed nine superannuation fund executives and found that ART leads the pack in the take-up of longevity products.

Furthermore, ART's account-based pension and lifetime income product are a use case for being able to provide "the closest thing the Australian market has to real-world evidence on whether members will voluntarily adopt longevity protection."

In one "no bells and whistles" product, members commit capital and receive a starting income rate roughly 50% higher than the minimum drawdown rate, while the income lasts for life regardless of how long they live. If the member dies, the capital is returned to the estate.

The account-based pension, or "complex product" involves members deciding where to invest their savings.

"You have to rebalance that yourself. You're going to switch those assets. You're going to tell us how much to draw. You're going to manage your longevity," ART principal for retirement solutions Brnic Van Wyk said in the report.

The Retirement Income Covenant took effect in 2022, forcing trustees to provide members with an investment strategy in retirement.

The covenant does not specifically obligate super funds to develop or offer retirement income products.

A retirement income strategy can also mean providing a range of assistance to members, such as developing specific drawdown patterns, providing budgeting tools or expenditure calculators, providing factual information about key retirement topics, and providing forecasts to beneficiaries during the accumulation phase about potential income in retirement.

HESTA, on the other hand, is grappling with the fact that not every fund's membership is positioned to benefit from longevity products today.

"Affordable products that suit lower-balance members don't really exist today, however we certainly have to plan for the future membership, as our fund is predominantly women, and women live longer, a lifetime guaranteed income will become more critical and hopefully affordable," HESTA general manager retirement Shannon O'Shea said.

Meanwhile, the nation's largest super fund is in the works to develop a retirement income solution with TAL.

Head of retirement at AustralianSuper Jackie Ellis said while the build commenced this financial year, she notes the scale of the distribution challenge.

"As much as it's no simple thing to bring a whole new product to market, the actual challenge is getting meaningful take up in these products. Without that, you're not really making a difference," she said.

The Super Members Council (SMC) found that only 6% of retirees currently use a lifetime income product, despite two-thirds of pre-retirees being aware of them.

Commenting on the report, which also delved into retirees' confidence-to-spend gap, longevity risk and advice, J.P. Morgan head of markets and securities services sales for Australia and New Zealand Stephen Jani said the industry's transition from building retirement savings to supporting Australians through retirement is one of the defining challenges of our time.

"This year's report brings together the perspectives of leaders across the sector as they navigate this transition and work to deliver meaningful outcomes for Australians in retirement," he said.

The purpose-built capability automates critical fund administration processes through a connected ecosystem spanning custody, trade processing, corporate actions, investment accounting, tax and investor administration.

The single data layer and scalable technology solution provides fund managers with automated access to dedicated local operational expertise and support, while retaining custody capabilities.

It also offers end-to-end coverage across a wide range of fund types and asset classes, globally, and is exportable to other international markets, Automic said, resulting in faster processing, improved data integrity, embedded controls and greater transparency across the fund administration lifecycle.

The new offering builds on its established platform, connecting fund administration and custody in a unified operating model, which is supported by Northern Trust.

Automic Group chief executive Mal McHutchison explained the new offering eliminates the "traditional fragmentation" the industry possesses.

"Today marks an important milestone for Automic as we introduce our enhanced purpose-built fund administration capability, further expanding upon Automic's institutional-grade company and fund registry and employee share plan offering," McHutchison said.

"Automic's fund administration capability is delivered through its proprietary technology platform and supported by our market expertise together with Northern Trust's global custody infrastructure, to create a complete and connected operating model.

"Our end-to-end capability gives fund managers confidence in a full-service solution that eliminates the traditional fragmentation across registry, administration and custody services."

Northern Trust head of Australia and New Zealand Leon Stavrou said he is pleased to support Automic's expansion of its services.

"By connecting Automic's innovative platform with Northern Trust's global custody network and foreign exchange capabilities, this model delivers a scalable solution that helps managers access institutional-grade infrastructure while maintaining a strong local service experience," Stavrou said.

"The collaboration reflects our shared commitment to supporting the evolving needs of Australia's investment industry."

Founded in 2015, Automic Group is an Australian registry, fund administration and investor services provider, currently supporting more than 120 fund managers across 850 listed and unlisted funds across the region, representing about $100 billion in assets under administration.

The company was acquired by private equity investor Advent International in September 2025.

"We see strong alignment between Automic Group and Adventʼs investment philosophy. We have identified a high-quality business in one of Adventʼs key sectors: business and financial services. We are confident we can deliver significant value creation by applying our hands-on, in-market and global operational expertise," Advent managing director and head of Australia and New Zealand Beau Dixon said at the time.

"We are pleased to be making our first acquisition since opening Adventʼs Sydney office, and we look forward to working closely with Automic Group's management team to support its next phase of growth."

For a single homeowner, it costs $1076 a week.

The full Age Pension covers around 60% of a comfortable retirement for a couple and around 56% for a single.

"The Age Pension is a social welfare net that guarantees no older Australian has to live in poverty," ASFA chief executive Mary Delahunty said.

"It was never designed to fund the kind of lifestyle in retirement that most Australians aspire to. Super is the difference between watching every dollar and having a sense of financial security in retirement."

ASFA provides three levels of budget for retirees for a comfortable, modest and Age Pension-only retirement. The three levels differ little on essentials like food and utilities, while it is the discretionary spending that makes life comfortable.

"At the comfortable level, a couple can afford top-level private health insurance, eat out most weeks, take a domestic holiday each year and an overseas trip every few years. They can run a good car that is regularly serviced," Delahunty said.

"At the modest level, health cover is basic, probably a hospital plan only, holidays are domestic only, and you eat out very occasionally. On the Age Pension alone, most of these things drop out of your budget entirely."

New research by YouGov for Australian Retirement Trust (ART) showed 81% of participants with super would likely spend part of their retirement travelling around Australia if money and health weren't barriers.

"Australians want the freedom to enjoy their time, explore the country and stay connected with family and friends," ART executive general manager of advocacy and impact Anne Fuchs said.

"For many people that means seeing more of Australia at a slower pace, with the flexibility to decide where the road takes them."

However, 65% of Australians with super see the rising cost of living as a concern.

"Retirees are among the groups hit hardest by the cost-of-living crisis because their budgets are weighted towards the things going up in price the most," Delahunty said.

For homeowners aged 65 to 84, the comfortable retirement budget rose 0.5% for couples and 0.4% for singles in the June quarter.

Will Sare has stepped into the role, transitioning from his former position as head of sales for the Pacific where he oversaw the functions of corporate risk and broking across the region for more than a year.

He brings a wide range of experience across the financial services industry, especially within insurance, across Australia and the US.

Prior to WTW, he spent more than a decade in Chicago, Illinois, heading compliance, risk and governance initiatives at various institutions, including as managing director at Marsh and Aon, chief risk and governance officer at Cushman & Wakefield and global head of compliance and risk at DTZ.

Earlier in his career, he served as head of risk, insurance and commercial at UGL and risk services manager at Deloitte Australia.

WTW head of Pacific James Baum noted Sare has been a key member of the team since he joined the company in July 2025.

"Will brings extensive industry experience, strong leadership capability and a deep understanding of our business. Since joining the company a year ago, he has played a key role in strengthening Willis' commercial performance and enhancing the capabilities of our sales team," Baum said.

"His detail-oriented approach is matched by his understanding of how our specialist expertise, analytical capabilities, proactive claims management and client service model work together.

"This will help clients realise greater value, especially those managing sophisticated and highly complex risk and insurance programmes. We look forward to supporting Will as he leads our corporate business and builds on this momentum."

Following Sare's appointment, head of growth for Pacific Stephen Trickey will take on an expanded role supporting sales activity across the region, while continuing to serve in his current role.

The package of reforms was passed by both houses on September 14. One section of the legislation reduces the disallowance period of the CSLR special levy instruments while retaining parliamentary oversight.

Currently, ASIC does not collect special levies until the 15 sitting day disallowance period has expired, due to the risks of invoicing entities for amounts that are subsequently amended, reduced or disallowed.

This will now reduce the disallowance period for CSLR levy instruments from 15 sitting days to five sitting days in each House of Parliament.

A new estimate for the FY27 CSLR levy has increased for the financial services sector to $198.1 million, a $60.7 million increase from its initial estimate announced in November 2025.

A large portion of claims relate to Dixon Advisory, while the estimate also includes the first tranche of some 474 claims stemming from the collapses of the Shield and First Guardian master funds. These represent over $30.1 million in gross claim payments according to data provide by the CSLR.

Melinda Kee, who spearheads the advocacy group SOS Save Our Super, previously told Financial Standard : "For victims, this is a really important step. People have already waited far too long. They've lost their retirement savings, spent months or even years going through AFCA, and then after finally getting a determination in their favour, they can still be left waiting for the CSLR to have the money to pay them."

"Cutting down that process matters. When you're the person who has lost your super, another six or eight months isn't just an administrative delay; it's your life on hold. I'm really pleased minister Mulino has listened to what victims have been saying and has acted to speed this up, particularly with First Guardian and Shield claims now starting to come through."

However, Kee points to several unaddressed issues.

"The $150,000 cap remains a huge issue, and we are continuing to fight for couples in SMSFs to be recognised as the individuals who actually lost their retirement savings. But this is a good change, and when the government gets something right for victims, I think we should acknowledge that too," Kee said.

"Victims shouldn't get through one hurdle only to find another one waiting for them. We know there are a lot of claims coming. The CSLR needs to be able to flag the need for funding earlier, rather than waiting until the pressure is already there," she said.

More broadly, the bill aims to simplify regulation, particularly for businesses, and progress additional measures to support the government's "tell us once" agenda, which will cease people and businesses entering the same information more than once when interacting with government agencies.

Minister for financial services Daniel Mulino said that when Labor's agenda is fully implemented, he expects a $10.2 billion reduction in the regulatory burden every year.

The bill will also simplify business reporting requirements.

"It will simplify workplace gender equality reporting and target-setting requirements by adding a 12-month window at the end of a target cycle. Not only must they finalise their data and reporting for the current cycle; they must also select new targets for the next cycle," he said.

The deal will see Netwealth acquire 100% of Scale Up Platform Solutions, which trades as Paradino, with the transaction expected to complete by the end of October, subject to customary conditions.

Netwealth will pay $15 million in cash and $5 million in ordinary shares, with up to a further $9 million in earn-out and retention consideration payable over four years.

The group will also invest a further $10 million in Paradino over the next two years to accelerate its product road map and expand its capabilities across the Australian financial advice market.

Paradino currently supports more than 500 financial advisers and generates $1.6 million in annual recurring revenue.

Its Athena AI capability automates parts of the advice production process, including file notes, Records of Advice, Statements of Advice, advice presentations, client communications, workflow management and customer profiling.

Netwealth chief executive and managing director Matt Heine said the acquisition would help advisers improve productivity and capacity.

"Our focus is on supporting advisers to grow their businesses and achieve their ambitions. A key part of this is helping advisers increase productivity so they can support more clients and spend more time delivering advice," Heine said.

The acquisition will also allow Netwealth to combine Paradino's workflow technology with its Unify data management platform, which aggregates and synchronises data from multiple sources.

"Together, we believe we can create Australia's leading AI-enabled wealth management and adviser productivity platform," Heine said.

Paradino co-founder Alex Gassner said the company was founded to help advisers overcome the time and cost constraints limiting the number of clients they can support.

"Our vision has always been to enable advisers to serve significantly more clients without compromising the quality or personalisation of advice, and advances in AI are making that increasingly possible," Gassner said.

Netwealth said the acquisition is not expected to have a material impact on near-term earnings, with Paradino forecast to record an EBITDA loss about $3 million in FY27.

The company will report Paradino's financial performance and the additional investment separately from its underlying results.

The appointment will support trading across JOHCM's global and regional equity portfolios and provide independently measured execution, as the firm seeks to strengthen trading outcomes and operational resilience.

JOHCM manages £16.8 billion ($31.8bn) in assets as of June 30 and operates as an independently managed active investment boutique, investing in global equities that include emerging markets, as well as thematic strategies.

Northern Trust's integrated Trading Solutions (ITS) will provide round-the-clock coverage of global markets, with access to its liquidity and broker networks.

The appointment builds on an existing relationship between the two firms dating back to 2008, with Northern Trust already providing JOHCM with middle-office, transfer agency, fund accounting, custody, depositary and currency management services.

As part of the transition, members of JOHCM's trading team have been invited to join Northern Trust, providing continuity of coverage for the investment teams.

JOHCM chief operating officer Clare Forster said the arrangement would provide greater scale while allowing the investment teams to remain focused on portfolio management.

"Northern Trust gives us a scalable global trading infrastructure, greater operational resilience and access to extensive liquidity and broker networks," Forster said.

"It's Integrated Trading Solutions (ITS) model, with round-the-clock coverage of global markets, lets us scale with confidence while our investment teams stay focused on generating long-term returns through active, high-conviction portfolios."

Northern Trust head of integrated trading solutions for EMEA Amy Thorne said the appointment reflected growing interest in outsourced trading as investment managers reassess their operating models.

"This appointment reflects growing momentum among investment managers to view outsourced trading as a strategic component of evolving operating models, enabling them to focus on core investment decisions and business growth amid changing market conditions."

Generation Wealth Partners is joining Esencia Wealth, also based in Sydney, saying the merger represents "the next chapter" in its journey to provide a broader range of specialist capabilities and deeper expertise across the business.

The merger brings Generation Wealth Partners principals Peter Lee and Joe Jutrisa to Esencia Wealth, with both joining as partners and senior financial advisers.

In addition, the merger expands Esencia Wealth's presence in the HNW market, the firm said.

Commenting, Esencia Wealth chief executive Matthew Fenning said the merger reflected the growing number of advice businesses looking for a long-term partner that aligned with their values and approach.

"Peter and Joe have built a great business based on trust, strong client relationships and a genuine commitment to doing what's best for their clients. Their values, approach and focus on client outcomes align closely with the culture we are building at Esencia," Fenning said.

"By joining Esencia, Peter and Joe can spend more time focused on what they do best, helping clients achieve their goals through great advice, while their clients benefit from the broader capability, resources and depth of expertise across our business.

"It also creates the capacity for them to help more Australians access great financial advice in the years ahead. Generation Wealth Partners is a great example of how we can preserve what makes a business special, and we're delighted to welcome Peter, Joe and their clients to Esencia."

Lee said: "We started Generation Wealth Partners because we believed there was a better way to serve clients and their families, with genuine relationships, personalised advice and a real focus on the long term."

"Joining Esencia Wealth means we can keep delivering on that promise, while giving our clients access to the depth of expertise and resources that come with a growing national firm."

Meanwhile, Jutrisa added the decision to merge was "straightforward" based on the relationship between the two businesses.

"We have a shared vision about the kind of firm we want to be part of, and the kind of advice we want to deliver. I'm excited about what we can offer our clients as part of Esencia and the opportunities that lie ahead as we continue helping them achieve their financial goals," Jutrisa said.

Esencia Wealth was formed with the combination of Advise Wise, Insight Private Wealth, Sovereign Wealth Partners, and Randle Advisory in June 2024.

Since its formation, the group has expanded into Queensland earlier this year and completed another merger with Cove Financial Group in June.

Fenning said the series of mergers is aligned with the firm's ambition to build an "enduring world-class" advice business, adding that more strategic growth initiatives are expected to come before the end of the year.

"We are building a firm where great advisers can do the best work of their careers and where clients receive the advice they need to achieve their goals with confidence," he said.

An analysis of Class SMSF clients in its Annual Benchmark Report revealed that industry funds lost $8.2 billion to self-managed super between the 2025 and 2026 financial years.

Retail funds, meanwhile, lost $5.6 billion to SMSFs, while the public sector funds saw $0.5 billion exit.

Corporate and other vehicles saw outflows of $27 million and $66.2 million respectively.

In total, Class recorded about $14.4 billion in rollovers into SMSFs from non-SMSF sources.

The 10 largest non-SMSF rollover sources accounted for 69.3% of total rollovers in value across the period.

Five of these were industry funds and five were retail funds, with industry funds contributing the larger share of value among the top 10.

On average, members undertook 1.5 rollovers into their SMSF, with a total rollover value of about $267,000 per member.

Conversely, when it comes to moving out of SMSFs retail funds accounted for 66.7% or $3.8 billion of outflows. Industry funds snared $1.9 billion from SMSFs.

In terms of SMSFs that were wound up, Class found they had been in operation for an average of 18.1 years with members having an average age of 68.7 years.

The proportion of Class SMSFs recording adviser fees remained broadly stable at 25.1% in the 2025 financial year, while the wider SMSF population continued to grow and the number of licensed financial advisers declined.

Tim Steele, the chief executive of Class, said that as the sector grows and becomes more complex, professional support remains critical.

"The findings show that different superannuation structures may play a role for members at different stages of life. Access to advice from financial professionals is critical to help clients make those decisions with confidence.

"Digital tools are also changing how trustees access information and assess their options. This creates an opportunity for SMSF professionals to use technology to increase service capacity while focusing their expertise on areas where clients continue to value it most, including tax, retirement, estate planning, investment considerations and regulatory change," he said.

The solution allows advisers to structure retirement assets across three-time horizons: near-term spending and liquidity, future income needs and longer-term capital growth.

It includes the Russell Investments Short-Term and Medium- Term Portfolios, alongside an appropriate long-term growth portfolio and a purpose-built retirement calculator.

Russell Investments head of distribution Australia and New Zealand Neil Rogan said retirement should not be treated as a single investment phase.

He added that an estimated 2.5 million Australian's are expected to retire over the next decade, while people paged 65 can expect to live for more than 20 additional years on average, citing government data.

"Pre- and post-retirement is not a single investment phase. Clients still need long-term growth, but they are also drawing from their portfolio to fund their everyday living expenses," Rogan said.

"The challenge for advisers is balancing the money clients need to live on today with the assets that need to remain invested for the years ahead. Our Retirement Solution provides a framework for managing those competing needs."

The Short-Term Portfolio focuses on income and capital stability, while the Medium-Term Portfolio invests across income and moderate growth assets. Longer-term assets can remain invested for capital growth.

Russell said separating assets by time horizon is designed to help advisers manage sequencing risks and reduce the need to sell longer-term growth assets to fund withdrawals during period of market weakness.

The portfolios can be used individually or together, allowing advisers to retain suitable existing investments for longer-term growth.

"Advisers shouldn't have to rebuild a client's portfolio just because a client is approaching retirement," Rogan said.

Both portfolios are now available on CFS Edge, with a minimum investment of $5000.

Colonial First State executive director, managed accounts, Francy Taylor said the portfolios broadened the retirement options available to advisers on the platform.

"Russell Investments has not only designed these portfolios specifically for retirement outcomes but is also supporting advisers with a dedicated retirement calculator to help determine how the portfolios can be used appropriately within a client's retirement strategy," Taylor said.

Tim Kennedy will commence in the new role on October 5.

He recently served as the national secretary of the United Workers Union (UWU), which represents 150,000 workers from across from more than 45 industries, working in sectors such as health, aged care, early education, security, manufacturing and hospitality.

Kennedy also led the National Union of Workers, which merged with United Voice to create the United Workers Union in November 2019.

Kennedy is the former chair and deputy chair, as well as director of LUCRF Super and served in those roles between 2004 and 2022. He served on the investment committee for over a decade and chaired the audit and risk committee.

LUCRF Super officially merged into AustralianSuper in June 2022. LUCRF Super had $7.25 billion in funds under management and about 130,000 members.

Kennedy steps into the role currently filled in the interim by Greg Everett, following the resignation of chief executive Bill Watson in early January.

Watson resigned from the post after about 13 years, having joined from business advisory firm Evans & Peck. Watson joined BUSSQ as chief investment officer in April.

Greg Everett became the acting chief executive in March, having served as deputy chief executive.

Everett joined First Super as deputy chief executive in November, bringing with him more than 20 years of superannuation experience, including as chief executive of the Superannuation Trustee Office for Guild Group, an executive of ESSSuper and the head of financial planning at Bendigo and Adelaide Bank.

First Super's co-chair Denise Campbell-Burns welcomed the appointment of Kennedy, saying his decades long involvement in superannuation and strong focus on member's best interest was a very good fit for First Super.

"Tim Kennedy is an acknowledged and outstanding leader in the superannuation sector and very much aligned with our funds total focus on superior service delivery and sustained strong returns to members," Campbell-Burns said.

On July 1, Michael McQueen stepped into the role of head of investments, a position that has been filled in the interim by Chris Artis, following the resignation of Watson.

The industry fund has strong links to the timber, paper and pulp and furniture and joinery industries.

Currently, it has nearly 80,000 members and more than $6 billion in assets under management.

According to Capgemini's The World Life Insurance Report 2027, which is based on a global survey of 6100 consumers worldwide, including 425 in Australia, life insurers are grappling with onboarding and retaining customers.

This is reflected by the use of technical language (37%), affordability concerns (35%), and the lack of relevant products to individuals' life stage (25%) among top barriers to purchasing a policy.

The report also indicated that half of consumers plan to use generative artificial intelligence (AI) tools to discover and compare life insurance products.

Further, 36% of policyholders rarely hear from their life insurer after purchasing a policy. However, domestically that number increased to 41%, indicating an underlying issue in how Australian insurers approach member engagement. The majority of the contact (76%) was only conducted for billing and renewals.

Close to half (47%) considering taking out a policy are either "confused or unconvinced" by life insurance, compared to 42% globally.

Forty-two percent of Australians discontinue their policy within three years of purchase, with nearly one in three (27%) doing so due to the lack of understanding of benefits and liquidity options as key reasons.

In contrast, more Australian employees receive adequate coverage guidance than the global average, (34% in Australia versus 25% globally), the report noted.

Capgemini global leader for life insurance, annuities and benefits sector Samantha Chow said consumers have high standards for their personal financial services products and life insurers need to do better to accommodate to those needs.

"When it comes to life insurance, they recognise its importance, but complexity at the point of purchase and post-sale silence undermine policy ownership - putting customer relationships at risk and triggering exits that cost the industry billions," Chow said.

"Best-in-class insurers demonstrate what's possible when consumers sit at the heart of every decision. They build the data foundations to turn customer intelligence into proactive, lifelong engagement that has a real commercial impact."

Yet, the report said only 18% of insurers have a unified strategy, underscoring the need for a plan to address those relevance gaps, while 'best-in-class insurers' - representing only 10% of all carriers - have set a clear standard.

They also achieve 41% higher revenue growth and 12% lower lapse rates by combining consumer-led strategies with intelligence-powered operations.

In practice, they distinguish themselves against mainstream peers by transforming consumer engagement, including the usage of simple, plain language and providing short-form contents.

Those high-performing insurers are also modernising adviser experiences by improving structures, workflows and implementing real-time insights to boost efficiencies.

"The top 10% are orchestrating an ecosystem of advisers, partners, and AI-enabled channels to create a consistent journey between automated and human touchpoints," Chow added.

Property developer Bathla Group went into voluntary administration in late August, raising fears that investors will pull back from private credit funds exposed to the property sector.

According to Morningstar data, as of July 31, Metrics Real Estate Multi-Strategy Fund was trading at 27.2% discount of NAV.

Metrics' Income Opportunities Trust also sat at a 23.3% discount, while KKR's Credit Income Fund traded at a discount of 13.3%.

Morningstar director of manager research Thomas Dutka notes that the performance of LITs is a proxy for investor sentiment into the sector.

"For a number of these funds, there have been some fairly sizeable reductions in their trading value. These aren't necessarily funds exposed to Bathla," Dutka told Financial Standard.

"Some of the factors driving the declines are probably going to be more linked directly to some of the issues that have been reported in relation to those funds."

ASIC has been scrutinising Australia's private credit sector, calling on funds to ensure their asset valuations are current, accurate and grounded in realistic assumptions.

To manage discount in prices, some managers have turned to issuing listed notes, which have a fixed term of several years and specify a fixed spread payable over cash, Morningstar's Private Credit: It Pays to Pay Attention report noted.

"These traits help stabilise pricing. Other managers have taken a different path, creating price support for their LITs by offering to periodically buy back a percentage (such as 5%) of issued units at NAV," the report read.

"While this should theoretically temper risks of assets trading at discounts to NAV, the buybacks aren't compulsory; some managers haven't stepped in even if units are trading at a discount. There's no cure-all solution here, it seems."

Dutka added there will probably be more investors looking to redeem from private credit vehicles.

"I think people are generally getting a bit more concerned. It's certainly attracting more negative media publicity, and that's bound to see more investors going: 'Okay, I'm going to review what I'm invested in and consider whether it's appropriate for my risk appetite'," he said.

An indictment filed on August 28 showed Cuthbertson being charged with making false and misleading statements and engaging is dishonest conduct.

The charges relate to 10 offences contrary to section 1041E of the Corporations Act, 12 offences contrary to section 1041G of the Corporations Act and two offences contrary to 43(1) of the Crimes Act.

Last year, Cuthbertson was slapped with multiple charges for allegedly making dishonest representations to potential investors in relation to acquiring shares in his own doomed company.

On September 11, Cuthbertson was arraigned on these charges in the Federal Court and entered pleas of not guilty.

Cuthbertson was the sole director of Professional Wealth Management (PWM) and related companies, Professional Wealth Management Services (PWMS) and Professional Wealth Investments.

PWMS held an AFSL until it was cancelled by ASIC in 2023, along with banning Cuthbertson from providing any financial services.

PWM was involved in developing technology for robotic trading across a range of different instruments.

Cuthbertson allegedly made dishonest representations regarding potential future share valuations, earnings and dividends as part of purported plans to float PWM on the ASX.

ASIC alleges Cuthbertson continued to make the representation to investors after they acquired shares in PWM between the period of 11 December 2018 and 9 September 2025.

Further, it is alleged Cuthbertson attempted to pervert the course of justice by communicating with and sending draft affidavits to two prosecution witnesses.

The maximum penalty for each offence contrary to section 1041E of the Corporations Act is 10 years' imprisonment for conduct which occurred before 13 March 2019, and 15 years' imprisonment for conduct which occurred on or after 13 March 2019.

The maximum penalty for each offence contrary to section 1041G of the Corporations Act is 15 years' imprisonment.

Both organisations have signed a Memorandum of Understanding (MoU) to bring together Ondo's global tokenisation capabilities and Openmarkets' local market expertise and financial infrastructure.

Specifically, the partnership will assess pathways for Openmarkets to distribute selected Ondo products, while exploring tokenised products and market infrastructure tailored to local investors, potentially including tokenised Australian-listed securities and access to offshore tokenised markets, the parties said.

The MoU comes amid many organisations not yet willing to make the first step to expand into digital finance due to several factors highlighted by BlockchainAPAC during its recent national roadshow in Australia. One of these is the "first-mover costs" that are holding back investment even though technology is no longer the principal barrier.

Meanwhile, the government recently passed the Digital Asset Framework Bill to mandate digital asset exchanges and platforms to carry an AFSL. Openmarkets carries an AFSL and recently expanded its operations into private wealth advisory.

The collaboration is the latest in Openmarkets' plans to add digital assets to its brokerage, clearing, settlement and wealth management services, extending its regulated infrastructure into Australia's emerging tokenised markets. It estimates that the global tokenised asset market will reach $22 trillion (US$16tn) by 2030.

Commenting on the partnership, Openmarkets chief executive Dan Jowett said the combination of both companies' capabilities can lead to the procurement of "compelling" tokenised products.

"We're delighted to collaborate with Ondo, a trusted onchain finance global leader, to bring its world class suite of tokenised products to local investors and explore new tokenised offerings," Jowett said.

"Tokenisation is already transforming Australia's financial services industry and improving the way local participants access, transact and hold assets.

"As a licensed broker and fintech with a deep market footprint, Openmarkets is uniquely positioned as an infrastructure provider and distributor of digital products."

Meanwhile, Ondo Finance managing director of global business development Min Lin said Australia is a "natural" next step in the company's global expansion.

"Openmarkets brings deep local market expertise and established financial infrastructure, creating a compelling pathway to explore how Ondo's institutional-grade tokenised products can reach eligible Australian investors," Lin said.

"Together, we aim to connect one of the Asia Pacific region's most sophisticated capital markets with the global onchain economy."

The Commonwealth Superannuation Corporation and Northern Trust recently announced a similar partnership to advance digital investment infrastructure across institutional markets.

Both will focus on emerging technologies like digital assets and tokenisation and other initiatives throughout the institutional investment process.

Global wealth intelligence provider Altrata found Australia dominates the Pacific region when it comes to the billionaire population.

In the last year, Australia's billionaire population rose modestly to 51 individuals, on the back of global demand for mineral commodities and financial and business services, the report found. However, wealth gains were constrained by subdued export trends to China  and real estate pressures that dampened equity-market returns.

Asia, the third-largest billionaire region, recorded a 6.5% rise in its billionaire population to 881 individuals.

The increase in wealth was driven by the positive spillover effects of the wider artificial investment (AI) investment boom, supportive fiscal and governance reforms, and global investor diversification underpinned strong returns in many of the region's equity markets.

South Korea's tech-heavy KOSPI index was the top global performer, with robust gains also in Taiwan, Japan, and Hong Kong, the report read. In contrast, returns in the fast-growing billionaire market of India were relatively muted for a second consecutive year.

New York continues to be the global billionaire capital with an 8% rise in billionaire numbers to 164.

New Yorke billionaires' wealth trends were tied to the AI investment boom also - a major driver of activity across the city's extensive private capital markets, family offices and ultra-prime real estate.

Hong Kong sits in second place with 106 billionaires, followed by San Francisco with 99 and London with 79.

Overall, Altrata estimates that nearly 5000 spouses and adult children will inherit a sizeable share of the US$6.6 trillion of billionaire wealth that will be passed on over the next decade, with women tipped to receive a significant share.

This will include more than 1235 female spouses. The current average age of expected adult child heirs is 48 while the spouses are 66.

Some 23% of expected adult child heirs already work alongside their billionaire parent in the primary family business.

From 1 July 2027, the bill introduces a 50% CGT discount for investors who back eligible innovative Australian start-up companies.

For an entity to be eligible to apply the CGT discount on an Innovative Business CGT Concession (IBCC) asset, the entity must have chosen to apply the discount rather than cost-base indexation. The entity must also not be a company, complying superannuation entity or foreign resident, as these entities have different CGT arrangements.

The new law defines an IBCC company as one that develops a "genuinely innovative product, process service or method," is incorporated for less than 15 years, based in Australia and is not controlled by another company that has been incorporated for 15 or more years.

It must not be listed and must have annual turnover below $50 million.

The Tech Council of Australia (TCA) said the most significant change is the removal of the lifetime cap. "TCA has strongly advocated for changes to the cap limit so that founders remain properly incentivised to take on the risk of starting high-growth tech companies.

"Employees will also have stronger incentives to join tech startups in their early years. Investors are now incentivised to back more early-stage tech startups and will retain concessional treatment across multiple investments," TCA said.

In June, Treasurer Jim Chalmers proposed a $10 million turnover threshold for small businesses to qualify for the 50% active asset CGT reduction, up from $2 million.

"Key changes to the IBCC, particularly the removal of the lifetime cap, will make founding, working for and investing in early-stage startups more attractive in Australia. The risk of building and backing these companies has been acknowledged and will be rewarded," BCA said.

"While this is a substantial win, we recognise that the retention of the $50 million revenue cap will exclude many late-stage companies, and the investors who back them, from concessions for new investments."

The reforms sit under the Treasury Laws Amendment (Tax Reform No. 5) Bill 2026: Innovative Business CGT Concession. It includes details about the better targeting the R&D Tax Incentive from 1 July 2028.

Treasury estimates that every dollar of tax offset generates about 20% more business R&D and will increase R&D by young firms by $400 million per year.

"These reforms will support the continued growth of Australia's start-up and venture capital ecosystem which is good for innovation, good for productivity and good for the economy," Treasurer Chalmers said.

"They mean early investors in innovative start-ups that begin with a low or zero cost base still receive a significant discount on a future capital gain."

Treasury will also release a draft legislative instrument to help existing companies to self-assess whether they satisfy the innovation requirements to qualify as an innovative start-up.

It is also about supporting small businesses and start-ups, including in the biotechnology and medical technology sectors, Chalmers said, noting that these reforms will deliver more innovation, encourage more entrepreneurship and deliver certainty for investors.

The consultation period ends on September 28.

The Invested in what comes next report argues that while the profession has undergone significant reform, public perceptions remain shaped by outdated stereotypes that fail to reflect the modern role of investment professionals.

SIAA chief executive Maria Lykouras said the perception gap risks turning away both prospective employees and clients.

"Stockbroking and investment advice now rivals other established professions, but it is not seen as relevant or trusted as it should be," Lykouras said.

She said the profession offered a combination of market exposure, intellectual challenge and human judgment that would become increasingly valuable as artificial intelligence reshaped knowledge-based industries.

"The reality is stockbroking and investment advice is a dynamic, market-facing profession that offers intellectual challenge and opportunities to have a real-world impact," Lykouras said.

The report identifies several barriers to building a broader talent pipeline, including recruitment through traditional networks, career progression models that can be difficult to sustain and informal approaches to client allocation and advancement.

Women account for only one in four investment professionals, with representation falling further at senior levels.

Lykouras said firms needed to adapt their recruitment and retention strategies to attract a new generation of workers, while also responding to changing client demographics.

The report highlights the expected transfer of around $5 trillion in Australian wealth over the coming decade, with women expected to receive about 65% of that wealth.

"Investors need trusted human guidance more than ever, particularly as wealth changes hands and financial decisions become more complex," Lykouras said.

The report also points to an advice gap, with only 20% to 30% of Australians actively participating in markets doing so with professional guidance.

SIAA recommends firms expand graduate recruitment beyond traditional networks, establish mentoring and sponsorship programs, review client advancement pathways and better communicate the modern role of investment professionals.

"The window to shape the profession's reputation is open now. Stockbroking and investment advice firms have a generational opportunity to change perceptions and bring new talent and new clients into the sector," Lykouras said.

As a result, the sector requires constant support to remain compliant and keep on top of those changes. Digital advice is emerging, with many super funds and advisers using these tools to scale and improve efficiency.

However, digital advice isn't as simple as implementing artificial intelligence (AI) into an adviser's daily operations, and this misconception continues to play out over the years.

AZ NGA group chief executive Paul Barrett says although digital advice has been available for a little over a decade, it is still in its "infancy" in terms of how engagement is going to play a role in the future, highlighting that there's still a long way to go to extrapolate the full potential of digital advice.

Currently, providers are trying to build better apps to engage clients directly so as to prompt people at the right time in their financial life cycle and therefore seek advice.

Then and there is the "old school concept of "robo-advice" that he explains as just a "dressed-up managed funds implementation business."

"There's a huge opportunity for advice businesses to spend more money engaging their clients using AI and other digital means, but to do that, you firstly need scale," he says.

"You need a big advice platform so you can get true operating leverage."

He asserts that to truly scale the digital offering, practices will need to spend "real money" on it and take time to understand the initiatives and what they're trying to achieve with their deployment.

Barrett's version of digital advice also includes placing an adviser to appear in a client's life at exactly the right moment, specifically, in scenarios involving significant decision-making, like a home purchase, the loss of loved ones and other major life events.

However, he says it is simply impossible to do that right now because advisers lack access to clients' data.

To address the issue, AZ NGA is investing in the middle and back office, using its AI-enabled partners to drive that level of process transformation.

"How you use data and how you use client engagement technology to turn up at the right time; I've always thought that to be a key opportunity when it comes to digital advice," he says.

"But I don't think we're anywhere near it because we don't have the data but we're getting better at that.

"Once you've done the foundational work, you've got a chance to deploy digital solutions accordingly using AI and turn up in the client's life at the right time."

He explains digital advice can also generate some "huge margin opportunities", including improving efficiency for individual advisers.

Elemnta chief executive Shaun Green and chief product officer Dane Baldwin share the same sentiment, saying digital advice has been fragmented since it was introduced.

Baldwin believes digital advice revolves around a whole, or at least a predominant performance of advice delivered by some form of "advice engine".

"We see different iterations of that across the industry. If you look at the Ignition product, it's predominantly delivered by a digital advice engine with some human advisers in the loop," Baldwin says.

"To the other end of the spectrum, which is what DASH has in the market - a human out of the loop - fully digital advice engine that's deterministic and provides advice based on parameters that a customer has given.

"From my point of view, digital advice is either wholly or predominantly delivered by a digital engine."

He also thinks AI has a role to play but isn't broadly adopted at the moment.

"I think that [digital advice] has been focused on some of the wrong areas. It has huge potential to serve Australians who need advice but don't necessarily meet the thresholds financial advisers require to be profitable and fit their practice profile," Baldwin continues.

"One of the first iterations of digital advice that came out - the robo-advice provider - ASIC took a look at them and gave them the 'ban hammer', and the whole thing got shut down."

Baldwin also says advice practices and licensees will need to revise their view that "computers can't give advice" to tame the current competitive dynamic between the advisers and innovation.

Another reason is that the technology can give Australians who don't meet a certain adviser threshold, or cannot afford advice, a little more access.

"From that standpoint, and from how it's been implemented, in the industry at the moment, I think it's still very much in its infancy," Baldwin says.

Green says digital advice spans such a broad spectrum that it involves many different aspects.

Green questions whether the invented tools were directed at consumers or designed to support an adviser, or whether there is some hybrid in the middle.

Depending on that determination, an adviser may or may not be able to use them.

"This is why the labelling of digital advice is a challenging one, and maybe one that is confusing to people," Green adds.

"There's been a huge evolution in this space over time, which raised a lot of opportunities, but in our experience advisers adopting new technologies has always been a challenge."

He laments that the implementation is a challenge for a few reasons, including the volume of technology already being used in practices.

"But also, partly due to the nature of the industry - being a very fragmented and varied industry," Green says.

"There's a huge amount of variance in almost everything in advice; you've got a large portion of the industry that is comprised of small businesses, and for them to adopt any new technology, there needs to be really clear value, and often there needs to be support around how to manage that."

He also believes the "practical reality" of any technology adoption is a barrier to advisers adopting it more broadly.

"But when you look at the big super funds, for example, it's the ones that are investing the big dollars in trying to go down this path because they've got pressure to do so with such huge volumes of clients," Green says.

"They've got the capital to break through those barriers. I think we're going to see it continue to move in different directions that spread digital advice."

The $430 billion AustralianSuper's recent announcement it partnered with Ignition Advice to provide a new digital advice platform signalled a broader shift for super funds to deliver financial advice.

Members will then have the option to obtain comprehensive guidance by speaking with a qualified adviser virtually or on the phone.

UniSuper chief advice officer Andrew Gregory says digital advice forms a key part of the advice ecosystem at the super fund.

The fund's digital adviser currently covers contributions and investment options, with more features expected in the coming months. Compared to other super funds, such as AustralianSuper for example, UniSuper has been on the front foot and maintains a bullish stance on the offering.

Gregory says UniSuper's service provides members with "simple, accessible" genuine personal advice that lowers persistent barriers to the advice gap.

According to UniSuper's data, most members complete the advice in around seven to 14 minutes, underscoring a low barrier to access affordable advice and beneficial for those with relatively straightforward needs.

"It also gives them the flexibility to engage with us at a time and place that suits them. More than 60% of members who have received an SoA have done so after 5pm or on the weekend," he says.

"This shows that by removing these barriers, we are making it easier for our members to engage with the fund and get the support they need to make informed decisions about their retirement."

Enhancements

When focusing on what it can offer, InvestStream chief executive Jason Hoang says the real capability of digital advice among super funds is to provide instant access to the right information.

Hoang believes the firm's current partnerships with MUFG Retirement Solutions and Australian Food Super will genuinely encourage more Australians to seek financial advice.

"We want to close the advice gap by getting people so engaged that their super app sits next to their banking apps. They're already going to Google and ChatGPT; the app they won't open is the super app. That's what we want to get right," Hoang says.

In the MUFG partnership, Hoang says he aims to leverage the group's extensive network of local super funds to expand its offering progressively.

"Because MUFG powers around 40% of Australia's retirement accounts. If you're a member of a super fund that MUFG administers, the data needed to make guidance genuinely personal already exists. It's just never been connected to the conversation," he enthuses.

The partnership also provides "comfort" to regulators and industry funds that InvestStream is adhering to the standards placed on the domestic retirement sector.

However, he describes implementing innovation in the retirement sector as "extremely difficult" but commends the scrutiny and security in place to protect members' retirement funds.

"Super is a highly regulated industry. The boundaries between general advice, intra-fund advice and full advice matter, and the technology has to understand and operate within those boundaries," Hoang says.

He also highlights that anything involving AI will need to be communicated and analysed across all personnel in a super fund, including the trustee and C-suite executives, to ensure they understand the technology being implemented from top to bottom.

This article is featured in Financial Standard's fortnightly newspaper Volume 24 Number 17. To keep reading click here. To subscribe, sign up here.

Investment performance during the month also underperformed, providing negative returns over the period.

The international and emerging markets strategies reported outflows of US$1.5 billion and US$1 billion respectively.

FUM as at August 31 was US$149.2 billion, a US$7.2 billion decrease from July end and a reduction of US$12.7 billion since 31 December 2025.

The slump ultimately saw the business exiting the top 200 companies on the ASX, a verdict handed down by S&P Dow Jones Indices following a September quarterly review.

Meanwhile, Count Financial and Euroz Hartleys Group were among the latest members to join the All Ordinaries index, accounting for some 500 top companies on the exchange.

Count continues to expand its nationwide presence following its acquisition of Oracle Advisory Group in April.

But the group shut down its limited-advice service in June, losing some 26 advisers and has slipped in dealer group size ranking as a result of it.

Separately, Euroz Hartleys recently redeemed $145 million from its capital markets business sale, a move the firm said allows it to better focus on its private wealth division.

The transaction is likely to be completed by the end of 2026. Both Euroz Hartleys executive chair Andrew McKenzie and managing director Tim Bunney will transition to the capital markets business under Canada's BMO following the transaction.

A search for a new chief executive is also underway.

Andrew Hanley and Shane Monte Silva received their verdicts after applying to the tribunal to review their respective five-year bans.

Hanley was an authorised representative of InterPrac between 28 March 2023 and 15 August 2024 and worked within the Venture Egg advice model.

The tribunal found that Hanley failed to act in the best interests of at least six clients and provided inappropriate advice. He advised four clients to invest in First Guardian, while advising two other clients to switch to Venture Egg model portfolios.

"Hanley had little or no interaction with the relevant clients or input into the preparation of the advice. He generally had only minutes to review the advice and assess its adequacy before joining calls to present it to clients," ASIC said.

Separately, Monte Silva was an authorised representative of FSGA from 24 May 2023 to 10 March 2025. He was found to have advised five clients to roll their super into platforms and invest in Shield and First Guardian between July and August 2023.

FSGA is currently in liquidation. The Australian Financial Complaints Authority recently finalised its lead decision for the business, finding that the firm provided inappropriate advice that led to financial losses for its clients.

In Monte Silva's case, he "had no involvement" in gathering key client information, conducted limited assessments of his clients' circumstances and often saw Statements of Advice (SoAs) only shortly before presenting them to clients.

ASIC said he relied on information prepared by others rather than personally identifying clients' objectives, financial circumstances and needs.

It was also found that his advice process formed part of a high-volume model and involved templated SoAs. Three clients with markedly different personal circumstances were advised to invest almost all their super in First Guardian, indicating the advice was not based on each client's needs.

In three cases, Monte Silva provided advice to a client that supposedly reflected his own advice, but the SoA was in the name of another person.

Both advisers' bans have since taken effect, with Monte Silva's commencing on 10 December 2025 and Hanley's commencing in March 2026.

Commenting, ASIC commissioner Alan Kirkland said the decisions reinforce that financial advisers remain personally responsible for the advice they provide to clients.

"Financial advisers cannot outsource their legal obligations to unlicensed marketers, lead generators or paraplanners," Kirkland said.

"Advisers must personally understand their clients' circumstances, critically assess the information gathered and investigate the products they recommend. Simply presenting advice prepared through a high-volume, templated process does not meet those obligations.

"Superannuation is for many people one of their most valuable assets. Its role is to support their quality of life in retirement. Advisers recommending that clients switch their retirement savings must exercise particular care and ensure the advice is genuinely in the client's best interests."

He said ASIC will continue to target practices that inappropriately or unnecessarily encourage consumers to switch their super.

The team will focus on originating, evaluating and supporting investments for the MET platform, while deepening relationships with local investors, developers and industry stakeholders, the firm said.

The Sydney-based team will initially consist of an investment manager and an investment analyst, led by investment director Kim Nguyen, who joined from the state government.

Nguyen brings more than two decades of experience across infrastructure, energy and private markets, most recently serving as executive director of investments at the NSW Government's Energy Security Corporation and previously leading Foresight Group's Australian business for more than seven years.

Earlier in her career, she worked at Macquarie Group and Origin Energy before transitioning into senior roles at Hastings Funds Management and Waterwood Consulting.

Natixis IM said the move strengthens investment capabilities in Australia and reflects the growing importance of the market to MET strategies, as the nation continues to provide "geographic diversification" and a risk-return profile aligned with European markets.

With more than $700 million (€450m) already allocated across Australia and New Zealand, through investments, including TagEnergy, JET Charge and Yanara Australia, the establishment of the Sydney-based team reflects Mirova's growing commitment to the region. It also follows Mirova's ongoing expansion in the Asia Pacific with a Singapore hub.

Natixis IM managing director and head of Australia and New Zealand Danny King said Australia has become a key destination for Mirova's energy transition investments, supported by a growing pipeline of a range of renewable and infrastructure initiatives.

"Demand from Australian and New Zealand investors for European energy transition infrastructure opportunities continues to grow. Establishing this investment team in Sydney will allow us to work even more closely with the MET team in Paris while bringing that expertise closer to our local client base," King said.

"As clients look to deploy more capital in Europe, this local capability will strengthen our ability to connect them directly with Mirova's investment expertise, origination capabilities, and opportunity set across the region.

"It also reflects our long-term confidence in the Australian market and our commitment to expanding Natixis Investment Managers' capabilities across the region."

Meanwhile, Mirova deputy general manager and global head of private assets Raphaël Lance said: "Australia has become a strategic market for Mirova's private assets platform and one of the most dynamic regions globally for energy transition investment. We have already built meaningful experience and strong local relationships through our investments across the region."

"A dedicated presence in Sydney is a natural next step that will strengthen our origination capabilities, deepen our engagement with market participants and support the continued growth of our energy transition infrastructure activities across Australia and the broader Asia Pacific region."

The firm welcomed a new chief executive in July following the departure of its founder Philippe Zaouati, who has held the top job since January 2014.

This is the second rate hike from the ECB since the start of the Iran war.

"The unanimous decision came on the back of the ECB raising its inflation forecasts, with inflation now expected to remain above target through 2027," Principal Asset Management market strategist Christian Floro said.

"While ECB President Christine Lagarde did not provide any forward guidance, instead emphasising the need to keep all policy options open given the fluid nature of the conflict and its potential spillovers, the forecast revisions alongside the continued rise in energy prices imply that further tightening is likely."

Inflation continues to remain elevated in Australia as well.

"The economy in Australia in many ways is doing quite well. We've got growth roughly at trend. We have unemployment near historic lows, employment growth driven by the market sector, and real household incomes are growing pretty strongly. There's a lot to like about the Australian economy, but we have one big problem and that's inflation," Reserve Bank of Australia (RBA) deputy governor Andrew Hauser told the ABC this week.

"Inflation is too high, and that's why we raise interest rates three times at the beginning of this year. And the question now, frankly, for us is have we done enough or is more needed?"

On September 8, the market expected a 66% chance of a rate hike at the next meeting. The expectation has now risen, with 72% of the market now expecting a rate hike by 25 basis points to 4.6%.

Hauser said the RBA is concerned about three risks that might push inflation further up: the Middle East and the ongoing crisis, unexpected global boom driven by artificial intelligence (AI) and the weakness of the supply potential of the Australian economy.

Commenting on Hauser's rhetoric, CreditorWatch consulting chief economist Ivan Colhoun said the bottom line is the RBA will recommend a tightening to the board at the next meeting and that expects that recommendation to be accepted.

"Like assistant governor Hunter's fireside chat earlier in the day, the message was extremely hawkish and almost exclusively focused on inflation," Colhoun said.

"The question is whether even more near-term tightening might be on the cards. I have been discounting this as I don't think the economy is quite that strong, but there is the possibility that the Board has got to the end of its tether on above-target inflation. That said, I always caution myself that the RBA always sounds most hawkish when it's just tightened and most dovish when it has just eased."

Prior to Hauser's comments, Westpac revised its RBA call, reinstating a 25 basis points November rate hike.

"Domestic demand is proving more resilient than we had anticipated, buoyed by stronger household incomes and a large pipeline of data centre and renewable energy investment, limiting the pace of disinflation," Westpac said.

"Markets are pricing in a circa 80% chance of a September rate hike, but we believe the board will prefer to wait for confirmation from the full quarterly inflation data and its revised forecasts."

The framework is part of the government's retirement phase reforms, intended to improve understanding of how trustees support members in navigating retirement.

APRA kicked off the consultation early in the year to effectively collect and report data from superannuation funds as part of its work under the Retirement Income Covenant.

Treasurer Jim Chalmers released the reforms to help put as much focus on the retirement phase as there is in the accumulation phase.

APRA's role is to collect and publish the data every year from 2027 to produce and deliver insights on fund offerings and member outcomes and to help track progress with retirement phase uplift.

Most stakeholders encouraged APRA to consider whether the level of granularity in the proposed collection was proportionate to the policy objectives of the retirement reporting framework.

In response, APRA has substantially reduced reporting granularity, while preserving the information necessary to support the government's indicators.

"APRA considers the revised approach better balances transparency, comparability and proportionality, and is more closely aligned to the intended purpose of the Retirement Reporting Framework," APRA said.

Following engagement with stakeholders, APRA also said it has made a range of enhancements across the proposed reporting standards that reduce reporting complexity, improve data quality and consistency, and remain aligned with the government's policy objectives.

Stakeholders sought more examples and guidance. APRA responded by producing a draft Reporting Practice Guide to help with reporting requirements and how common retirement scenarios should be treated.

APRA deputy chair David Bradbury said the package had been shaped by extensive stakeholder engagement and would promote transparency across the retirement phase.

"Greater transparency will help trustees understand how members are navigating retirement and identify opportunities to improve the support they provide. It will also give policymakers and the community a clearer picture of how the superannuation system is meeting members' needs," Bradbury said.

In this final consultation, APRA is taking submissions until October 9.

After finalising reporting standards in 2026, APRA will begin collecting data in late 2027, with the first framework indicators and metrics to be published in 2028.

The prudential regulator said it will engage with industry on publication design through 2027 to ensure it is meaningful, contextual and accessible.

The transaction, which is expected to close this year is subject to regulatory approvals and customary conditions, aligns with the strategy of investing in high-quality businesses serving essential industrial and energy markets, MAM said.

Headquartered in Huntersville, North Carolina, SI Solutions provides structural integrity engineering, testing and software services to owners and operators of critical infrastructure.

The company has 16 locations, including fire-testing laboratories and supports more than 330 clients across nuclear, gas power, pipelines, petrochemical, civil and industrial markets.

SI assesses whether critical infrastructure assets are safe, compliant and fit for continued service, with its engineers and technicians evaluating their remaining useful life, diagnosing equipment and system issues and supporting assets across their lifecycle.

Its capabilities include stress, fatigue and materials analysis, non-destructive evaluation, laboratory testing, failure analysis and asset management software.

Alternative asset manager MidOcean acquired SI Solutions in 2024.

MAM senior managing director Andrew Olinick said SI was a strong fit with the firm's investment strategy.

"SI is a highly regarded industry leader with a strong track record of serving many of the largest utilities, who seek out SI for their most challenging structural integrity problems. SI's specialisation in the power generation markets is a strong fit for our strategy," Olinick said.

UniSuper head of private markets Sandra Lee said the investment would deliver long-term value for members while supporting critical infrastructure underpinning reliable power generation.

MAM managing director Alec Rubenstein said the business aligned with several of Macquarie's investment themes, including the convergence of energy and digital infrastructure and the need to maintain ageing critical infrastructure.

SI Solutions chief executive Mark W. Marano said the partnership would support the company's next phase of growth, particularly across nuclear and gas power.

"We look forward to working with them on the next phase of our growth story as we capitalise on the momentum in the nuclear and gas power markets to further our leadership position in structural integrity," Marano said.

The research found general enquiries have fallen from 34% to 28% based on members' contact reasons, while enquiries about contributions, insurance and consolidation have increased year on year.

Members also reported high satisfaction across most enquiry categories, including an 89% satisfaction rate for contributions. Complaints and disputes were a notable exception, with just 64% of members satisfied.

CoreData's 2026 Member Engagement research found value for money, stability and reputation and trustworthiness are the most important factors when members choose a fund, ranking ahead of competitive pricing and investment performance.

The research also found a clear link between trust and loyalty. Among members who have complete trust in their fund, just 21% said they were likely or very likely to switch, compared with 61% among those with a complete lack of trust.

However, actual switching remains relatively uncommon, with 9% of members reporting they had changed funds in the past two years. Some 26% said they were likely to switch to another fund, while 27% who would consider an SMSF has remained unchanged since 2024.

Members considering a switch were younger on average and more likely to work full-time, use a financial adviser or hold an SMSF. The leading reasons for switching included wanting greater control, dissatisfaction with fees and dealings with accountants.

The research also found strong demand for expanded fund services, with 37% of members saying they would take up retirement planning and financial advice if offered. Super guidance, insurance and retirement living support also attracted significant interest.

CoreData conducted the research between June 25 and July 16, surveying more than 1000 members and comparing the results with longitudinal data dating back to 2022.

Treasury Laws Amendment (Strengthening Accountability for Tax Adviser Misconduct and other Measures) Bill 2026 covers numerous new reforms that included strengthening the integrity of the tax profession and refining mergers rules.

For foreign residents invested in Australia's land and natural resources, the new law broadens and clarifies the definition of Taxable Australian Real Property (TARP) and introduces a definition of real property into the Income Tax Assessment Act 1997 that forms part of the definition of TARP.

Two of these categories are the subject of these amendments: Taxable Australian real property (TARP) and indirect Australian real property interests (IARPIs). IARPIs are defined as membership interests in entities, the underlying value of which is principally derived from TARP.

TARP currently includes mining, quarrying and prospecting rights. It may soon include water entitlements in relation to a water resource situated in Australia, and an option or right to acquire a CGT asset over TARP assets.

"The changes to the foreign resident CGT regime bring Australia's tax laws into closer alignment with the OECD Model Rules for the taxation of foreign residents and ensure foreign residents pay tax on assets including for infrastructure and other assets closely connected to Australian land," Treasurer Jim Chalmers said.

The bill contains other key reforms, such as tougher penalties for misconduct, providing certainty and clarity for investors, supporting renewable energy, improving the new merger system, and supporting charitable giving by expanding deductible gift recipient status and reforming giving funds.

The new law also extends support for foreign investment in renewable energy infrastructure, extending the timeframe for the transitional 50% CGT discount for certain foreign residents who dispose of Australian renewable energy assets to 30 June 2040, which was previously 30 June 2030.

Furthermore, it addresses controversial issues that stemmed from the PwC tax leaks scandal, and recommendations from an earlier review of the Tax Practitioners Board (TPB), through amendments to the Tax Agent Services Act.

This includes a stronger sanctions framework including criminal penalties for unregistered tax preparers, new civil penalties for breaches of the Code of Professional Conduct, and increased penalty amounts, as well as new powers for the Tax Practitioners Board.

"This is about strengthening the tax system overall, delivering more, cleaner energy and more certainty for investors," Chalmers said.

"The successful passage of this legislation is part of this government's ambitious reform agenda to deliver a fairer, more sustainable tax system, boost productivity and resilience and make the budget more sustainable."

The director of consulting started at Frontier in 2002, climbing the ranks to reach the firm's most senior client consulting position. She has overseen the consultant expand its offering across a variety of client segments, said Frontier in a media statement.

Bowater officially departs next month and will subsequently join IFM Investors as executive director, Owner Investment Programmes.

"Twenty-four years is a significant period of time in one place and while my role, along with the firm itself, has been constantly growing and evolving over that time, now feels like a stage where I can move on knowing Frontier is well placed for ongoing success across a number of areas," said Bowater.

Her move comes after a period of growth and evolution at Frontier with the development of its ICIO service and the transition of the State Super investment team inside of Frontier. Bowater has been heavily involved in the creation of the new solution and the expansion of the business to near 100 staff, now spread across two Australian offices and Japan.

"Naturally, we are sad to lose Kim as a colleague and a member of our Leadership Team but 24 years is an incredible commitment to our business, and to our clients, and we are grateful to Kim for that," said Andrew Polson, Frontier's chief executive.

"One of the hallmarks of Frontier over many years has been our ability to find and develop industry leading consultants and we have some great depth in the firm, even more so since our acquisition of the State Super investment team, who can all step up and make their own mark, just as Kim has done. We wish her the very best and thank her for an exceptional career at Frontier."

Bowater acknowledged the influence of Frontier luminary Fiona Trafford-Walker, whose role she took after Trafford-Walker vacated it in 2019. "My time at Frontier has been very rewarding on a personal level, and I'm intensely proud of what the very capable Frontier team and I have achieved at Frontier together. I leave with great fondness for a business and team that have been such a major part of my career and my life."

An immediate focus for Giorgio will be to aggregate multiple sources of data for advisers, helping organise and match it within their Netwealth services.

"At the outset, I will be focused on the protection and integration of data across Netwealth's services and capabilities, and working with advisers, industry and regulators to ensure evolving technology helps to safely unlock adviser capacity and meet demand for advice," Giorgio said.

Giorgio and his team will also be focused on making automation tools available to advisers across manual processes and administrative tasks such as client onboarding, document building and management, client servicing, quality control, and workplace efficiency and reliability.

"We're in an environment of higher demand for advice, with not enough professionals able to service that need. The work we do around not only building the tools but also earning the trust of advisers and their clients in those tools, are critical to addressing this need," Giorgio added.

"For advisers, we know that capacity needs to move beyond personal productivity to scale. We also know that AI and data can be applied to create better personalisation for clients. I'm looking forward to helping make these ambitions possible for Netwealth advisers."

Netwealth noted access to insights and data as well as productivity uplift, are two of the most in-demand services among financial advisers.

Netwealth chief technology officer Nick Walker said: "Our ability to provide access to timely and insightful data for advisers and their clients, and to help advisers unlock more capacity through applied AI, are critical for our partners and for Australians seeking whole-of-wealth advice."

Bringing experience from technology and data lead roles with REA, Coles and Australia Post, Giorgio joins Netwealth at the outset of its ambition to double funds under advice by 2030, with a core focus on boosting operational efficiencies and adviser productivity.

"Having worked with Silvio before, I am excited about what he will bring to everyone who relies on Netwealth," Walker said.

"He is exceptional at identifying where to put AI to best use to get the most out of the technology, in a way that delivers measurable gains. I am particularly looking forward to the work he is about to undertake integrating data-driven insights across our advisor tech stack."

According to a report from BlockchainAPAC, which recently conducted a national roadshow, the constraint stems from "unclear regulatory timelines, first-mover costs and unresolved coordination challenges."

An example of coordination challenges would be the exclusivity of a digital infrastructure from institution to institution, where several banks possess deposit-token capability, but their systems cannot accept one another's tokens.

"Resolving that requires cooperation on shared infrastructure and governance, alongside workable commercial and regulatory settings," BlockchainAPAC said.

The National Dialogue 2026 Synthesis Report gathered insights from banks, superannuation funds, asset managers, custodians, law firms, regulators, digital asset exchanges, and more, noted institutional engagement is growing but commitment "remains the test".

This sentiment is supported by the recent partnership between Commonwealth Superannuation Corporation (CSC) and Northern Trust to advance digital investment infrastructure across institutional markets.

Both parties intend to establish a framework to exchange insights on developments in digital financial markets, identify "new areas" of collaboration and contribute to the advancement of institutional adoption of digital investment solutions.

Project Acacia also indicated a tokenised ecosystem can inject some $24 billion to Australia's economy.

No regulatory clarity

Meanwhile, some are still waiting for regulatory clarity on the sector, as the report pointed to interdependent processes moving on different timetables, such as a legislated platform and custody framework, an incomplete payments and issuance framework and unresolved prudential treatment of stablecoins and related instruments held by banks.

Institutions are unlikely to commit substantial capital while material implementation, capital and liquidity questions remain open-ended, BlockchainAPAC warned.

Despite several ongoing initiatives, including the ongoing support from the government to overhaul the sandbox framework for financial innovation and the passage of the Digital Asset Framework Bill earlier this year, ASIC reiterated perfect regulatory certainty is not possible for digital finance, stating that it's not a "realistic state of affairs" even among other sectors.

Commenting on the issue, BlockchainAPAC chief executive and report author Steve Vallas said Australia needs to move from trialling ideas to implementation.

"Australia's problem is no longer an absence of pilots or evidence that the technology can work. What remains unresolved is who carries the cost of moving first, who governs shared infrastructure and who is accountable for turning experimentation into functioning markets," Vallas said.

"Regulatory clarity remains important, but regulation alone will not create a market. Institutions also need an investable pathway, interoperable settlement and confidence that other participants will move with them."

First-mover disadvantage

Additionally, first-mover costs are holding back investment even though technology is "no longer" the principal barrier.

"But regulatory clarity alone will not produce investment," he said.

"Adoption costs are front-loaded, while many benefits arise only when infrastructure operates at scale and attracts broad participation. Progress requires workable arrangements for investment, risk, governance, interoperability and the distribution of benefits."

He is recommending that the private and public sector work to establish a "workable" Australian dollar settlement layer for tokenised assets, remove "collective action" problems preventing institutions from pioneering and commit to a dated sovereign digital issuance.

The report, however, does not advocate creating new institutions by default, government selection of technologies or wholesale adoption of overseas models.

"The report is not a consensus statement and does not claim to represent every view in the market. Its value lies in recording where positions converged, where they did not and what remains unresolved," Vallas continued.

"Delay and non-participation are not neutral. Markets and standards will continue to develop. The choice is whether Australian institutions help shape them or operate within infrastructure, governance arrangements and commercial models determined elsewhere."

The committee revealed Equity Trustees' internal response to increasing members holding limit in a high-growth fund from 50% to 95% was three words: "Easy peasy, done."

Senator Paul Scarr questioned Equity Trustees: "How does that possibly discharge your obligations as a superannuation trustee to increase the limit of members investment into a high-growth fund from 50% to 95% and the only analysis we can see is 'thanks easy peasy'."

Equity Trustees managing director Michael O'Brien (Photo: Michael O'Brien at the Senate hearing today) responded by noting it as an "unfortunate turn of phrase" but added the trustee has a well-developed investment governance framework, and it was followed on the specific occasion.

ASIC currently has two proceedings against Equity Trustee alleging failures in care, skill and diligence concerning the decision to allow members to invest in the First Guardian Master Fund and Shield Master Fund.

Both collapses have led close to $143 million in losses to members in funds under Equity Trustees' trusteeship.

Equity Trustees continues to defend its position noting it was responsible entities, advisers and third-party research houses responsible for the failure, and has denied paying back members on the losses.

Macquarie and Netwealth on the other hand have paid members losses incurred due to the failures.

Equity Trustees recently decided to exit from the trusteeship business. It noted a "shifting regulatory environment, higher operating costs and the evolving risk profile" as reasons to exit the business.

However, O'Brien confirmed while Equity Trustees is divesting from the trustee business, it will continue to be liable for any claims brought against it.

"It is exiting the business because it believes its capital can be better utilised in its other businesses and not in superannuation, because of the growth prospects for the business and the risk that is entailed in that business primarily," O'Brien said.

Equity Trustees will retain its super trustee subsidiary, Equity Trustees Superannuation Limited (ETSL), and remain on the hook for any claims brought against it.

Senator Deborah O'Neill also questioned Equity Trustees' "checklist model of onboarding", calling out Equity Trustees to outsource governance responsibility to other entities while reaping "easy money".

"The two managed investment schemes are issued by the responsible entities. We rely on the information that they provide. They're licensed entities regulated by ASIC. We relied on that information," O'Brien responded.

"We were an investor and a beneficiary in those schemes. We were obviously misled, and that money was not invested according to the product disclosure statements. Our process isn't a checklist process."

Replay of the hearing can be found here. 

The regulator has recently released new guidance for professional year candidates and supervisors while warning financial advice licensees over reference checking, professional indemnity insurance and poor-quality superannuation advice.

The regulator's latest financial advice update highlights several areas of focus for Australian financial services licensees and advisers, including new guidance for candidates undertaking their professional year.

ASIC Information Sheet 297 sets out common questions on professional year acquirements including record keeping, plans, tasks and logbooks. Candidates are also reminded to select a licensee and supervisor capable of providing appropriate supervision and resources throughout the supervised work and training period.

ASIC has also reminded licensees of their obligations to conduct reference checks before employing or authorising prospective financial advisers. The regulator said recent breach reporting data indicated some AFS licensees were appointing advisers without completing required checks.

The ASIC reference checking and information sharing protocol has applied to all references since March 2025, with non-compliance potentially attracting civil penalties or administrative action.

The regulator has also identified professional indemnity insurance as an area requiring attention after analysing annual FS70 fillings from AFS licensees.

ASIC identified 10 licensees that reported holding less than $2 million in PI cover. In nine cases, the licensees had incorrectly understated the insurance they held and subsequently corrected their fillings. In the remaining case, the licensee held inadequate cover and began winding up after ASIC intervention.

ASIC said licensees should ensure PI insurance is adequate for their business and that annual financial statements are lodged accurately and on time.

The update also flags ongoing concerns around personal advice involving superannuation contributions and rollovers.

ASIC said poor advice in this area had resulted in clients exceeding contribution or transfer balance caps and incurring additional tax. Advisers are expected to verify existing super arrangements, prior contributions and transfers, available cap space and relevant tax consequences before recommending strategies.

The regulator said AFS licensees should ensure advisers are trained and supervised appropriately, with ASIC continuing to review poor advice through surveillance, reportable situations and other intelligence.

John Toole has been appointed chief investment officer, Asia, while retaining his global responsibilities as global head and chief investment officer of Amundi's Solutions platform. Based in Hong Kong, he is joined by a number of senior investment professions taking on expanded regional roles.

Andriy Boychuck, global deputy head of emerging markets fixed income, relocated to Singapore in May, while Ray Jian was appointed head of fixed income North Asia and head of emerging markets debt aggregate strategies in July, based in Hong Kong.

Nick McConway, head of emerging markets equities, Asia, will relocate to Singapore this month, while Siddharth Sanghvi has been appointed emerging markets equity senior portfolio manager, also based in Singapore.

Amundi said the appointments reinforce its commitment to clients across APAC and build on the investment expertise already established across its regional platform.

O'Toole joined Amundi in 2005 and has held senior roles spanning fund research, manager selection and solutions. He became global head and chief investment officer of the Solutions platform in 2022 and is a member of Amundi's executive committee.

Boychuck has more than 20 years' experience across emerging markets and high-yield credit, while Jian has more than 19 years' experience in global emerging markets and also high-yield credit.

Alongside the appointments, McConway brings more than 25 years' experience in Asia and emerging markets equities and has led Amundi's Asia ex-Japan equity business since 2020.

Sanghvi brings more than 20 years' investment experience and was previously head of emerging markets equity research at Amundi.

The appointments come as Amundi seeks to deepen its local investment capabilities, senior professionals now positioned across Hong Kong and Singapore alongside the firm's broader regional operations.

Following the several appointments moves also strengthen Amundi's Singapore investment hub, with three senior investment professionals now based or set to be based in the city. Amundi manages €2,581 billion (approximately A$4.16 trillion) in assets globally.

EQT Nexus Asia will invest across the firm's large-cap and mid-market strategies, targeting companies in healthcare, services, technology and industrial technology across India, Korea, Japan, Greater Chine, Southeast Asia and Australia and New Zealand.

The strategy comes as Asia Pacific accounts for around 60% of the global population and economic growth but attracts less than 5% of global private equity allocations, according to EQT.

The region is also expected to account 3.2 billion of the worlds' five billion middle class consumers by 2035, providing that EQT described as a strong foundation for continued economic growth.

Sueann Yeo, head of global wealth solutions, Asia Pacific EQT, said the strategy was designed to broaden access to the region's private market opportunities.

"EQT Nexus Asia is designed to provide eligible individual investors and institutions access to Asia's evolving private markets landscape," Yeo said.

"Through a single evergreen strategy, investors can gain diversified exposure to EQT Private Capital's Asia platform across sectors and strategies."

EQT has invested approximately USD $50 billion across Asia since 1997 and now has more than 150 investment professionals across nine regional offices. Its Asian portfolio employs more than 270,000 people.

Hari Gopalakrishnan, co-head of EQT Private Capital Asia, said the region's demographics and domestic economies supported its long-term investment case.

"Asia stands out as one of the world's most attractive regions for long-term investment, underpinned by large domestic economies, favourable demographics and strong structural tailwinds," he said.

Nicholas Macksey, co-head of EQT Private Capital Asia and head of mid-market Asia, said the mid-market represented a significant opportunity as business sought to scale an enter new markets.

"Our active ownership approach means working closely with high-quality companies, founders and management teams on that next phase of growth, bringing the same sector expertise, governance and value creation capabilities that we apply across our broader Private Capital platform," he said.

Iress noted its core advice technology platform, Xplan, has supported Capital Haus throughout its evolution from a small independent financial advice practice to a fast-growing, multi-office advice group.

Capital Haus executive chair Brendan Gow said as the advice firm matures, having the right technology partner has been critical to supporting advisers to deliver high-quality advice.

"Iress has been an important part of that journey, providing not only market-leading technology through Xplan, but a strategic partnership that understands our business and supports us as we scale, integrate new businesses and continue to evolve our advice offering," Gow said.

"Having a technology platform that is flexible, reliable and built for growth gives us the confidence to continue expanding while maintaining the quality of service our advisers and clients expect."

Iress is building a structured pathway for technology providers to connect with Xplan, helping ease administrative burden on advisers.

It is also shifting its focus from business simplification to executing an artificial intelligence (AI)-driven product strategy that will help financial advisers slash work processes by nearly 40%.

Iress customer distribution general manager Kerry Ong said the firm looks forward to support Capital Haus's technology foundation needed to scale effectively.

"Capital Haus is a great example of how technology can support a business through every stage of its growth journey," Ong said.

"The Capital Haus team has demonstrated a clear vision for the future, and we're proud that Xplan has evolved alongside the business - providing the flexibility, capability and reliability needed as they expand through acquisition and continue to strengthen their advice offering."

Capital Haus is a private Australian wealth management and financial services firm specialising in funds management and corporate advisory.

NSW accountant and former solicitor Christopher Edwards purportedly changed the trustee for the Deckchair Trust from Great Northern Morayfield to himself on 23 July 2026, following orders to wind up the 12 companies - including Great Northern Morayfield - associated with himself.

Edwards operated as an authorised representative under National Tax and Accountants' Association's Australian financial services licence (AFSL) between 2016 and 2021.

The initial orders included the appointment of provisional liquidators as interim receivers and managers of the assets held by Great Northern Morayfield as trustee for the Deckchair Trust.

After becoming aware of Edwards' movement, ASIC filed an urgent application seeking further orders, including against Edwards personally.

The new orders include the confirmation of provisional liquidators for the Deckchair Trust and Edwards to join the proceedings as a party, disclosing the relevant books and records.

ASIC's joinder of Edwards as a party to the proceeding is presently limited to obtaining orders with respect to the Deckchair Trust, ASIC said, stating the investigation remains ongoing.

On 25 March 2026, ASIC commenced winding up proceedings in the NSW Supreme Court for 12 companies, including Ironbark Holdings Australia; Great Northern Developments; GND Construction Management; Great Northern Bundaberg; Great Northern Investments; Great Northern Morayfield; Great Northern Phoenix Group; Great Northern Properties; Great Northern Victoria; Ironbark Energy; Knightsbridge Realty; and Richmond Corporation, all of which Edwards is an associate member with.

ASIC banned Edwards in September 2025 for 10 years after identifying he provided financial advice without an AFSL for more than four years. He was subsequently disqualified as a self-managed super fund auditor from 28 May 2026.

The mandate will be managed by Brookfield's Investment Solutions Group (ISG) and will invest globally across infrastructure, energy, private equity, real estate and private credit strategies. The portfolio is expected to combine fund commitments, direct investments and co-investments.

Brookfield is set to help the Nuclear Liabilities Fund achieve the required returns to cover the future costs of nuclear decommissioning in the UK.

The partnership has been structured around the long-term liabilities disciplined capital allocation, with investment proceeds expected to be reinvested rather than routinely distributed, Brookfield said, adding the approach is intended to keep capital invested across market cycles and support long-term compounding.

Alper Daglioglu, head of Brookfield's ISG, said the fund's unusually long investment horizon created an opportunity to take a different approach to portfolio construction.

"NLF has an exceptionally long investment horizon, and that creates an opportunity to invest differently," Daglioglu said.

"Our partnership is built on a shared belief in long-term thinking, disciplined capital allocation and the power of compounding over decades."

NLF chief executive Melissa Hope said Brookfield was selected following a competitive process, citing its global investment capabilities and experience across market cycles.

"Brookfield stood out for its depth of global investment capability, long-term perspective and disciplined approach to portfolio construction and governance," Hope said.

"This partnership is designed to support our obligations over a multi-decade horizon."

The NLF was established in 1996 as an independent ring-fenced fund to meet the costs of decommissioning eight nuclear power stations. Around £3 billion in decommissioning costs have been paid to date.

The decommissioning program is expected to continue into the next century, with the fund investing its assets to generate the returns required to meet future obligations and reduce reliance on taxpayers.

Brookfield's mandate reflects the fund's long-term funding requirements, with the portfolio able to evolve as investment opportunities and the NLF's needs change over time.

The government has accepted all recommendations directed to it from an independent review of the ERS, while supporting recommendations directed to ASIC and industry. The changes are intended to reduce unnecessary regulatory burden while maintaining consumer protection, market integrity and financial sustainability.

The ERS was introduced in 2020, allowing individuals and businesses to test certain innovative financial and credit services without holding an AFSL or credit licence.

The independent review, led by Maha El Dimachki, examined the design, operation and effectiveness of the regime. Its final report was handed down in May and tabled in parliament in July.

Speaking to Financial Standard, FinTech Australia chief executive officer Rehan D'Almeida commented on the likely impact of the changes on Australia's fintech sector, including its capacity to innovate and attract investment.

"The targeted sandboxes will improve how fast fintechs are able to experiment, iterate and launch in market," said D'Almeida.

"The test will now be implementation. Australia needs timely legislation and guidance, proportionate regulation, and programs that allow startups and established firms to test, commercialise and scale new services with confidence."

Under the government's response, the current ERS legislation and regulations will be repealed through a future legislation prioritisation process, allowing ASIC to develop a replacement framework using its existing relief powers.

Treasury said the renewed sandbox should be better integrated with ASIC's licensing, supervision and innovation functions, providing participants with clearer regulatory pathways while helping the regulator build knowledge of emerging technologies and business models.

On the significance of the reforms for Australia's fintech ecosystem and the need for any further measures, D'Almeida commented on its positive impact yet acknowledged that Australia has a long way to go.

"This is a positive step and enabling more innovation through thematic sandboxes will help fintechs to iterate and go-to-market faster," D'Almeida said.

"However, this remains a challenging economic and policy environment, and there is much more that needs to be done to incentivise investors and founders to stay and build their companies in Australia. Beyond the sandbox review, there are a large amount of reforms that need to be actioned including payments, digital assets, CDR, scams, AML/CTF and CCR. We have a long way to go."

It also supports ASIC considering thematic sandboxes integrating specific sectors and technologies, including potential digital financial market infrastructure arrangements.

As part of the reforms, Treasury will establish a public-private financial innovation committee comprising regulators, industry representatives and independent members.

The committee will help identify and prioritise high-value areas for innovation, consider the case thematic sandboxes and improve coordination between government, regulators and industry.

Treasury has also agreed to release a broader financial innovation strategy, aimed at setting Australia's ambition for innovation and coordinating work across areas including payments modernisation, Digital ID, tokenisation, the Consumer Data Right and responsible AI adoption.

The reforms form part of the government's broader productivity and financial innovation agenda.

The role was vacated following the transition of Alex Bacchus to a new position as head of the asset allocation department last month.

Sam Brodie has commenced in his new role, continuing his 13-year stint at the NZ$95 billion fund, where he worked across its risk and investment teams as portfolio risk analyst and analyst.

He has been a portfolio manager since 2017 in the strategic tilting team, helping manage the active investment strategy.

The fund said the strategic tilting programme allows itself to take advantage of its long investment horizon by adjusting portfolio exposures when market conditions create attractive investment opportunities.

Prior to the Guardians, Brodie worked at Bloomberg London as a portfolio risk and performance analytics specialist and held various roles at both ANZ Bank and the New Zealand's stock exchange NZX

Commenting, Guardians co-chief investment officer Brad Dunstan said Brodie's deep understanding of the fund and extensive experience within strategic tilting made him an excellent choice to lead the team.

"Strategic tilting is an important part of the fund's investment approach and a significant source of active value-add," Dunstan said.

"Sam brings a strong understanding of the fund, our investment approach and our people, along with a structured and thoughtful approach to decision-making. He is a highly respected investor who has played an important role in the evolution of our strategic tilting programme over the past decade."

Effective early November, the group will be identified as Deutsche Asset Management as the global umbrella brand, bringing together its services, expertise and performance the group delivers worldwide.

Most existing product names and brands will remain unchanged, the firm confirmed, including DWS for the Active European Private Wealth business; Xtrackers for the global ETF and passive mandates business; and RREEF for the US real estate expertise.

From November, the 'by Deutsche Asset Management' endorsement will connect the product brands more clearly to a global platform, while Deutsche Asset Management will be used directly for institutional clients and private market services, it said.

DWS Group chief executive Stefan Hoops explained the rebrand builds on a 70-year heritage of active portfolio management.

"With Deutsche Asset Management, we launch a global identity that is home to a family of strong and well-established brands," he said.

"By focusing DWS on its core proposition in Germany and core Europe, we will further strengthen its recognition and impact. With Xtrackers, we have established a great stand-alone ETF and Passive mandates brand in the market that will benefit from being part of the Deutsche Asset Management family. And with RREEF, we build on more than 50 years of real estate expertise in core markets."

He added that the new name will gain "immediate" international recognition and is already known by its institutional clients.

"Adopting it as our umbrella brand is a clear signal to our clients: as a global asset manager with deep European roots, operating at scale and with fiduciary independence, we are here to support them with their long-term objectives, based on focused discipline and global expertise," he said.

This step heralds the next phase of the company's development focused on growth, excellence and global relevance, Hoops added.

"Our ambitions are international - and that calls for a new approach: more presence with institutional clients, greater visibility in regions outside Germany and Europe," Hoops continued.

"It requires an organisation that takes an even more holistic view of client relationships. An organisation with a more global vision and approach. And an organisation that is clearly recognisable for clients and talent around the world.

"As we entered the next phase of our growth agenda, we reflected on where we have not yet fully realised this potential and took the necessary steps to change that. The alignment of our commercial organisation around client groups was one important step in this direction; our intention to move to Deutsche Asset Management is another."

Former chief operating officer Chan Arambewela left his role in June after some five years with the organisation.

Cunningham said Arambewela was mandated with dual responsibilities to oversee financial markets operations and office management, including the communication with its outsourced chief financial officer (OCFO) and related personnel in Canada.

In replacing Arambewela, Cunningham wished to construct a better distinction in those duties, and hence, Minty Chowdhary has joined as finance and office manager this week to allow the upcoming chief operating officer to better focus on markets operations.

The search for a replacement is ongoing and will likely be confirmed and finalised this month, he said, stating the role is being looked after by its technology team in the interim.

Further, the NSX also welcomed three additional members, including a senior network engineer, a product manager and an intern to support the launch of a new trading platform that was announced in April in a partnership with Aquis Exchange, a subsidiary of SIX Group AG.

"The big part of the appointments is that we're putting in a new trading platform that requires a lot of hands on deck. A lot of building, testing, and customer engagement that relate to that trading platform rollout and the management side of it," he said.

The NSX is also aiming to turn itself into the "third trading venue" for ASX companies by the end of 2027, where the appointments will also help uplift the material expectations laid down by the market regulator.

"When we have the new service to trade ASX securities, it will provide diversity, lower costs for our customers, additional and diversifying of our revenue opportunities," Cunningham continued.

The NSX currently has about 50 companies listed on its platform with a total market capitalisation of $2.4 billion.

Another significant opportunity Cunningham observed is the dual-listing component available to the exchange after being acquired by CNSX Global Markets, the parent company of the Canadian Securities Exchange (CSE).

"Where we're getting the most interest from is the prospect of dual listing Canadian companies... And a lot of them are in the mining space, probably over two thirds, and we think they're going to be one of our main sources of listings over the next 12 months," Cunningham said.

The NSX is expecting a new listing next week, which "will be the biggest that we've had listed in about 10 years."

Gladiator Metals is listing on the NSX on September 15. While it is incorporated and currently only operates in Canada, its management is split between Australia and Canada.

"I think we're in a 'mining super cycle', and whether it's gold or copper or rare earths or any other commodities, there are varying forms of demand for these asset classes at different points," he said.

"I think the demand for that is going to be around for the rest of this decade and well into the next, and that's where we're positioning ourselves."