Speaking at the JPMAM 2026 Asia Summit, JPMAM Asia Pacific chief executive Dan Watkins said the Australian market is the second most exciting opportunity for the asset manager in the APAC region, coming in behind China.

"I would say Australia is the second largest opportunity. Obviously, it has a fantastically structured retirement system with superannuation clients, but there's also a very exciting wealth and ETF market in Australia," Watkins said.

"ETFs are the real big growth engine, I think, for the region. We've grown our business fivefold since 2021, and really, I think we've only just got started."

Watkins said while institutional clients remain the main part of JPMAM's business, the private wealth sector is growing rapidly.

"If I talk about distribution, institutional is still the anchor of our business across the APAC region. Institutional assets are still 70% of the industry. So, you've got to continue to serve your institutional clients well. Give them great performance. Give them great, great service," he said.

"I will say the significant growth is happening in the wealth space. We have grown our own private bank assets by 50% in the last 12 months. Within that, we've grown our private wealth alternative assets by 40% in the same period. So, you really have this huge appetite for alternative exposure happening in that ultra-high-net-worth and high-net-worth category."

Watkins said JPMAM has been targeting a huge amount of growth in the APAC region, with institutional clients and the private wealth sector driving growth, aiming to be a $600 billion asset manager by 2030.

"I'm delighted to tell you that we're almost a third of the way there after one year. So, things are progressing very nicely our growth plan. But you need a strategy. You need a strategy across distribution. You need a strategy across markets. You need a strategy within columns," he said.

Watkins said JPMAM will continue to focus on active ETFs, adding institutional investors continue to show enthusiasm.

"What we found is that we've had a lot of success in the institutional space with ETFs, where institutional clients are looking at it as a liquidity option or as an asset allocation, and in the retail space where clients are increasingly buying ETFs through the brokerage channel, or frankly, self-directed investing, buying ETFs on their own as they used to buy stocks and shares," he said.

"So that's a whole new growth engine for us. So, I actually think the better characterisation of what's going on in ETFs is it's creating new use cases that almost sit very comfortably alongside the nuclear fund."

However, Watkins warned investors against thinking there is "such a thing as an APAC ETF strategy."

"You have to be very thoughtful about how you enter each market with ETFs. Some markets are ready for a local ETF business, and we've done that in Australia, in China, in Thailand, but in other markets you can just register the ETF and be just as successful," he said.

"So, you have to be very thoughtful, and again, quite local in how you think about your strategy."

Financial Standard was a guest at J.P. Morgan Asset Management's 2026 Asia Summit.

In a submission to Treasury on enhanced MIS data collection, the association also proposed a formal approval role for ASIC when new schemes are brought to market, particularly those posing elevated risks to investors.

FAAA chief executive Sarah Abood said the association supported stronger reporting requirements for both registered and unregistered schemes, including regular data collection to help regulators identify emerging risks earlier.

The submission recommends collecting information on investment performance exposure to related-party products, fund managers' experience and distribution arrangements, including the use of lead generators and paid marketing.

It also calls for data on complaints, investor turnover, illiquid assets and the extent to which registered schemes invest in unregistered funds. The FAAA said unusually rapid growth, particularly without evidence of strong investment performance, could warrant closer scrutiny.

The association pointed to the Shield and First Guardian collapses as examples of the consumer harm enhanced oversight should seek to prevent.

It also highlighted high social media spending as a potential warning sign, recommending regulators examine whether marketing expenditure could be linked to individual schemes.

"We strongly support proposals to improve the collection and analysis of data on both registered and unregistered MISs, which we believe could help reduce the frequency and scale of MIS collapses and the resultant consumer detriment," the FAAA said.

While acknowledging that additional reporting would impose costs on the industry, the FAAA argued the consumer protection benefits would justify the burden. It favours quarterly reporting, while also supporting a six-monthly alternative, provided information reaches regulators promptly.

The association recommended that ASIC lead the data collection process, with reporting obligations also extending to investment platforms and managed accounts.

The submission follows the FAAA's February response to a separate Treasury consultation on MIS governance, which raised broader issues, including compliance, related-party transactions and financial requirements.

Trimmed mean inflation came in at 3.6%, up from a revised 3.5% in the 12 months to August.

Speaking at the Senate Economics Legislation Committee today, Reserve Bank of Australia (RBA) deputy governor Andrew Hauser said inflation remains "too high".

"These numbers are broadly in line with market expectations and candidly where we thought it will be as well," Hauser said.

"These are too high, we have said that repeatedly, and I am sure that we will say that again today."

Both headline and trim mean numbers have been above the RBA target band of 2% to 3% for 14 months now.

ABS head of price statistics Rachael McCririck said housing was the largest contributor to annual inflation in September, rising by 5.2%.

"Annual inflation of 5.2% for housing reflected rising costs for both new dwellings and electricity," McCririck said.

"New dwelling prices rose 4.7% in the 12 months to September as builders passed on higher costs for materials and labour. This is down from 5.4% in the 12 months to August."

MLC senior economist Bob Cunneen said borrowers should brace themselves for another interest rate rise as early as Melbourne Cup Day on November 3.

Cunneen added higher petrol and diesel prices were a key driver of inflation in September, with both the Iran war and the Russia-Ukraine war intensifying and further constraining global oil supplies.

On a monthly basis, the ABS reported that automotive fuel prices rose to 9.4% in September, compared to a rise of 14.8% in August, driven by higher world oil prices.

"Inflation remains elevated and some of the upside risks flagged in August are materialising," Cunneen said.

"The conflict in the Middle East has broadened and global energy prices are now much higher than had been assumed in the August forecasts. AI-related demand is driving rapid growth in global prices for technology-related goods. And there remains pressure on domestic capacity."

Dexus will pay $17.1 million to APAC, $5.4 million to IFM Investors and $6.2 million to the Future Fund. Dexus said the total, including a payment to Utilities Trust of Australia (UTA), was about $30 million.

"The legal costs on all sides were bound, and have proved, to be gargantuan," Justice David Hammerschlag said.

"I have little doubt that in bringing the case, Dexus itself briefed counsel whose charges are in the range of those charged by most of those briefed by the claimants. Dexus did not disclose them."

In 2024, Dexus embarked on Project Mercury to sell some of the APAC shares managed by it. Dexus held the shares in APAC along with other institutional investors as the Dexus Bloc.

Under the shareholders' deed, however, Dexus was strictly restricted to give out confidential data to outsiders without securing a pre-approved, enforceable confidentiality agreements with its fellow investors.

Dexus breached this safeguard in the sale process, exposing APAC's sensitive financial data to prospective buyers via an unmonitored virtual data room. Earlier in the year, NSW Supreme Court ordered Dexus to sell its 27.2% stake in APAC.

The court also ordered the other Dexus Bloc shareholders to pay APAC, IFM, Future Fund and UTA's costs of the proceedings on the ordinary basis, except for costs already covered, so there is no double recovery.

Dexus was also provisionally ordered to pay, on the indemnity basis, the costs of the hearing and indemnity claims to the extent not covered. This covers the Future Fund's and UTA's costs and 80% of APAC's and IFM's costs, Dexus said.

"This has been a very expensive exercise," Hammerschlag said.

"An onlooker with no experience of the complexity of this type of litigation, the labour intensiveness of dealing with it, the stakes, both commercial and reputational, involved and the expertise needed to deal with it properly, might regard the costs as somewhat jaw-dropping.

"However, a party dealing with it is entitled to want the highest quality of representation. This does not come cheap."

Prior to the judgement, the Dexus Bloc resolved TCorp's indemnity claim, which was for the claimed amount of $7.4 million.

Dexus said the payments were already covered by about $60 million in APAC-related costs it booked in its 2026 financial year accounts.

The property giant has appealed against the hearing, which is scheduled for November 30 to December 2.

Natallia Smith and Pedro Marin Ramirez were elected for a three-year term and will be formally appointed at the FAAA annual general meeting (AGM) on November 23.

Existing board member Deborah Kent has also been re-elected to her position.

"As a member-led organisation, having a majority member-elected board helps us remain close to the advisers we are here to represent and the issues that are important to them," FAAA outgoing chair David Sharpe said.

"On behalf of the board, thank you to all those who took the time to vote and contribute to the process."

Smith is director and principal financial adviser of TruWealth Advice which specialises in helping women approaching retirement or navigating life changes.

She started her career as a financial adviser in 2003 and founded TruWealth in 2010.

Ramirez is the founder of Marin Wealth, a self-licensed Brisbane practice established in 2023, where he is also the responsible manager.

The firm advises on retirement and superannuation strategy, investment and portfolio construction, personal insurance, cash flow and debt, and estate planning, and has a dedicated practice advising clients through separation and divorce.

"The calibre of the candidates was extremely high and it was fantastic to see so many members keen to get involved in their association and play a role in its future," Sharpe said.

"Natallia, Pedro and Deborah offer a diverse range of experience, skills and perspectives from across the financial advice community and will be strong representatives of our association and our profession."

Sheila Gutierrez-Cabacungan will stand down as director following the end of her three-year term.

Sharpe thanked Gutierrez-Cabacungan for her contribution as a director over the past three years.

"Sheila has contributed enormously to the FAAA both as a board member and a volunteer," Sharpe said.

"In particular, her hands-on involvement with our communities across the country has embodied the FAAA's commitment to grassroots engagement. It has been a pleasure working alongside her."

FAAA chair-elect Michelle Veitch will officially assume the role of chair after the AGM, succeeding current chair David Sharpe, whose maximum 10-year tenure as a director concludes at the event.

Dean Winterton, who joins from ASX-listed real estate investment manager Qualitas, will lead the firm's institutional capital strategy, targeting investors including pension funds, sovereign wealth funds, insurers and endowments.

His remit includes developing new partnerships, strengthening existing relationships and raising discretionary capital.

The appointment formalises institutional fundraising as a dedicated growth channel alongside Pallas Capital's established relationships with wholesale investors, financial advisers, banks and other funding partners. The firm manages about $4.7 billion of capital on behalf of these groups.

Pallas Capital's lending vehicles have invested $11.6 billion across more than 1,400 transactions since inception. It currently manages more than 450 investments valued at $5 billion.

Winterton previously served as global head of capital at Qualitas, where he led fundraising across institutional, wholesale and listed investment strategies.

He brings more than 30 years of experience in investment management, capital formation and institutional distribution across Australia and international markets.

Pallas Capital executive director and chief investment officer Dan Gallen said the appointment would build on existing institutional relationships and support further expansion.

"Institutional capital is already an important part of our platform, with a number of established partnerships across our credit and investment strategies," Gallen said.

"As institutional investors continue to increase allocations to private credit and seek experienced specialist managers, we believe Pallas Capital is well positioned to capture that opportunity."

Winterton said growing interest in private credit and alternative real estate strategies was creating opportunities for specialist managers with strong origination capabilities.

"Pallas Capital has already built a strong institutional foundation, underpinned by a differentiated platform spanning both real estate credit and development," he said.

"It's combination of investment expertise and practical development experience supports a detailed understanding of property risk, active management and the execution of complex real estate opportunities."

His priorities over the next 12 months include expanding institutional relationships globally and increasing discretionary capital available to the business.

The appointment follows Pallas Capital's expansion into the UK earlier this year, when it established a separate business led by executive director Ben Keenan, extending the group's real estate lending operations into another international market.

Tim Sutton has joined the super fund and is based in Sydney, a spokesperson confirmed.

He brings more than 15 years' experience in legal and regulatory across various financial services businesses, including stints at ASIC as a lawyer and APRA as senior manager of legal.

Most recently, he was the special counsel at Norton Rose Fulbright for over a year and served as head of regulatory affairs at Colonial First State (CFS) between 2019 and 2021, departing shortly after Commonwealth Bank announced that it was selling the majority stake in CFS to private equity investor KKR.

Earlier in his career, he held legal positions at AMP, Miniter Ellison and Black Dawson.

Commenting on his appointment, Sutton said: "Having recently concluded a rewarding stint as special counsel at Norton Rose Fulbright, I'm excited to work with the Cbus team to support strong outcomes for members and support the continued evolution of the legal function."

"Looking forward to the opportunities ahead and to contributing to the continued success of the organisation."

Meanwhile, Joshua Parisotto is set to join the super fund this month as chief member officer after a six-year tenure at HESTA in various C-suite capacities.

He joined HESTA as chief advice officer in January 2020 before taking on broader responsibilities for member engagement, education advice and employer partnerships.

In April, Amanda Hagan was announced as the new chief technology officer, a position that was vacated by former chief information and technology officer Mirella Robinson.

In the same month, Cbus Property, the super fund's direct property investment manager, named Chris Kakoufas as chief executive, replacing Adrian Pozzo who stepped down after 24 years with the business.

The real estate unit also welcomed executive general manager of national development Marina Rofe last month, arriving from Mirvac where she was based for close to 14 years.

"Marina joins us at an exciting time as we continue to strengthen collaboration across our national development management business and build on our strong foundations already in place," Cbus Property said.

Speaking at the event, JPMAM chief investment officer and head of global fixed income, currency and commodities Bob Michele said investors would have to look back two or three decades to see yields at the same highs.

"If you look at passive benchmarks, they incorporate only about 40% of what's available to invest in. It's either the amount issuance, the size, where it's coming from, how it's registered, those things don't make it into benchmarks, and sometimes they offer opportunity," Michele said.

"For us, we make a lot of decisions. We think about our interest rate sensitivity. We generally do that with governments, and then we start thinking with sectors in the market that have credit make a lot of sense."

Michele said JPMAM is feeling optimistic about Canada, Japan and Australia, along with emerging markets.

"We can put together a portfolio of government bonds with very good treasuries, very good central banks, with very little dependency on cross-border flows that yield about 9% and have real yields of close to 6%. So that's going to take part of our government allocation," Michele said.

"When we start looking at sectors of the market, corporate debt looks very good to us. No one that's spoken so far has talked about recession. I'm pretty clear with the global capex cycle out there. Recession is a very low probability."

In terms of how artificial intelligence (AI) will impact economies, Michele warned investors should be careful about where funding goes.

"Those with deep pockets, a lot of free cash flow that are willing to pay to access the market make a lot of sense to us. Those that are more dependent on actually delivering and monetising demand, maybe not so much," he said.

"We look at the securitised market. It's through agency mortgages, which are mostly in the benchmarks. You can get yields of over 6% right now. They're still in US conservatorship, so they have government guarantee.

"The greater opportunity may be in securitised credit. So, think about things like credit card receivables, auto loans, and this nascent area of AI funding, you're starting to see compute being securitised through the chips and the graphics processing unit (GPU). That may make sense for us down the road... There's a lot of yield out there. You can be very choosy about how you put together your portfolio, and very careful about what the upside is."

Financial Standard was a guest at J.P. Morgan Asset Management's 2026 Asia Summit.

Speaking at the JPMAM 2026 Asia Summit, El-Asmar said the rise in actively managed ETFs is bringing in a new wave of investing, calling it "ETFs 3.0."

"The buyers of leverage and inverse are not the typical buyers of ETFs. Typical buyers of ETFs use ETFs as long-term building blocks for their asset allocation. The buyers of leverage and inverse products are day traders or speculators that are looking for short-term benefits and fear of missing out," he said.

"So, the key message here is that leverage and inverse, as well as thematics could be more noise than actual trends or actual signals in the market. But active ETFs are here to stay."

El-Asmar said while active ETFs only constitute around 11.4% of the ETF industry today, they represent around 30% of net growth.

"Active ETFs are not new; they started in 2008, but in the last six years, they've been growing tremendously. What's also happening, which you should be aware of and concerned about to some extent, is product proliferation.

"On a global basis, there are now 16,000 ETFs. In the US, there are now more ETFs than there are single stocks. So obviously, with more products comes the need for investor allocation, because not all ETFs are created equal."

He said whenever a new equity product enters the market, it does so as a passive product which over time evolves. This is what he believes is happening in the ETF space.

"Every single market in the world starts with passive equity products, and then evolves to have specific single products, or commodities, or currency or the others. But ETF 3.0 for us is active," he said.

"In the last six years, [the active ETF] industry has been growing at about 50% per annum. And more specifically, within that active ETF industry, these outcome-based ETFs have been growing at an even higher percentage."

Financial Standard was a guest at J.P. Morgan Asset Management's 2026 Asia Summit.

Johnson joined Macquarie's predecessor Hill Samuel Australia in 1971, which at the time provided merchant banking and corporate advisory services to the mining and industrial sectors.

He served as joint managing director alongside David Clarke from 1971 to 1977, paving the way for what would become Macquarie Bank and Macquarie Group.

After moving to London in 1977 to lead Hill Samuel's international division, he left Macquarie briefly before returning in 1986 as chair of corporate services.

Johnson was deputy chair of Macquarie Bank until July 2007 and chair of Macquarie Infrastructure Group until 2010.

Johnson held a string of board positions, including as chair of the Australian Financial Centre Task Force, and a director of AGL Energy, Alinta Energy and Westfield International.

From 2002 to 2013, he was one of three Australian members of the APEC Business Advisory Council.

Johnson was a senior adviser to Gresham Partners and co-chair of the US Studies Centre's Council of Advisors.

He received the Order of Australia Award in 2010 for his contribution to the Asia Pacific Economic Cooperation and the Australian Strategic Policy Institute.

Johnson was a Commander of the Order of the Crown (Tonga) and a Life Governor of the Victor Chang Cardiac Research Institute.

Macquarie Group chief executive and managing director Shemara Wikramanayake said Johnson had a remarkable impact on Macquarie's origin story, laying the foundations of the organisation and shaping a culture that remains central to what it is today.

"I feel fortunate to have worked closely with Mark when I first joined Macquarie and to have seen firsthand his ethos of giving people the trust, responsibility and support to pursue opportunities. His influence extended well beyond Macquarie through his leadership and contribution to Australia's financial services sector and broader society," she said.

"We are deeply grateful for all that Mark gave to Macquarie, and on behalf of Macquarie staff past and present, I extend my sincere condolences to his family and friends."

Why inflation-linked income matters more in this market cycle

Ask any financial adviser what they look for in a fund manager and they'll likely name three traits: proven expertise, product endurance and institutional edge.

Those qualities may not have mattered as much during extended periods of market growth, but they become non-negotiable when inflationary pressures persist, eating into income and returns.

It's in this environment that Peter Meany, head of global listed infrastructure at First Sentier Investors, argues that a fresh take on a classic investment concept could be exactly what the market is starting to value.

More structural shifts ahead 

As the saying goes, time in the market beats timing the market. Today, infrastructure is in a rare position to harness both.

"Infrastructure investing has always been important to have in a portfolio, but right now we're seeing unprecedented growth coming through the sector from things like the energy transition, digitalisation and urban congestion," he says. "Infrastructure solves a lot of those long-term problems."

What was evident 30 years ago as the sector's key attraction has been validated again in the face of rising interest rates.

"The income is inflation-hedged, and the strong underlying structural growth drivers we're seeing are coming through infrastructure portfolios as regular and contracted earning streams."

Conversely, technology companies are dominating the top indices, meaning a shrewd investor needs to ensure their portfolio is diversified.

"The growth markets have done very well, but investors are feeling a bit uncertain at the moment and are considering a defensive strategy." Infrastructure could be a good complement if the technology sector goes through a down market in the future, he says.

Correcting outdated perceptions 

In a 2021 interview, Meany identified electric vehicles (EVs) and the electrification of the automobile sector as a structural shift that could deliver a new source of returns to investors.

He's applying that same rationale to forecast how "boring utilities" may in fact become cutting-edge businesses as they adapt to offer renewable energy.

"What people are missing at the moment is just how enormous the challenge is of solving some of these renewable-energy transition issues and the amount of investment that needs to take place."

"And with that investment, you're growing the asset base of infrastructure, which ultimately, in a regulated business model, leads to greater earnings growth."

For example, electricity providers will need to upgrade their asset base to reduce their carbon footprint or provide renewable energy. With more EVs on the road and the growing use of internet and AI in most households, electricity providers around the world will need to improve their operations, which, as Meany says, could completely transform their earnings profile.

"In some cases, we've got big, boring utilities growing at 10% per annum, so they're starting to deliver more growth, which I think, over time, will also make them less interest-rate-sensitive than they've been in the past."

The 'pay-their-own-way' model 

What truly defines 2026 as a milestone year is the emergence of a hybrid business model responding to the huge challenge Meany describes.

Over the next decade, the number one constraint for data centres is the unprecedented demand for power.

"Utilities are helping solve that problem through investments in new generators, particularly renewables, battery storage, transmission lines and upgraded substations."

"All of that is required to deliver these power solutions for the future, and large tech companies are willing to pay their own way. They're willing to make commitments over the long term - we're talking 10, 15 and 20-year contracts - to make sure that this power is available."

"That means utilities are making very significant investments, but in a low-risk way because it's contracted and regulated in nature."

The lifestyle premium 

Market commentators are currently divided on the likely number and size of data centres in the future, but there is one thing many agree on: the generational shifts in lifestyle spending.

"Younger generations want more experiences, particularly post-pandemic, while older generations have a significant amount of wealth and perhaps want to spend some of that instead of just handing it to the kids," says Meany.

Both trends are driving an enormous amount of travel around the world. Add to that the "new middle wealth" emerging from India, Africa and Latin America. "When their wealth increases, they tend to travel as well."

Beyond airport travel driving a surge in development and infrastructure, urban congestion is a major issue.

"Every city in the world is struggling with road capacity, and we've seen when that infrastructure is built and built well just what a difference it makes in terms of moving people and moving goods around cities."

Meany witnesses this firsthand because First Sentier Investors makes it a point to visit companies and businesses throughout the year.

"We pride ourselves on getting out and meeting companies face-to-face. It's the best way to understand the culture of a business."

An inflation hedge 

The stakes are high with tangible assets like airports, toll roads and power plants. In a world of deepfakes, in-person visits are critical for projects large or small.

"One-on-one meetings allow us to dive a little bit deeper. Let's say, for a large US utility, we can ask: What's the exact timing of the closure of their coal-fired power plant? What are they going to replace it with, in terms of wind, solar and batteries? Do they have the regulatory approvals to get that done in a reasonable timeframe?"

Because the strategy's portfolio is global in scope, Meany says it's easier to make business comparisons.

"Take airport development. A business might say, 'Here's an old terminal that's yet to be redeveloped. It has low ceilings, and limited retail and food offerings. But here's a new terminal we've developed, and look at the 60% uplift in spending we've achieved post-retail development.'

"Well, if that can play out in their other three terminals, and if I can take that knowledge in Zurich and apply it to our airport exposures in Mexico, then all of a sudden we start to see world's-best practice. It brings the spreadsheets to life."

Asked why infrastructure investing matters not just to the big end of town but mum-and-dad investors, he says, "One of the great things about infrastructure is that it's tangible. You don't need to explain to people how an airport makes money or how a toll road makes money or how a water utility makes money because you use them every day."

Even better, companies are also held accountable to deliver on their social licence to operate, which means both the community and the investor can have a direct impact on how these businesses run.

"That's the great thing about infrastructure: it's real, and the income offers inflation-hedging, which is clearly important at this point in the cycle.

Brought to you by First Sentier Investors. 

He reconciled daily cash balances and positions, gathered market data and verified valuations. The fund administrator would supply the accounts and calculations, while the funds management side would effectively perform the same checks and balances to ensure the calculations were correct before signing off on daily reporting.

It was a valuable experience for Man who would later transition to front-office roles, drawing insights and experience from the inner workings of the back office - the engine rooms of the financial services world that make the flow of money possible.

"Compared to back in the day, when things were much more manual, the process is now far smoother. There's still some human involvement, but a lot has been automated," he says.

During Man's days at Global X and its custodian HSBC, if trade volumes increased by, say, 30%, there'd be some delays in receiving net asset value (NAV) reports. These days, things run much more smoothly.

"We receive reports on time pretty much every day. Occasionally there might be an ad hoc check that needs to be completed, but if we want to launch more funds, the automated processes used by modern custodians are actually quite good," he says.

Pressure is building in Australia to  make this process even more seamless and faster: a move to a T+1 settlement cycle will keep us in line with the US, Mexico, Canada, India, Argentina, Pakistan and Nigeria.

While Australia has a long runway to T+1 of around 2030, local stakeholders, particularly custodians, still have their work cut out for them in keeping pace with a patchwork of global settlement timeframes.

"When the US moved from T+2 to T+1, the industry had to scramble a little because it introduced an extra operational step," says Man.

While adding another step to every transaction can create complexity, he believes the industry has largely adapted.

"Initially, some firms experimented with different models. For example, some tried keeping broker settlements on T+2 while ETF units settled on T+1," he says.

"Eventually, the market converged on the current approach, where authorised participants effectively bridge the funding gap and price that cost into spreads or ETF creation and redemption activities.

"Otherwise, brokers would have to provide the funding themselves, and that can become quite expensive. Over time, the industry has generally moved toward a more consistent model."

Northern Trust global head of client solutions for asset servicing Gerard Walsh says the shortened settlement times impact all market participants at every point in the lifecycle of a trade decision.

Trading price is perhaps the most straightforward component, electronic and relatively seamless, such as buying a million dollars' worth of shares.

"It's the daisy chain of events that happen after that that investment managers in this part of the world will need to watch out for, particularly the cut-offs around trade-related FX," he says.

A super fund, for example, selling out of an Australian mining stock settles on T+2. But it also wants to buy Denmark's Novo Nordisk at the end of the week.

In this ever-shifting settlement cycle, Walsh emphasises the need to prepare for a funding gap and trade-related FX requirements - thinking well ahead about the need for instruments such as derivatives, overdrafts and lines of credit.

"Everything is available at a price, and the price shoots up if you've got an emergency," he explains.

Such creeping costs can potentially materialise and escalate. A poorly timed trade-related FX arrangement, for instance, may come at a higher cost than if the transaction had been planned properly.

Walsh has also seen certain behaviours among portfolio managers from around the world change upon realising they "had to have their jigsaw puzzle absolutely buttoned."

"Those funding gaps are the things to watch for that period where there's the settlement cycle mismatch between [Australia and] the rest of the world," he says.

In the event Australia does not transition to T+1 by 2030, Walsh urges local investment managers to plan for a funding and cash management gap that could last close to half a decade.

"It's a long time for a portfolio manager to operate, knowing and understanding that placing a large trade on a Thursday raises the cost of that trade," he says, meaning this would require careful planning and considering executing the trade earlier in the week, perhaps on a Tuesday or Wednesday.

Rising costs are also a meaningful factor that Richard Carleton, the chief executive of the Canadian Securities Exchange, who highlights this ever since Canada went live with T+1 two years ago.

He warns exchange operators outside the US that shifting to T+1 will be a challenge, and many will be forced to do so.

"It will probably increase our costs and certainly increase the costs of investment dealers that connect to our systems," he says, adding that the appetite for a shortened timeframe is primarily for the Magnificent Seven and other major US stocks.

"If the ASX trades 24 hours a day and Cananda goes 24 hours with some of its big-name stocks like Royal Bank and Shopify and so forth, frankly, nobody's going to care," he told the recent Stockbrokers and Investment Advisers Association Conference.

"But if we don't go 24 hours, we're looking at a scenario in two to three years where the big US exchanges operate nearly 24 hours a day."

That day may come sooner than expected. In a momentous move, Nasdaq will enable a 23-hour trading day, five days a week on December 26 in a bid to "meet rising demand for US equities across the globe" as well as "broaden investor access, expand wealth-building opportunities, and redefine how markets function."

Carleton notes another important component of round-the-clock trading is that DTCC, the clearing and settlement system in the US, is taking steps to clear on a T+15-minute basis.

"Canada will likely remain on T+1 and Australia will be T+2 in the foreseeable future," he notes.

"As exchange operators, we're going to have a heck of a time keeping some of our larger stocks that might like to take advantage of that 24-hour liquidity at home. Furthermore, it will be a costly struggle for us to offer a comparable service."

ASX acting group executive for securities and payments Andrew Jones chimes that there are only a relatively small number of stocks that investors would actively want to trade overnight.

"We also need to be realistic. We're not the US. We don't have a population of 350 million people spread across multiple time zones.

"Our liquidity fits nicely into the window of existing trading hours. In fact, a significant amount of liquidity occurs during the closing auction, which takes place in the final minutes of the trading day," he told the same event.

Jones, however, believes the ASX can support 24-hour trading if it came to it and that it is technically possible.

"But as we all know, these decisions are ultimately market decisions. We need to work with everybody and determine whether there's actually sufficient demand," Jones says.

Tokenisation: Beyond buzzword

Tokenisation is a pointed piece in this narrative. What was once perceived as speculative is now muscling into the traditional world of finance. Stakeholders are also exploring where this piece of the puzzle fits.

Jones says: "If we can enable the transacting of stocks outside traditional operating hours via a token, then maybe we can effectively provide 24-hour bilateral matching."

This could be the ASX operating during normal trading hours, while another exchange facilitates trading in tokenised versions of those securities overnight.

"That's potentially a much more interesting model for Australia," he says, pointing to several tokenisation models emerging globally, such as the NYSE, LSE and NASDAQ operating their own models, while partnerships are developing between crypto exchanges and traditional exchanges around the world.

Many would argue tokenised securities could potentially be the next revolution in investing.

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The consultation relates to the updates applied to Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority to reflect AFCA's expanded jurisdiction under the SPF when it commences on 31 March 2027.

In line with the expanded capacity, AFCA amended its rules to establish a new jurisdiction for SPF complaints and commenced another consultation earlier this year.

ASIC's proposed updates include the removal of some content that is now covered by AFCA's ASIC-approved scheme rules for complaints resolution, while retaining references to rules that ASIC considers are key to AFCA's operation and its ability to meet obligations under the law.

Further, the update preserves ASIC's core oversight expectations and more clearly distinguishes between legislative requirements, AFCA's scheme rules and ASIC's expectations.

This is the first substantive update to RG 267 since AFCA was established in 2018.

ASIC said it is now seeking feedback to ensure RG 267 remains "clear and current".

"While ASIC has an oversight role over AFCA, the scheme remains independent and responsible for its own internal processes and the management of complaints. Matters related to AFCA's internal processes or management of complaints are outside the scope of RG 267," ASIC said.

The consultation is now open will close on November 24.

The SPF was introduced by the government to strengthen consumer protections across multiple sectors, as AFCA will consider scam-related complaints in relation to the initial sectors, including banking, telecommunications and digital platforms.

Financial firms must have a dispute resolution system that consists of an internal dispute resolution (IDR) procedure and an active AFCA membership to remain compliant.

The Control Imbalance report, based on responses provided by 76 practices representing 639 advisers, found the cumulative impact of inefficiency across the current advice operational model is substantial, resulting in an estimated $1.33 billion in avoidable costs and $9.36 billion in lost enterprise value across the profession.

Non-advice operations are consuming at least 86% of practice efforts, despite advisers estimating this to be less than half (45%). Elemnta said this 41% perception gap is a "primary driver" of flawed capacity planning and systematic under-pricing.

Commenting, Elemnta chief executive Shaun Green said advisers have underestimated their non-advice workload, which is hidden in error correction, application tracking and product-data retrieval.

The finding equates to approximately 40 hours being spent on a single client, instead of the long-standing industry benchmark of around 25 hours.

"All previous researchers spoke about 25 hours for as long as I can remember. What really came out was that the amount of time they thought they spent on advice activities versus non-advice activities; there was this blind spot, and it what we called a 'perception gap'," Green said.

"When we did that time and motion research, there were extra 15 hours that sit in the pain of product implementation that seemingly weren't caught in advisers' minds when they were being asked about the advice process.

"They didn't understand how much time was spent in these other areas."

Imbalanced control

The report also indicated the "crux of the matter" lies within control, where product providers and platforms currently control 75% of practices' operational burden, leaving practices with only 25% of control.

While practices oversee processes such as client meetings, fact-finding or advice creation, product providers have control for implementation, data feeds and platform integration.

For example, a typical 100-client practice, 75% of the total annual operational burden of $377,000 is controlled by external product providers. This product-controlled portion amounts to $277,000 annually, leaving practices to manage only the remaining 25% ($99,000).

The result for practices is "nothing short of chaos", the report said.

Elemnta chief product officer Dane Baldwin explained advisers have become so efficient at solving their own adversities post-Royal Commission in 2018 but are stuck in areas out of their control.

"Because post-Royal Commission advisers had the red tape and compliance laid on them to the point where it's probably one of the most heavily regulated industries in the country," he said.

"Advisers have become very efficient at things that they could control, and as a result, a portion of their control has come right down... which is why [the portion of control] shifted over time. Back then it was probably evenly split on product control processes.

"But they really haven't been able to touch or control any of the product provider processes, nor have they had much input to it. That's what led to advisers getting efficient in the areas that they can control, but in the areas that they can't, they're stuck."

Data fragmentation

Green noted part of the struggle arose from data, as well as issues around variance across the processes of different providers.

The same task takes five times longer depending on which provider a client chooses, the report said, contributing to the imbalance thematic.

"The challenge where practices are out of control of these processes that are dictated by the respective platforms and the inability to influence [those processes]. Because it's actually not their technology and it's not their process," Green said.

He also noted there was significant friction around fee disclosure statements (FDSs) since it was implemented.

"Now that's an imposed regulatory obligation, but 75% of the time spent on FDSs is actually just collating data from product systems, so advisers are stuck chasing data to meet their regulatory requirements," Green stressed.

"Whilst it's a compliance issue, the heart of the pain is a data problem... The opportunity is now for the industry capacity to meet the demand, because we've clearly got supply-demand issues. There's a big opportunity here that we can solve for the market."

The report also found advisers spend six times more time implementing advice, collecting data, and meeting compliance requirements than creating it.

"Australian financial advice is being slowly constrained. Not by regulation alone, not by market forces, but by platforms and product providers who, on one hand, work hard to support accessible advice, and on the other, provide processes and technology that add a significant operational burden," the report stated.

"This situation could result in reduced capacity, increased numbers of practices operating at a loss, or substantial fee hikes that may exclude middle-income Australians from accessing advice during the impending retirement wave."

This comes despite the fact many platforms work to support the profession and enhance customer access to advice, investing millions in features and user experience enhancements.

Regardless, the operational reality for practices, in most cases, unfortunately, proves to be more complicated, the report noted.

"Current approaches are seriously insufficient and are inadvertently suppressing the profession. Each platform spends significant time optimising for its own product flows whilst (for the most part) taking small steps towards true integration," it said.

"The result is that practices narrow approved product lists to manage complexity, with a preference given to platforms that are prioritising adviser efficiency. Practices delay implementations to batch workload, extending timelines.

"Practices either avoid or charge more for complex strategies because the cost of the implementation burden and error remediation risk often exceeds the cost of advice."

A participating practice shared the frustration in the report: "Industry funds we love to death because they're actually the worst part of this whole process. It's an absolute nightmare. You don't tick that box exactly right; you start all over again."

However, Baldwin said it is the result of the evolution of the industry and advisers are slowly adapting to it.

"I think to an extent, advisers have accepted [the platform's increased control] as something that they have to do rather than complain about it," Baldwin said.

"Because product implementation and data collection is just like breathing to platforms, it's part of their day-to-day."

The key to unlock the $9.4 billion

These challenges, once understood, Elemnta believes can unlock $9.36 billion in industry-wide practice value, but highlighted related parties will need to act soon, hinting the next 18 months will be crucial for any improvements.

"This is a system-wide challenge that requires a coordinated industry response. Platforms, product providers and technology partners all have an important role to play in improving connectivity, reducing duplication and making it easier for advisers to serve their clients," Green said.

"Advisers are already feeling the impact, but many of the solutions require collaboration across the broader advice ecosystem.

"The opportunity now is for the industry to work together to address these inefficiencies before they become an even greater constraint on advice capacity."

The research was compiled by Marshan Consulting and was commissioned by Elemnta.

Capital Group's research into the 'great wealth transfer' found 91% of inheritors globally made their first significant financial decision within three months of receiving an inheritance, yet only 18% felt very comfortable making decisions in the first few weeks.

In Australia, the pace was faster, with 52% making their first major decision within days or weeks. However, just 37% fully acted on the advice they received, compared with 48% globally.

The findings point to an opportunity for advisers as intergenerational wealth changes hands, with competing investment options and conflicting guidance leaving many inheritors uncertain about how to proceed.

Capital Group president for Europe and Asia Pacific client group Guy Henriques said the immediate demands of receiving an inheritance could outpace the time needed to establish a clear investment strategy.

"Our research shows that this pressure can lead to missed opportunities, with many wishing they had invested more of their inheritance," Henriques said.

Despite the challenges, 78% of respondents said an existing adviser relationship was particularly valuable when they inherited, while 88% said working with an adviser provided emotional support as well as financial guidance.

Australian investors also placed greater emphasis on returns, with 68% ranking strong financial performance among their top three priorities, compared with 57% globally.

They were more likely to invest inherited wealth in private equity, private debt or other private market funds at 37% against 25% globally.

Women were particularly likely to seek guidance through multiple channels. Nearly all Australian women surveyed (93%) used digital platforms, while 67% cited too many options or conflicting advice as a key challenge.

Capital Group head of client group Australia Jorden Brown said trusted advice could help inheritors navigate complexity and establish a long-term plan.

"Trusted financial advice can make a real difference, helping inheritors simplify complexity, make confident decisions and build a long-term investment plan," Brown said.
The study surveyed 1200 inheritors across North America, Europe and Asia Pacific, highlighting the challenge of turning an inheritance into lasting financial outcomes.

Brookfield continues to remain La Trobe's majority shareholder.

"OMERS' investment is a strong vote of confidence in La Trobe Financial, our people and the platform we have built over more than seven decades," La Trobe Financial chief executive Chris Andrews said.

"We are pleased to welcome another highly regarded, long-term institutional investor to our shareholder base.

"OMERS shares our conviction in the growing opportunity to provide high-quality investment offerings to Australian investors, and its investment provides further support for the continued execution of our strategy."

Earlier in the year, Brookfield also sold a 30% stake in the non-bank lender to Abu Dhabi-based private equity firm Axight for $3 billion.

Together with Brookfield, Axight and now OMERS, Andrews said La Trobe has an exceptional group of institutional shareholders aligned behind its next phase of growth.

"Our focus remains unchanged: delivering strong outcomes for our investors and borrowers, maintaining disciplined capital management and continuing to invest in our people, products and capabilities," he said.

Brookfield acquired La Trobe in 2022 from Blackstone for $1.5 billion.

Drawing on Brookfield's operating expertise, La Trobe has expanded its product offering including the launch of a US private credit product and a listed investment trust on the ASX.

The business has also invested significantly in its systems to deepen investor engagement, enhance client service and improve operating efficiencies.

"Brookfield remains our majority shareholder and an important strategic partner. Its support, operating expertise and global perspective have contributed to the continued development of our business since its investment in 2022," Andrews said.

The transaction is subject to regulatory approvals and is expected to close by January 2027.

La Trobe has $27 billion in assets under management.

The fund had $573.2 million in assets under management as at June and invests in interest-only loans with principal to be repaid on demand and mortgages secured over Australian real property in Tasmania.

ASIC said it made the interim order to protect retail investors from acquiring products under a product disclosure statement (PDS) that may be defective and not worded and presented in a clear, concise and effective manner.

This is one of several stop orders imposed by the regulator in recent months as it cracks down on the private credit sector.

"We'll release the findings of our second private credit surveillance soon, however, it's already clear that practices are not where we need them to be," ASIC commissioner Simone Constant said.

"Firms must ensure their disclosures to investors are transparent and support informed decision making. Where ASIC identifies concerns, we won't hesitate to act swiftly to protect investors from potential harm."

ASIC is concerned that the PDS fails to disclose information about related-party transactions, adequately disclose information about the fees and costs associated with an investment, and contains insufficient information about risks. It also fails to adequately disclose details about withdrawals.

The stop order arose from ASIC's surveillance of private credit funds which is focused on the distribution of private credit funds to retail clients through direct and advised channels.

A spokesperson for Murdoch Clarke Mortgage Fund said as soon it was made aware of the interim stop order it immediately took steps to provide an amended PDS to ASIC for consideration.

"We are awaiting feedback from ASIC about the amendments we have made, and we are confident the changes will address its concerns," the spokesperson said.

"We are focused on working collaboratively with ASIC to get the interim stop order lifted as soon as possible."

ASIC will consider making a final order if the concerns are not addressed in a timely manner and Murdoch Clarke will have an opportunity to make submissions before a decision is made about any final stop order.

Late September, Constant said the regulator was "beyond warnings" and pushed private credit players to assess themselves against its 10 best practice principles.

She urged the sector to uplift standards, noting participants should prepare for enforcement action if they fail to do so.

The partnership will initially focus on the Orbis Global Equity Fund, with Heathcote representing the global investment manager to advisers, research houses, platforms and wholesale investors across New Zealand.

The appointment comes as investors reassess portfolio concentration following the strong performance of a small group of mega-cap stocks that have driven global equity indices, renewing questions about diversification and valuation discipline.

Orbis head of clients for Australia Eric Marais said demand for actively managed global equities was increasing in New Zealand as investors sought broader diversification.

"We are seeing increased demand from the New Zealand market for actively managed global equities, which is being driven by a greater need for diversification with a truly global lens," Marais said.

"We believe our contrarian approach results in a Global Equity portfolio that brings significant diversification potential to the market."

Heathcote Investment Partners principal Clayton Coplestone said the strategy offered advisers an alternative to portfolios with substantial exposure to the same large companies, often through passive investment.

"Orbis offers advisers a truly different option: a patient, research-driven manager with the conviction to invest away from the crowd. We think the timing for that conversation is right," Coplestone said.

"We're delighted to represent the Orbis Global Equity Fund in New Zealand. Many portfolios have quietly become concentrated in the same handful of large companies, often through passive exposure."

Orbis has invested in undervalued global equities for more than 30 years, using a fundamental, long-term approach focused on identifying companies trading below their perceived worth. The firm has more than $80 billion in assets under management and a team of more than 60 investment professionals internationally.

The New Zealand expansion follows Orbis' appointment earlier this year of Allison Savas as investment director. Savas previously held the same role at Antipodes Partners, where she represented its global equities team and developed investment content for advisers.

Newly minted chief executive Louise Watson leads the managed accounts provider's restructured business, that unveiled its inaugural executive leadership lineup just 15 months ago.

Chief operating officer and chief financial officer Will Gramolt has left the dual role to move to another post at parent company Generation Development Group (GDG).

Deputy chief financial officer Alex Kroujkov is now the chief financial officer. Darren Beesley remains as chief investment officer.

Those made redundant include chief risk and operations officer Jason Komadina, who took the role in August 2025. He was joined by general manager of advice solutions Marc Hraiki, who also moved to the group at the same time.

A number of sales and consulting roles were also impacted by the overhaul. Evidentia declined to confirm the exact number of staff and roles affected.

"As is common with any organisational change, a small number of roles have been impacted, resulting in some individuals departing our business. Evidentia Group takes the privacy of its people seriously, and as such will not make an official statement publicly disclosing the names of individuals or individual impacted roles," Watson said in response.

"The changes announced are designed to create a structure that supports stronger collaboration, better client outcomes and sustainable growth."

The restructure comes as GDG reported booming funds under management (FUM) across its wealth business in the September quarter, led by record investment-bond sales at Generation Life.

Evidentia Group ended the September quarter with $41.7 billion in FUM, up 28% on the prior corresponding period. It recorded $1.54 billion in net inflows, including $74 million in net new mandates.

Part of the changes saw the promotion of Brendan Johnson to chief client officer, a newly created role, after serving as general manager of business consulting for one year.

Jo Cornwell has also taken on a newly created role of chief commercial and operating officer, moving on from her position as head of manager research.

The senior leadership team includes Chris Carrodus as general manager of asset consulting, Chris Smith as general manager of implemented portfolios, Hugh Holden as general manager of wealth solution, and Mark Zaglas as general manager of business consulting and Naomi Christopher as general manager of marketing and communications.

Watson said: "Over the past 18 months we have made significant progress bringing our businesses, teams and capabilities together, while attracting leading talent from the market. As we look ahead, this new structure positions us to operate with greater focus and agility, to help more clients in more ways."

She added that the changes are about "building on the strong foundations established through the larger Evidentia Group and creating an organisation that is well positioned for sustainable growth."

The proposed changes include increasing the cap on banks' covered bond issuance to support access to stable and cost-effective sources of funding.

Treasury also wants to align the Financial Accountability Regime (FAR) reporting requirements for smaller banks with prudential regulation thresholds and increase the withdrawal limit for deceased persons' estate-related expenses from $15,000 to $30,000. This includes funeral expenses and would expressly provide for the payment of court filing fees from an account.

"These reforms will make it easier for mid-sized banks to compete and streamline reporting requirements for smaller banks to make the sector more efficient and dynamic," treasurer Jim Chalmers said.

"The increase to the covered bond cap will support greater access to stable and diversified funding sources for Australian banks. The Council of Financial Regulators' Review into Small and Medium-sized Banks found that a higher covered bond cap would particularly benefit mid-sized banks' access to longer-term and lower-cost funding."

Chalmers added that changes relating to deceased estates will help reduce administrative and financial burdens for families at a difficult time by making it easier to access funds to pay for funeral expenses, court filing fees and other costs relating to the management of the deceased estate.

After the consultation, Labor wants to implement the reforms from later this year.

The first part of the consultation relating to increasing the covered bond issuance limit under the draft Banking Regulations 2026, is taking submissions until October 30. The current limit is 8%. The proposed change for authorised deposit-taking institutions (ADIs) increases this to 12% of their assets.

The second consultation on implementing parts of the better regulation measures closes on November 30.

This proposal would increase the withdrawal limit to $30,000 from $15,000 and allow the payment of court filing fees when applying for probate of a deceased person's will and for letters of administration of a deceased person's estate.

As for the FAR, the enhanced notification threshold for ADIs would increase to $30 billion from $20 billion.

"The amending Rules align the enhanced notification threshold with the definition of Significant Financial Institution in Prudential Standard CPS 001 Defined terms to reduce notification obligations, and therefore administrative burden, for smaller ADIs, while preserving the regime's core accountability objectives," Treasury said.

Financial services minister Daniel Mulino said the reforms help boost productivity and competition in the financial sector.

"We are cutting red tape across the financial services industry by $780 million a year which is good for customers and good for the economy," he said.

"These reforms will make it easier for mid-sized banks to compete and streamline reporting requirements for smaller banks to make the sector more efficient and dynamic."

Ninety One has been appointed by MLC for its 4Factor Emerging Markets Equity strategy, which seeks opportunities in companies listed or based in emerging markets, as well as businesses with significant economic exposure to them.

The $22.8 billion strategy is co-managed by portfolio managers Archie Hart and Varun Laijawalla and applies an active approach that provides core exposure to global emerging market equities through a portfolio with balanced exposure to growth, quality, value and momentum through the cycle.

The strategy seeks to generate long-term excess returns through bottom-up stock selection without taking excessive risk, Ninety One said.

The strategy sits within Ninety One's $48 billion emerging markets equity platform, which offers a range of strategies tailored by geography, risk profile and investor objectives.

Commenting, MLC Asset Management head of equities Stanley Yeo said the appointment follows a comprehensive review of the emerging markets equity landscape.

"In an environment where fundamental global equity managers have been challenged, the emerging markets multi-manager portfolio we manage has delivered strong alpha," Yeo said.

"Ninety One's proven investment approach and deep expertise in the asset class make them a strong partner as we seek to continue to deliver positive outcomes for our members and clients."

Meanwhile, Ninety One co-head of Australia Stephen Small said emerging markets continue to provide meaningful sources of growth and innovation for portfolios.

"Yet they remain underrepresented in many global portfolios, creating a compelling opportunity for long-term investors. It is an opportunity Ninety One understands deeply after 35 years of investing in emerging markets," Small said.

"MLC Asset Management is an important partner for Ninety One, and this mandate reflects our shared conviction in the role emerging market equities can play in delivering long-term outcomes for Australian investors."

Ninety One had $345.5 billion in assets under management as at September 30.

The committee will bring together government, regulators and industry to identify and prioritise opportunities to support financial innovation.

It will strengthen collaboration between government and industry across Australia's financial system and help to identify where greater cooperation can support innovation and improve policy, regulatory and market outcomes.

Up to nine industry leaders and experts will join representatives from Treasury and financial regulators, including the Reserve Bank of Australia, APRA and ASIC.

The government said it is looking for experienced leaders who understand emerging technologies and market developments and can bring a broad financial-system perspective to the table.

"Innovation needs the development of new products, services, business models and ways of working that improve outcomes and productivity," assistant treasurer Daniel Mulino said.

"The committee is an opportunity to make sure innovation delivers better outcomes for consumers, businesses and our economy.

"The committee will share insights on emerging technologies, market developments and capability needs, and consider opportunities for greater regulatory coordination, joint regulatory sandboxes, standards development and other enabling measures."

Expressions of interest close on November 27.

The Financial Innovation Committee is part of the government's recently unveiled Financial Innovation Strategy, designed to support a coordinated whole-of-government approach to financial innovation.

The strategy will repeal and replace the existing legislative regulatory sandbox framework to make it more flexible and will work through ASIC's existing relief powers.

The government will also seek to develop targeted sandboxes that focus on AI, tokenised assets, digital money and digital financial market infrastructure.

The federal government has recently backed an overhaul of Australia's regulatory sandbox framework, agreeing to repeal the legislation underpinning the Enhanced Regulatory Sandbox (ERS) and replace it with a more flexible model designed to support financial innovation.

The FSCP cancelled Evan James Byrnes' registration, with the prohibition taking effect on October 23 and running until after 23 April 2029.

During that period, Byrnes cannot be registered as a relevant provider or give personal advice to retail clients on relevant financial products.

The sitting panel found that Byrnes breached the Code of Ethics requirements under section 921E(3) of the Corporations Act 2001, including obligations relating to trustworthiness, competence, honesty and diligence.

Its findings included inadequate records of annual client reviews over several years, alongside ongoing advice fees charged to some clients who did not receive all the services they were paying for.

The panel also found Byrnes failed to respond adequately to requests from his licensee during audits and investigations into his annual review arrangements.

It considered the record-keeping failures and lack of cooperation as "serious, prolonged and inconsistent with the standards expected of a registered financial adviser."

The FSCP is an administrative decision-making body that considers adviser conduct matters referred by ASIC. Its sitting panel comprises an ASIC staff member and at least two industry members drawn from the panel.

Under section 921L(1) (c) of the Corporations Act, the FSCP can prohibit an individual from being registered as a relevant provider.

In other decisions handed down this month, the FSCP found an adviser it referred to only as "Ms K" miscalculated the amount of concessional contributions the client could make in the 2024 financial year, triggering the bring-forward arrangement from the 2024 financial year.

The advice envisaged that the bring-forward arrangement would commence from the 2025 financial year. The relevant provider also failed to take reasonable steps to verify the client's position regarding his concessional and non-concessional contributions before advising the client to implement the bring-forward strategy in that financial year.

"Ms Q" on the other hand was ordered to undertake at least five hours of continuing professional education in the next six months comprising two hours of ongoing fee arrangements training, and three hours of ethics and professionalism in financial planning and financial advice training.

This adviser entered into an ongoing fee agreement with a client in November 2022, the FSCP said, which the client terminated in an email to the relevant provider in October 2023.

The relevant provider continued to receive fees under the agreement until August 2025 but did not provide a financial advice service.

OKX Australia chief executive Shane Chandra said the consultation highlighted the regulator's application of the principle of 'same activity, same risk, same regulatory outcome' for all digital asset providers.

He said digital assets "do not need special treatment" and that the regulator aims to hold digital asset providers to the same standards as traditional finance.

"With this clarity, mature digital asset firms will be able to offer innovative products to the Australian market within an established regulatory regime," he said.

"ASIC has achieved a challenging goal with this paper. It has laid clear groundwork to apply established financial services principles to a modern and fast-paced industry. The next step is to empower the industry to build within that framework.

"Australia has a real chance to show that digital assets can meet the same standards as the rest of finance and still innovate alongside the world's best. This paper moves us a long way towards that."

He added that many digital assets firms already hold an AFSL with similar or parallel authorisations and a streamlined variation process for these firms will empower the industry to move from clarity to innovation quickly.

Businesses that deal with digital assets had until September 30 to apply for an AFSL.

Challenges beyond obtaining an AFSL

In response to the deadline, CloudTech Group head of compliance William Cole noted one of the most demanding aspects has been the mapping of digital services to appropriate financial services authorisations, including payments, trading and custody, which all require separate considerations.

"The detail matters; the characteristics of the product, which entity provides the service, the customers it serves and the permissions relevant to that activity. This requires close coordination between legal, compliance, technology and operational teams," Cole said.

"The practical challenge is translating that analysis into clear customer documentation and effective day-to-day processes. Our priority is a structure that supports responsible growth and makes responsibilities clear."

He added that not all digital assets are classified as financial products yet and entities should have utilised the grace period to understand the context of their services, "rather than as a blanket requirement for every crypto exchange to have an AFSL granted by that date".

"Our planning brings together Bellevue Hill Capital's existing financial services licence and the proposed authorisations for CloudTechX, with work across product design, governance and operational controls to support the group's development," he said.

Meanwhile, despite holding its AFSL since launch in 2022, AUDC chief executive Effie Dimitropoulos noted that regulation is "not static" and firms will need to continue elevating their frameworks to remain compliant.

One of the more complex issues she highlighted has been applying existing financial services legislation to businesses that perform quite different functions.

"A stablecoin issuer, an exchange, and a custody provider have different obligations and risk profiles, yet much of the regulatory discussion has tended to group them together," Dimitropoulos said.

"Treasury's proposed treatment of payment stablecoins under the stored-value facility framework is an important recognition of that distinction. A fiat-backed stablecoin used for payments and settlement differs fundamentally from a platform that facilitates digital asset trading."

She said Australia is witnessing similar distinctions emerge globally, with regulatory frameworks being "increasingly focused" on the financial function being performed rather than the underlying technology.

Moving forward, she believes getting those distinctions right for Australia will enhance consumer protection and its competition capabilities relative to other jurisdictions.

Assistant treasurer Daniel Mulino announced the reforms in August, which will allow super funds and life insurers to use the NCAs to give members simpler, more affordable help with their retirement, without the cost of full personal advice.

Speaking at the Financial Services Council (FSC) Retirement Summit in Sydney last week, HUB24 chief executive and managing director Andrew Alcock, however, pointed to the growing number of Australians reaching retirement and a shrinking advice workforce.

"Looking at the number of people who are retiring, with an advice workforce of about 15,000 in the country, down from 25,000, it's those advisers who are dealing with that very complex issue that's very real right now. That, I think, is an important focus area for us - to make sure we reduce friction," Alcock said.

"Let's do NCAs, but let's also reduce friction in that part of the market... Because that's where the real need is, and that's where the real risk of us not getting the value out of the great system we've built."

CFS chief executive of superannuation Kelly Power said she has a "fundamental problem" with the fact that it's only available within the product sphere.

At present, the scope of the NCAs is only applicable to superannuation funds and life insurers.

The Financial Advice Association Australia (FAAA) has advocated strongly to expand its scope to all financial advisers.

"When you think about what's actually going to help people, it's getting access to Centrelink, it's looking at whether or not you sell your home... We know that about a third of Australians are retiring with debt now, and so the NCAs can't do any of those things," Power said.

"But people are going to need help if you don't have a primary property and you have debt and going into retirement. There are really complex issues.

"What I would like to see is a world where we're actually solving the real problem, which is how do we help advisers and financial advice licensees get more people through the door, more advisers into their business, but also be able to help more Australians."

The annuities provider said directors had assessed the non-binding proposal against the company's value and prospects, concluding the price was insufficient.

"The board has concluded the offer is not at a level it could recommend to shareholders," Challenger said.

TAL, Challenger's largest shareholder and a commercial partner, proposed acquiring the remaining 79.5% of ordinary shares it does not already own through a scheme of arrangement.

Challenger said it intended to engage with TAL to determine whether a revised proposal could be reached that the board would support.

However, it cautioned that discussions might not result in a binding offer or any transaction.

The update follows TAL's initial proposal on October 19, which coincided with Challenger reporting stronger sales momentum in the opening quarter of FY27.

Total sales rose 52% year on year to $4.4 billion in the September quarter, while assets under management increased 5% to $31.9 billion.

Net annuity flows reached $1.1 billion, with annuity sales climbing 72% to $2.8 billion.

Fixed-term annuity sales more than doubled to $2.2 billion, supported by demand for longer-dated products and the launch of Challenger's annuity-backed notes fund program.

Managing director and chief executive Nick Hamilton previously attributed the performance to demand for guaranteed retirement income, broader distribution and the execution of the company's growth strategy.

The company is also progressing plans to merge investment management businesses Fidante and Channel Capital, a move expected to create a larger investment management platform and leave Challenger more focused on retirement income.

The Australian Competition and Consumer Commission (ACCC) recently approved the merger of Fidante and Channel Capital.

The board's latest response leaves the door open to further negotiations with TAL, but no revised offer or transaction has been agreed to.

The whole-of-fund investment book of record consolidates information on investment positions, transactions, exposures and portfolio structures into a single, record, giving investment teams a more consistent view of the portfolio throughout the day.

The system uses FINBOURNE Technology's LUSID platform, configured to support AustralianSuper's investment approach and adapt as its portfolio and operational requirements evolve.

AustralianSuper senior director of operating model Andrew Byron said the platform would provide teams with more timely information to assess opportunities and risks across the fund.

"This is a groundbreaking move forward for the fund and will give the global investment team a distinct market advantage," Byron said.

The new operating model is also intended to reduce duplicated work and manual data reconciliation, allowing investment teams to spend less time consolidating information and more time analysing it.

By bringing investment data into a common record, AustralianSuper expects to strengthen governance and performance analysis while improving the consistency of information used across its operations.

The platform also provides a foundation for greater automation and analytics, with the fund able to introduce new capabilities without creating separate data sources or adding unnecessary complexity.

"It's an important step in strengthening how we manage investments on behalf of members," Byron said.

He said the system would help the fund operate more efficiently as it grows, while providing greater flexibility to respond to changing investment needs.

AustralianSuper manages retirement savings for more than 3.8 million members across more than 500,000 businesses. The fund had nearly $438 billion in funds under management as of June 30.

Byron added that the investment in infrastructure and investment operations will lead to better information, stronger oversight and more efficient portfolio management to support members' long-term retirement outcomes.

Edward Moncreiffe has been named the new regional chief executive, effective November 2, when he will be responsible for key markets including Australia, New Zealand, India and Sri Lanka.

In his new role, he will continue to be based in Hong Kong and reports to group chief executive and president Lee Yuan Siong.

Edward has 20 years of leadership experience across insurance, wealth and strategy roles across the UK, Europe, Latin America and Asia.

Most recently, Moncreiffe was chief executive for insurance at HSBC Group for its life and health insurance business in Hong Kong, Macau, Mainland China, Singapore, India, Malta, Bermuda and Mexico - as well as insurance distribution units globally.

Across his 15-year tenure at HSBC, he held multiple leadership roles, including global head of strategic partnerships and retail insurance, and head of distribution before transitioning into the top job for insurance in April 2024.

He also chaired the Hong Kong Federation of Insurers, Matilda International Hospital and City Mental Health Alliance Hong Kong. He represents Asia Pacific on the Executive Council of the International Insurance Society, AIA noted.

Commenting, Siong said Moncreiffe has a strong track record of delivering growth and strengthening market positions.

"Edward brings deep insurance expertise, extensive international experience and a strong track record of growing businesses and strengthening market positions," Siong said.

"His understanding of customers and distribution, together with his experience across insurance and wealth, will be highly relevant as he works with our market leadership teams to build on the strong foundations of our businesses and accelerate their next phase of growth."

Moncreiffe said: "I am delighted to be joining AIA, a company distinguished by its exceptional franchise, clear purpose and long-term commitment to Asia."

"AIA's businesses in India, Sri Lanka, Australia and New Zealand each have distinct strengths, priorities and opportunities. I look forward to working with the group and market leadership teams to build on those strengths, advance our enterprise-wide strategic priorities and deliver long-term value for customers, partners and shareholders."

Treasurer Jim Chalmers announced that the additional $87 billion was approved in the June quarter, taking the growth rate of approved investments by the Foreign Investment Review Board (FIRB) to an average of 17% per year.

"Half of all approved applications are processed in 30 days or less. This is more than double the 22% we saw in the previous government's last year in office," he told the recent Citi A50 Australian Economic Forum in Sydney.

In the three months to June, Singapore was the largest source of approved commercial investment proposals by value at $9.7 billion.

This was followed by the US at $9.3 billion, Canada at $5.7 billion, the Philippines at $4.4 billion and the UK's $3.9 billion.

The US remains the largest foreign investor in Australia over the last three years, trumping other nations. In FY25, it splashed a whopping $122.3 billion on local commercial deals, while Japan came in second at $15 billion and Canada third with $12.7 billion.

Finance and insurance were the largest target sectors for approved commercial investment proposals, totalling $27.5 billion for the recent quarter. Commercial real estate came next at $24.3 billion.

"We're making the most of those partnerships by encouraging more investment from abroad and making it easier to do business here," Chalmers told the event.

"By streamlining and strengthening our foreign investment framework to make low-risk investment more straightforward and high-risk proposals better scrutinised. It means faster assessments, more certainty and more capital flowing into our markets."

Chalmers went on to laud private capital's role as the "primary driver of prosperity in the economy."

The International Monetary Fund estimates that Australia's economy is growing faster than almost every G7 economy and will continue at this pace for at least five more years.

Chalmers emphasised that this growth is "overwhelmingly driven by private sector activity."

"Private demand has picked up while public demand has eased. In fact, private-demand growth tripled last financial year compared to the year before, while public-demand growth halved," he said.

"In annual terms, private demand is contributing four times as much to growth compared to public demand. Our debt is lower than every G7 country and will peak lower too."

Attia, who arrived from Euronext to lead the ASX in September, said despite Australia having "well-developed" capital markets, developments offshore can quickly reshape the products and services competing in here, so it is important to the ASX to "respond with urgency".

As such, he said the moves toward 24-hour trading and tokenisation are all on the cards to increase competitiveness.

"Markets are extending access, adopting new technology and developing products that challenge traditional boundaries," he said.

"Moves towards 24-hour cash-market trading and some asset tokenisation are global trends that illustrate the pace of change. Markets increasingly operate across borders and time zones, supported by new technology and connected pools of capital.

"These developments may reshape when markets operate, how assets are issued and transferred, and what customers expect from exchanges. The ASX must understand these shifts early and consider where a response could create value for customers."

Moving forward, Attia's focus is to "fix, grow and expand".

"'Fix' is about strengthening our foundations and resilience. 'Grow' creates more value from the infrastructure and relationships we already have. 'Expand' opens carefully chosen opportunities to diversify the business, connecting Australian customers with new markets and offshore customers with ours," he explained.

"Across all three themes, we will remain focused on outcomes. We will assess our progress through the consistency of our delivery, our ability to compete and the sustainable returns we generate for shareholders."

Attia also noted he is committed to serving in the position for the longer-term, noting he had already built a strong personal connection to the country.

"On a personal note, I moved to Australia with a long-term commitment to the ASX and the markets it serves. My wife and children are Australian, so I already had a strong personal connection to this country before making the move," Attia said.

"I have spent my entire career in the exchange industry and am deeply passionate about it. I believe in the strength of the Australian market, the potential of the ASX and the importance of its role."

Meanwhile, ASX chair David Clarke highlighted the exchange has reached an inflection point.

"My clear view is that the ASX has reached an important turning point. We did not get here through one action or one appointment, but through several years of confronting difficult issues, making important changes and rebuilding key foundations step by step," Clarke said.

"At the same time, we are operating reliably and resiliently through a period of exceptionally high volumes and volatile trading. This matters because we are stewards of critical market infrastructure at the centre of Australia's financial markets, on which millions of Australians depend on every day."

Clarke said the ASX has cleared through several headwinds in recent periods, including resolving the ASIC litigation that was brought forward following a misleading statement relating to CHESS, adding that shareholders can take confidence from the progress.

"We established the Corporate Governance Advisory Group and published new corporate governance principles for consultation; we delivered CHESS Release 1 successfully... and we announced a chief executive transition," he said.

"Together, these achievements demonstrate steady, disciplined delivery."

The ASX is currently defending claims submitted by one of its shareholders, Rosherville Capital, alleging that directors and officers breached certain duties in connection with a  CHESS project.

Giving his first address in the new role at the Financial Services Council (FSC) Retirement Summit, Bradbury said APRA is open to adjustments in current regulations that disincentivise investments by super funds in improving the safety of member savings.

"We should be prepared to consider whether any aspects of the current regulatory architecture disincentivise these important investments and I encourage you to let me know if you think there are areas where we do not currently have the settings right and where adjustments could be made," he said.

"Given the collective nature of these threats, resilience demands a collective or 'Team Australia' approach, within superannuation, across the financial system and among the service providers on which the system depends."

He noted cyber vulnerabilities, combined with increasingly sophisticated AI-enabled attacks, could create a pathway for criminals or a malicious foreign actor to reach directly into the retirement savings of ordinary Australians.

"In the worst case, someone who has spent a lifetime building up their super, could see those savings disappear in a matter of moments," he said.

"This would be a tragedy for the individual concerned, but it would also be particularly challenging for the system if it happened on a large scale, placing enormous pressure on existing compensation mechanisms."

He said awareness is no longer enough and institutions need to know their prevention, detection and response controls will work, and that they can manage a crisis and recover when threats move quickly through shared dependencies.

Bradbury added learnings should flow across the financial system.

"Banks, superannuation trustees and other regulated entities all have experience to share, whether in cyber defence, fraud, identity protection, operational recovery or the safe use of AI. We should be sharing not just warnings about emerging threats, but what has actually worked and what has not," he said.

Speaking at the Financial Services Council (FSC) Retirement Summit, Mulino said Australia's spending on the Age Pension as a share of gross domestic product (GDP) was projected to remain "roughly flat, or even in some scenario, slightly declining".

Mulino said there is the opposite effect happening around much of the advanced world, where pension spending was already high and "rising very rapidly", and in some countries unsustainably.

"If we undermine preservation, there is a risk that once you start going down that path, it risks fundamentally undermining the role that it plays in that intergenerational protection," he said.

"Moreover, my sense is that once you start weakening preservation, depending on how you do it, but often in practice, it tends to hurt the most vulnerable."

Mulino added he did not support having people access their super during the pandemic as it was disproportionately taken out by low-income and low-balance people, having a huge impact on their future balances.

He said cost-of-living and housing pressures faced by Australians needs a targeted response rather than falling back on super savings.

"The preservation debate, whether it be in different ways in housing, whether it be in different ways to support people with their daily spending, it's manifested itself in a range of policy ideas," Mulino said.

"This is something that we need to push back on and say we need to solve these other problems through targeted policies at addressing those problems and not try to use super to deal with things like people's cost-of-living pressures or housing issues."

In a world where people are facing very pronounced cost of living pressures, Mulino said, it is important to go back to the core purposes of super and remake that argument.

"I think people in the community are very sympathetic to that argument. They get the argument, and there's a lot of support for that. So I think the first stage for me is to remake the argument as to why super is there and why preservation is important," he said.

Group FUM, reached $48.1 billion at 30 September 2026, up 29% on the prior corresponding period.

GDG chief executive Grant Hackett said GDG had "made a strong start to FY27," supported by its positions across investment bonds, managed accounts and investment research and governance.

Generation Life was the standout performer, with funds under management rising 33% year on year to $6.38 billion. Quarterly sales reached a record $518.4 million, up 57.1% on the September quarter last year, while net sales hit a new high of $427 million.

The result reflects adviser demand for tax effective investment solutions and greater use of investment bonds in long-term wealth and retirement planning. Generation Life captured 59% of industry investment bonds inflows over the 12 months to June 2026.

Its Lifetime annuity offering also recorded its strongest quarter since launching in 2022, with sales rising 71% year on year to $8.5 million.

Evidentia Group continued to expand its managed-account business, ending the quarter with $41.7 billion in funds under management, up 28% on the prior corresponding period. It recorded $1.54 billion in net inflows, including $74 million in net new mandates.

The business also welcomed Louise Watson as chief executive, with priorities including expanding distribution, strengthening platform capabilities and improving operational efficiency.

Meanwhile, Lonsec Research and Ratings reported sustained demand for its core research services, particularly in separately managed accounts. Its newly launched Lonsec Governance Solutions business is also exploring demand for investment oversight, with several client trials underway.

GDG acknowledged softer industry conditions and more cautious market participants, but its latest results point to growth across product manufacturing, investment implementation and research services, rather than reliance on a single business line.

Shareholders at the annual general meeting (AGM) yesterday unanimously voted in favour of changing the company name to Barrenjoey and subsequently listing under the ticker code BJY on the ASX.

"This isn't a cosmetic change. It reflects the scale and ambition of what has been built, and the transition of your company from a single-line investment manager to a diversified financial group operating across multiple market segments," Magellan chair David Gonski told the AGM.

The group announced a greater emphasis on growing its corporate finance and financial markets divisions, which collectively earn 70% of total revenue based on pro forma estimates.

"Barrenjoey's standalone performance was strong: revenue of $573 million, up 34%, with growth across all three of its businesses, and operating profit after tax up 68% to $112 million," Magellan chief executive Brian Benari told the meeting.

"Return on equity approached 33% and operating leverage is emerging."

Magellan, which contributes 30% to total revenue, suffered a challenging 2026 financial year. About $246 million of revenue declined by 11%, largely reflecting lower investment management fees, partially offset by stronger partnership income from its investment in Barrenjoey.

As part of a review, Benari said $251 million was redeemed from various Magellan funds is now managed by the group's treasury team, which is investing the money in cash and fixed income.

"This means a modest reduction in investment earnings, but importantly, a meaningful reduction in risk and earnings volatility," he said.

For the September quarter, the investment management unit's total assets declined by 8% to $38 billion, primarily due to higher bond yields impacting listed infrastructure valuations and outflows.

Benari flagged the Magellan will soon launch capabilities in private capital and listed equities to meet a clear client need.

"We're also already seeing tangible benefits with Barrenjoey's origination capability combining with Magellan's distribution reach to bring alternative asset funds to market, and we have new products we will bring to market through the year," he said.

The merger of Magellan and Barrenjoey was finalised in July. As for integrating both entities, Benari said central support functions such as human resources, finance and legal will be substantially integrated by the end of November, well ahead of schedule.

At the AGM, five directors who served on the Barrenjoey board - Paul Compton, Fiona Hick, Philip Lowe, Kelly O'Dwyer and Gonski - joined the group on July 1. They stood for election at the newly merged group for the first time and successfully won seats on the board.

Research from Praemium and CoreData's Rich Decisions report found 81% of high-net-worth (HNW) investors expect markets to perform well over the next 12 months. However, cash remains the third most commonly held asset class, with 53% of investors holding it at an average of 20% of their portfolios.

Australian equities and residential property remain more prevalent, held by 57% and 54% of respondents, respectively.

Uncertainty surrounding the 2026-2027 Federal Budget reinforced the defensive position, with 32% of investors having increased or were planning to increase cash allocations in response.

Interest rate movements were the leading portfolio concern, cited by 48% of respondents, followed by inflation (45%), a potential global economic slowdown (44%) and financial policy or tax changes (42%).

Yet investors are not uniformly retreating from risk. More than half (54%) adjusted their portfolio allocations over the past year, including 37% who both reduced risk in some area and increased exposure to opportunities elsewhere.

Technology and artificial intelligence topped the list of investment opportunities, nominated by 45% of investors, ahead of interest rate cuts at 39%. Domestic and international equities each attracted 35% of responses, while 31% identified private markets and alternatives.

"Cash isn't necessarily a vote against growth," said Praemium acting chief executive Denis Orrock.

"HNW investors can see opportunities in technology, equities and private markets, but they're also navigating interest rates, inflation and policy uncertainty. Cash gives them the flexibility to act when the right opportunity emerges."

Demand for advice is also rising, with 29% of investors having sought advice since the Budget. A further 28% of advised investors want more support accessing alternative investments.

"The question isn't simply whether investors are holding too much cash, but what would give them confidence to deploy it," Orrock said.

"For advisers, that creates a broader portfolio conversation around liquidity, diversification and how new opportunities fit alongside existing holdings," said Orrock.

From 1 July 2027, responsible entities of MISs, as well as investor-directed portfolio service (IDPS) operators and directors of retail corporate collective investment vehicles (CCIVs) will need to abide by higher thresholds when it comes to their NTAs.

The minimum NTA of $150,000, for example, will rise to $200,000, and the $500,000 NTA minimum will increase to $700,000.

The $5 million cap that applies to the average value of fund assets limb of the concessional NTA requirement would rise to $7 million, and the $10 million NTA minimum would rise to $14 million.

The newly published ASIC Corporations (Amendment) Instrument 2026/708 states amounts will be indexed on the first day of each indexation year starting on or after 1 July 2027, by multiplying the previously indexable amount for the provision by the indexation factor for the indexation year.

The rules state that licensees must hold NTAs at all times equal to the greater of $150,000 or, for amounts of up to $5 million being 0.5% of the average value of total assets, or 10% of the licensees average revenue. Otherwise, licensees must have either $10 million in NTAs or earn 10% of average revenue.

The changes factor in inflation, with the thresholds not having been updated since 2013.

From 2027, ASIC said it will publish the updated thresholds on its website each year after the relevant inflation data becomes available.

ASIC said it has also updated Regulatory Guide 166 AFS licensing: Financial requirements to reflect the upcoming changes.

The changes follow ASIC's launch of a consultation on the matter in March, receiving 18 submissions in response.

"We had a range of feedback from respondents on which option for increasing the NTA requirement was preferred," ASIC said.

Sandra Chui has joined Privity Credit in the same position this month, bringing two decades of executive, financial and operational leadership across the investment management, regulated markets, and corporate services sectors.

Privity Credit noted Chui's experience spans funds management, investment operations, governance, risk and compliance, institutional investor readiness, operational due diligence, service-provider oversight and the development of scalable operating models.

Most recently, Chui led the business integration, product execution and operating-platform maturity as chief operating officer at Merricks Capital. She initially joined the firm as chief financial officer in November 2020 but transitioned into an operative role in July 2024, coinciding with the acquisition from Regal Partners for approximately $235 million.

Before her departure, Chui also assisted with Regal Partners' credit and royalties programs for a short period of time.

Merricks Capital is a wholly owned subsidiary of Regal Partners.

Prior to Merricks Capital, Chui served in financial leadership roles at different sectors, including IntoWork Australia and Australian Energy Market Operator. She also served as the chair of finance on several committees, such as Leadership Victoria and Glen Education previously.

In her new role, Chui will oversee strategic decision, commercial discipline and operation needed to strengthen the firm's growth trajectory, Privity Credit said.

"She will help align strategy with execution, enhance governance and operational resilience, and ensure our people, processes and partners continue to deliver with confidence for investors," the firm said.

Merricks Capital did not respond to Financial Standard's enquiry.

Natixis IM has created the Global Client Development division, including a single distribution platform organised across six regions, with each to focus on meeting its clients' needs and investment preferences while taking local regulations and constraints into account.

The division has also established a separate department for partnership, and products and solutions.

The remit of the partnership department will be to strengthen existing strategic distribution partnerships and establish new ones with banking networks, insurers and other distributors around the world, while clients can expect solutions development and product range strategy tailored to clients' needs across retirement, long-term savings and wealth management.

To lead the new division, Natixis IM head of international distribution Fabrice Chemouny will transition into the chief client officer role, effective 1 January 2027, reporting to chief executive Philippe Setbon.

The new division will be implemented once an information and consultation process with the relevant employee representative bodies has been completed, the company said.

Additionally, the new organisation is part of the BPCE Group's VISION 2030 strategic plan, and the creation of a single global platform bringing together the US, and the rest of the world will foster synergies between regions, where clients will have easier access to the full range of expertise offered by Natixis IM and its affiliated asset management firms.

Commenting, Setbon said the new formation will develop solutions to capitalise on an "increasingly fragmented" global environment.

"Our strategic plan has proven successful, and we want to go further. This new organisation further strengthens the position of clients at the heart of our model across all regions and supports the acceleration of our growth," Setbon said.

Chemouny added: "By bringing our teams together in a new global organisation, we combine in-depth knowledge of each market with the strength of a global player."

"We will also make our offering available to more clients through new distribution partnerships and work with them to develop solutions tailored to their long-term needs.

"This transformation will give us the agility we need in volatile markets, foster synergies across regions and drive innovation in the service of our clients."

The board president of ESSSuper, Pam Rebecca, has appointed Moana Weir as the new head of ESSSuper.

Weir has been acting in the position since the departure of Robbie Campo on August 21 and was previously the fund's group executive in legal, governance, risk and compliance.

Rebecca said Weir was a standout candidate from a highly competitive recruitment field.

"Moana's skills, experience and leadership are exactly what we were looking for to take our organisation forward.

"We are on an ambitious transformation journey, and Moana brings extensive experience in transformation across multiple roles in a number of industries including financial services for members, as well as experience working in technology companies. Those experiences are vital as we deliver large-scale projects underpinning our enhancement of retirement outcomes for our members."

Since taking on the acting chief executive position, Weir has overseen a successful platform transition working together with our external administrator and its technology provider, said Rebecca.

On her appointment, Weir said she is looking forward to leading an organisation dedicated to supporting a dignified and secure retirement for Victoria's most critical workers, into its next phase.

"At ESSSuper, we have a special purpose to provide excellent retirement outcomes for our members who have dedicated their lives to providing essential services to our community, including police officers, firefighters, paramedics, teachers and support workers. We consider this to be a great privilege."

Heather Gray joins the fund's Member Service Committee, bringing her six years experience as lead ombudsman, superannuation at the Australian Financial Complaints Authority (AFCA) to the role. Gray is also a superannuation lawyer, having worked in various firms, including being a partner at Allens and Hall & Wilcox.

In the same announcement, HESTA has also appointed Sean Carmody to its board risk committee. Carmody previously held senior roles at the the Australian Prudential Regulation Authority and Westpac.

."We're excited to welcome Sean and Heather who bring valuable knowledge and expertise to the Fund's Committees, as well as an external perspective that can support our work to deliver for members," said HESTA board chair Nicola Roxon.

Other external advisers to HESTA board committees include Alan Morrison to the finance audit and compliance committee, and Susanne Dahn and Susan Darroch to the investment committee.

The platform, powered by BlackRock's Aladdin technology, brings portfolio management, risk analytics, trading, compliance and operations into one connected system, giving investment teams a more integrated view of the fund's holdings and exposures.

The implementation marks a significant step in ART's investment technology transformation, with the fund targeting $500 billion in funds under management by 2030. ART manages retirement savings for 2.4 million members.

ART chief investment officer Ian Patrick said the new system would support investment decisions as the fund navigates increasingly complex global markets.

"With more than $375 billion in funds under management, it's important we continue to invest in capability that supports our investment decisions on behalf of our 2.4 million members," Patrick said.

He said the platform would reinforce ART's focus on portfolio construction, diversification and managing risks across its investments.

"This uplift aims to strengthen our long-term investment approach and provides a scalable foundation for future growth, helping us to continue to invest with discipline through changing market conditions," he said.

The system is designed to improve oversight across the portfolio by consolidating functions that can otherwise operate across separate investment processes. Its implementation supports ART's broader efforts to scale its investment operations alongside the growth of members' retirement savings.

BlackRock head of Aladdin client business ANZ Louisa Roberts said the platform would provide a consistent view of the portfolio while supporting ART's evolving investment model.

The rollout was delivered through collaboration between ART and several investment technology partners, including BlackRock, State Street and Rimes.

For ART, the new system provides infrastructure to support a larger investment portfolio, while strengthening the tools available to assess risk and make decisions on members' behalf.

The ASX-listed firm announced the decision in a September-quarter update, saying the move is a "prudent measure to assist in the orderly management of the fund in the coming months in the face of less certain repayment timings from some borrowers." The fund expects to continue to pay monthly distributions to investors.

"Private credit fund outflows remained elevated as headwinds arising from the current challenges in the residential housing construction and development market has impacted investor sentiment," MA Financial said.

"Deteriorating residential real estate market conditions are extending timeframes for some asset sales and maturing loan refinancings."

Two months ago, the MA Secured Loan Series Fund temporarily restricted redemptions to 1% of the fund's assets under management (AUM). The portfolio consists of loan assets generally secured by a registered first mortgage over Australian real estate assets.

At the time, the company said the broader economic environment had become more challenging, with higher inflation and interest rates contributing to softer residential property market conditions. This was on top of the federal government announcing changes to negative gearing and capital gains tax, which "added to uncertainty and weighed on market sentiment."

It anticipated these factors, along with press speculation regarding other private credit managers, "may lead to an increase in redemption requests in the near term."

The collapse of Bathla Group was a flashpoint for the local private credit sector. MA Financial has no exposure to this.

The alternative asset manager specialises in private credit, real estate and hospitality.

MA Financial lends to property, corporate and specialty finance sectors and provides corporate advice. Total AUM for the group as at September-end rose by 18% year on year to $15.7 billion.

MA Financial joint chief executives Julian Biggins and Chris Wyke said the vast majority of the business segments were "performing strongly."

"Our operations in real estate private credit have recently proved challenging, impacted by the macro environment in residential construction and development in Australia. This segment of our business represents around 15% of our overall AUM, and significantly less as a percentage of our total earnings,'" they said.

"However, we are pleased with the overall strong growth and performance of our diverse business activities and investment strategies. The majority of our asset management operations, notably, asset-backed private credit, operating real estate such as pubs and marinas and core real estate continue to perform strongly."

Meanwhile, the MA Secured Real Estate Income Fund is now closed to applications after its responsible entity, on October 19, decided to terminate it.

At June-end, the unlisted unit trust had about $117.39 million in AUM.

The fund provided investors access to a diversified loan portfolio secured by registered first mortgages over Australian property, seeking to preserve capital and deliver monthly income of the RBA cash rate +3.75% p.a. over a rolling 12-month period.

Speaking at the Financial Services Council (FSC) Retirement Summit in Sydney, Oldroyd said a guaranteed income can help give retirees a licence to spend their savings.

"When we look at retirees who have higher degrees of guaranteed income as a portion of their overall wealth, they are much more comfortable in spending," Oldroyd said.

"They have far more parity income as a cent of their total wealth, and they spend 44% more. So this concept of a licence to spend, this concept of 'I feel comfortable because I know some of my expenses are covered'."

Oldroyd said the spending volatility of a retiree can help design the flexibility needed in their specific situation for any solution. He added JPMAM break it into two concepts of stable and variable spending.

"Stable spending is your ongoing, recurring expenses. Things you're just going to constantly be putting their money out. Variables are the fluctuations, right? So that proportion, that mix, that is very important," he said.

"When we talk to and think about some of the solutions that we've been working with clients with either in the US or in Latin America or the UK is this concept of where retirement income is going to come in and help addressing what I call the 'guarantee of the gap'."

Plugging the gap with some sort of retirement income stream makes a lot of sense, Oldroyd said, and from an allocation standpoint it would look like an insurance portfolio or a more conservatively invested drawdown strategy.

"Your variable spend, the things that are going to fluctuate, the things that may grow over time, back that with a more diversified, return-oriented portfolio...it could look like a more aggressive risk-based portfolio," he said.

However, acceptance rates and dispute figures only tell part of the story. For advisers, the more important question may be whether a policy will provide adequate protection when a client can no longer earn an income, particularly when occupational definitions, sums insured and individual financial commitments come into play.

This comes after The Australian Prudential Regulation Authority's Life Insurance Claims and Disputes Statistics, covering the 12 months to 30 June 2026, found acceptance rates varied considerably by cover type and distribution channel.

Death claims recorded acceptance rates of 97% for individual advised policies and 98% for group superannuation cover. By comparison, TPD claims were accepted at rates of 81% for advised policies and 88% for group super.

Paul Luu, financial adviser and life insurance specialist at Evalesco and Principal Edge, said regular policy reviews were essential to ensure insurance remained aligned with clients' changing financial circumstances.

"Insurance contracts can be complex, and often clients are not aware how a change in their circumstances will affect the suitability of their policies," Luu said.

He said advisers could use policy anniversaries to prompt clients to review their cover, highlighting common life changes that might affect their needs, including shifts in income, debt, family responsibilities and business commitments.

The distinction between occupational definitions can also have significant consequences for disability claims, depending on the terms of the policy.

An own-occupation definition generally assesses whether a person can perform the duties of their specific profession, while an any-occupation definition typically requires working in an occupation for which they are reasonably suited by education, training or experience.

"TPD and income protection contracts that having an 'own' occupation definition, may make it easier for an insurer to admit a claim as they're assessing it against the client's ability to perform the duties necessary to continue in their specific profession," Luu said.

"The fine print varies from one policy to another, and changes in the client's circumstances can also affect the outcome of a claim, which reinforces why periodic reviews are important."

He added advisers could also help clients navigate the claims process by explaining policy conditions and what to expect if they need to make a claim.

"Spending time with clients to explain their policy terms and how the claims process works can help move things along more efficiently and goes a long way towards managing expectations and easing the anxiety that a client may experience during a family tragedy or severe health event," he said.

Luu noted not every claim would be straightforward, with eligibility, medical evidence and individual circumstances potentially affecting how long an assessment takes.

The latest APRA data highlights the importance of looking beyond headline acceptance rates when assessing whether insurance provides meaningful protection for individual clients.

The ATO has released new data showing the number of applications approved for the compassionate release of super decreased by 5%, following an aggressive surge for dental and IVF treatments in FY25.

This year, the ATO ramped up its compliance activities, targeting individuals, health practitioners and third-party facilitators who promote access schemes, and conducted over 160 reviews since 1 July 2025, imposing penalties of over $1.5 million.

However, while application volumes have declined, the total value approved increased by 2% to over $1.4 billion, the ATO said.

Commenting, ATO deputy commissioner Ben Kelly said it was important individuals understand the immediate tax consequences of accessing their super early.

"Australians need to remember that super is there to set you up for retirement and there are strict and limited situations where people need to access their super early to pay for critical medical procedures," Kelly said.

"Our message to individuals and medical practitioners is clear - compassionate release of super should only be considered as a last resort, where all other options of paying for the eligible expenses have been exhausted."

Kelly is also observing the trend where business arrangements target and pressure people to access their super to pay for certain procedures.

"These arrangements include short online consultations and the use of templates designed to streamline the process for people to access their super," he continued.

"People should be very cautious of advertisements that promote early access to super. Taking the time to understand the risks and notice the red flags can help avoid decisions that could significantly impact your retirement savings or result in penalties.

"We will continue to take strong action against third party facilitators who seek to exploit or undermine the system, protecting its integrity for those who need it most."

The ATO has been working with the Australian Health Practitioner Regulation Agency (Ahpra) to ensure applications to pay for health-related expenses are appropriate and do not take advantage of vulnerable people.

Ahpra chiefexecutive Justin Untersteiner said registered health practitioners should never put profits ahead of patients.

"We are concerned by predatory sales tactics that use social media and internet advertising to attract patients for high-cost treatments they do not need or cannot afford," Untersteiner said.

In addition, Ahpra proactively monitors practitioners to ensure they are meeting their professional obligations.

"Practitioners should know that putting profits before patients is not only unsafe - it could cost them their right to practise," Untersteiner said

"Most practitioners do the right thing, and we welcome any signs that inappropriate use of superannuation is decreasing."

Julio Garcia will step down from his executive responsibilities following a transition period, IFM said, but he will remain as a member of the firm's investment committee.

Commenting, IFM global head of infrastructure Kyle Mangini said Garcia had been instrumental in the global buildout of the firm.

"Julio has made an extraordinary contribution to IFM since joining in 2008. He has helped build our presence in North America, led major investments and has been instrumental in establishing IFM as a respected global infrastructure investor," Mangini said.

"Beyond his professional achievements, Julio has been a trusted colleague, mentor and leader whose integrity, judgement and commitment have had a lasting impact on our business and our people.

"We are deeply grateful for everything he has contributed over the past 18 years."

Current executive director, infrastructure Michael Kulper will succeed Garcia following the transition period. He joined IFM in 2013 and has played a key role in developing IFM's infrastructure equity business.

In particular, Kulper led the origination of IFM's toll road portfolio, which currently represents approximately $40 billion (US$28bn) in net asset value.

Mangini welcomed Kulper's appointment.

"Michael is a highly respected and experienced infrastructure investor who has been a key contributor to IFM's success for more than a decade," Mangini said.

"We are confident he will build on Julio's outstanding legacy and continue delivering strong outcomes for our clients and the working people they represent."

Meanwhile, IFM, via its managed fund, has acquired majority stake in Associated British Ports (ABP), a UK port operator, from CPP Investments and OMERS. Both entities have agreed to sell their respective 33.9% and 30% stakes in the company.

Financial terms were not disclosed.

ABP is the operator of 19 facilities, handling approximately 25% of UK seaborne trade, while providing support for over half of UK's offshore wind and catalyses investment and job opportunities across coastal communities.

Mangini said the transaction reflects IFM's commitment to mobilising pension capital into UK infrastructure.

"We are pleased to have reached an agreement where a fund managed by IFM would acquire a majority stake in ABP, the UK's largest ports group with strategically located assets serving some of the country's most important trade and industrial regions," Mangini said.

"We look forward to supporting continued development of ABP's infrastructure and operations, drawing on IFM's long-term investment approach and experience across ports and other essential infrastructure assets.

"We are excited to work closely with ABP's management team, employees and our fellow shareholders to support the company's continued success."

ABP chief executive Henrik Pedersen said: "Today marks a bold new chapter for ABP. Since my arrival at ABP eight years ago, I have experienced firsthand the support for our business and the execution of growth opportunities provided by CPP Investments and OMERS."

"On behalf of the entire company, I would like to extend my profound appreciation for their partnership. Attracting investment from a fund managed by IFM Investors is a powerful endorsement of our business, our people and our strategy.

"We are excited to unlock further growth opportunities, together with IFM Investors and our other shareholders, continuing ABP's long-term investment benefitting our customers, our local communities, and the UK."

The transaction is subject to customary approvals and is expected to complete in 1H27.

The report, Spotlight on Real (e)State - Understanding changes for home ownership and renting, examines how rising housing costs and delayed entry into the property market are reshaping housing security across generations, alongside five scenarios for reforming Commonwealth Rent Assistance (CRA).

Home ownership among Australians aged 25 to 34 fell seven percentage points between 2001 and 2024, while the decline among those ages 65 to 74 was two percentage points. The impact has been more pronounced for lower income households, with ownership among the lowest income group aged 25 to 34 dropping 16 percentage points over the period.

While many Australians are still projected to eventually buy a home, the report warns delayed ownership can leave more people carrying mortgages into retirement. Those who reach retirement without owning their home have less than 20% of the average wealth of homeowners, despite growing superannuation balances.

Rental affordability is also deteriorating for those least able to absorb rising costs. Among private renters into the lowest income quintile, 65% spend more than 30% of their gross income on rent while 30% spend more than half.

"Stronger competition and low vacancy rates are creating a 'musical chairs' effect with poorer and more vulnerable households potentially squeezed out, increasing housing stress, overcrowding and homelessness," Actuaries Institute co-author Laura Dixie said.

The research assesses five possible changes to CRA, including adjustments to payment levels, eligibility and location-based support. One scenario suggested changing minimum rent thresholds and maximum payments could reduce modelled housing stress by $283 million without increasing government spending, although some current recipients would lose eligibility.

Expanding assistance to more low-income renters could provide greater relief, but a scenario involving a 25% funding increase would cost an estimated $1.3 billion.

Actuaries Institute chief executive Elayne Grace said policy settings needed to reflect changing housing patterns and better support vulnerable households.

Coinciding with other major announcements made at the National Press Club in August, minister for financial services Daniel Mulino said he intends to legislate an obligation for trustees to implement and enforce advice fee deduction caps for members.

ASIC also noted its focus on trustees to "monitoring of risks to retirement savings", according to its report REP 833 Safeguarding super: How well are platform trustees monitoring risks to retirement savings, released in June. The report highlighted advice document checks were insufficient despite the previous guidance signalling trustees' need to improve oversight of advice fee deductions on both a risk and random basis.

Out of the six major trustees examined, half of them reported at least one month where no checks were undertaken.

Speaking to Financial Standard, Fourth Line chief executive Joel Ronchi said the expectation on oversight for advice fee deductions has always been in place but was only emphasised from the recent collapses of the Shield and First Guardian Master Funds.

Ronchi said the advice fee reduction aspect falls into one of the many priorities trustees are handling currently, but the focus is certainly growing based on increased dialogue over the past six to nine months.

"Trustees are reaching out to me to have a chat [but] nine months ago, that was not happening," he said.

"[The collapses of] Shield and First Guardian were a big wake-up call for a lot of trustees, and not just about advice fees, but the entire platform shooting match... [Trustees] will have to be more thorough in terms of the way they check everything."

He clarified trustees "are not evaluating advisers' quality of advice", instead they are looking if the procedural steps were fulfilled accordingly. Like, if a correct consent form has been completed in line with requirements, or if fees were disclosed properly, and more.

"If any of those [criteria] was lacking, the super trustee will ask for more information around those areas. It's got nothing to do with the adviser being assessed by the super trustee about the quality of their advice," he said.

"It's simply an evaluation of the advice fee process that's been implemented by a given adviser."

Ronchi also noted the constrain on compliance within an organisation that continues to be human led, but innovation is slowly emerging to be a cost-efficient solution.

"With systems building out at Fourth Line and the scalability of AI... It's now a question for super trustees having a carte blanche in terms of what kind of advice fee oversight they want to implement," he said.

The solution provider said implementation is not difficult as the foundational platform has already been finalised and functional, but integration depends heavily on how an organisation wants to map the infrastructure, where the process can take up to 12 weeks to complete.

The Committee for Economic Development of Australia's (CEDA) latest report called out how affordable housing routinely goes to households that do not need it, while eligible low-income renters are locked out.

Currently, only 19% of private rentals that are affordable to a social-housing-eligible households actually go to them. Yet just 36% of these households are in a rental they can afford, CEDA's Fit for Purpose: Aligning Affordable Housing with Need report states.

The gap is widest in Perth, where only 10% of affordable rentals reach a low-income household, and Canberra, where it is 8%. In Sydney and Melbourne, the rate is 18%.

CEDA said the problem starts with how affordable rents are defined.

"Rents are set as a discount to market rates, not as a share of what a household actually earns, so a discount on a high rent is still a high rent," CEDA said.

"Eligibility criteria also run from very low to moderate incomes, allowing higher earners to absorb stock meant for those most in need."

In Sydney, an individual earning $148,000 per annum can qualify for affordable housing. A three-bedroom apartment in St Leonards, for example, was recently advertised as "affordable" at $1046 per week - more than $54,000 per year.

CEDA estimates Australia needs to deliver 21,000 new social dwellings per year to clear the waitlist by 2035. This is amid social housing stock shrinking as a share of all dwellings - down from 5.2% in 1997 to 3.9% in 2025.

Meanwhile, the national waitlist jumped from 155,000 households in 2014 to 190,000 in last year, while the share of waitlisted households classified as "greatest need" has risen from 28% to 41% over the period.

Furthermore, one in five renters is a low-income household deemed to be in financial stress. Two in five recipients of Commonwealth Rent Assistance remain in rental stress even after receiving the payment, CEDA found, while 70% of recipients are eligible for the maximum rate, meaning further rent rises would generate no additional support.

"We don't actually know how much affordable housing exists in Australia, or who is living in it. It's delivered through billions of dollars in grants, concessional finance, tax concessions and planning incentives, yet there's no consistent data on the stock or the incomes of the households occupying it," CEDA chief research and content officer Danika Adams commented.

"Reporting on both should be a standing condition of public funding, because you cannot fix targeting you cannot measure."

ASIC said the investigation is around whether there were oversight, due diligence and compliance failures linked to MGF Capital's corporate authorised representatives.

"ASIC is concerned many investors may have been exposed to significant financial losses and is examining whether appropriate governance, compliance and oversight arrangements were in place," an ASIC spokesperson said.

"Misconduct involving a high risk of significant consumer harm and governance and directors' duties failures are enduring ASIC enforcement priorities.

"ASIC will not hesitate to take appropriate enforcement action where we identify serious misconduct within our jurisdiction."

ASIC's investigation concerns Trade Prime, formerly MGF Capital, and its sole director Matthew Starkey.

Starkey worked as a Goldman Sachs trader for around five years. Starkey also previously worked as chief operating officer for crypto exchange and brokerage Mine Digital.

Starkey and Mine Digital made headlines in 2022 after an SMSF trying to recover $1.6 million lost to international scammers had been told a laptop and phone, belonging to Starkey, had been disposed of.

The devices were requested in a legal action launched by an SMSF against ACCE, the holding company of Mine Digital.

ASIC now confirms it has received complaints from investors indicating at least $138 million has been invested into financial services products and platforms that investors believed were being offered by corporate authorised representatives of MGF Capital and those funds are now unable to be withdrawn.

Financial Standard understands MGF Capital holds an AFSL but was not required to hold membership with the Australian Financial Complaints Authority (AFCA) as its licence relates to the provision of products to wholesale clients only.

Part of ASIC's investigation concerns whether Australian-based corporate authorised representative entities provided retail services when MGF Capital's licence only allowed the provision of financial services to wholesale clients.

It is now believed MGF Capital cancelled its AFCA membership.