The MAX Awards has recognised industry excellence across marketing, advertising and sales in financial services for over the past three decades.

Last year, BlackRock and Generation Life were the biggest winners, with each taking home three awards on the night. Other winners included Colonial First State, Fidelity International, La Trobe Financial, and UniSuper.

In all, there are 21 awards to be won across six categories, including agency; campaign; leader (agency, communications, and distribution); rising star; team; and community initiative of the year.

Financial Standard introduced two new awards last year - Rising Star of the Year - Agency and Rising Star of the Year - Marketing. These awards recognise emerging talent in their respective fields, exclusively open to professionals with under five years' industry.

Those working in financial services are encouraged to nominate the exceptional business development, marketing, advertising, and public relations talent they work with.

Nominations close April 3, with voting to take place from April 15 through to May 8.

The winners will be revealed at an event on Thursday, June 11.

Nominate now in the 2026 MAX Awards.

FEAL said Murray received the award in recognition of his outstanding leadership through two mergers, his innovative member first service model and his significant contribution to strengthening Australia's superannuation sector.

This was the 25th annual award to recognise a fund executive who has made a lasting contribution to their fund and the broader industry across innovation, leadership and strategic planning. The recipient receives an education grant of $30,000, sponsored by QIC.

FEAL said over the past two years, Murray has led CareSuper through "profound transformation", unifying 550 employees and 550,000 members through the merger of Spirit Super and CareSuper and subsequently delivering the 2025 MIESF successor fund transfer.

"Under his leadership, CareSuper now supports more than 600,000 members and manages $62 billion in funds under management, including welcoming more than 78,000 new members in FY25," FEAL said.

In addition, Murray introduced a successor fund transfer structure that maximised member benefits, FEAL said.

"The merger outperformed financial targets, cutting the payback period from four to 2.7 years, while maintaining competitive products. CareSuper's insourced administration has achieved sector-leading outcomes, including the top national ranking for customer experience from CSBA, a Net Promoter Score of +77, 90% member satisfaction, 91% ease of service, and 90% first contact resolution," it said.

Murray was praised for his "authentic and empathetic leadership" which ensured minimal member disruption, strong staff engagement and cultural integration across a multi-location workforce.

FEAL chair Brian Delaney said: "In a period marked by market volatility, regulatory change and heightened expectations, Jason delivered transformational change ahead of schedule while strengthening governance, transparency and member trust."

CareSuper chair Linda Scott said the award reflects Murray's commitment to members and his inclusive leadership approach.

"Jason is a humble, calm and values-driven leader. As chief executive, Jason has unwavering focus on building a growing fund with members at the centre of every decision. Under his leadership, the fund continues to be an award-winning, member outcomes-led organisation. He consistently shines a light on members and staff rather than himself, embodying the highest standards of leadership within our industry."

Other awards on the night were given to Hostplus executive manager, client relationships and business growth Helen Wood as the winner of the FEAL AICD Scholarship and CareSuper general manager growth and partnerships Stewart Pender as the winner of the Michael Dwyer Leadership Scholarship.

Awards also went to NGS Super executive manager - strategy and product Nathan Buttigieg in conjunction with HESTA marketing strategist Arpie Tchilinguirian as the most recent graduates of the FEAL & Melbourne Business School (MBS) Masters of Organisational Leadership.

As part of the March rebalance, Pinnacle, Netwealth and Lendlease have dropped out of the S&P/ASX 100.

This comes after HMC Capital - the parent company of the DigiCo REIT - was removed from the top 200 in the December rebalance.

Meanwhile, DigiCo chief executive Michael Juniper announced he would be taking extended personal leave.

DigiCo said Juniper was taking the leave to spend time with family and work through a personal matter.

"I appreciate the support and consideration of the DGT board and management at this time. I am disappointed that I need to take leave so soon after commencing the role and fortunate to have a highly capable team to allow me this time without disruption to the business," Juniper said.

In Juniper's absence, Chris Maher will assume the role of interim chief executive which the board said will ensure business continuity and momentum.

"The leadership team of Chris Maher as interim chief executive, Simon Mitchell (chief financial officer) and Ralph Goninan (chief development officer) will continue to execute the strategic roadmap, as outlined at the 1H FY26 results," DigiCo chair Joseph Carrozzi said.

DigiCo reported underlying revenue up 12% to $108 million in the first half.

Underlying EBITDA rose 15% to $57 million, with $658 million of available liquidity across cash and undrawn debt lines which it said provides sufficient capacity to fund near-term growth priorities.

Also removed from the S&P/ASX 200 during the March rebalance was Catapult Sports and EBOS Group.

Added to the top 200 was Predictive Discovery, SRG Global and Vulcan Energy Resources.

The changes will be effective prior to the open of trading on Monday, March 23.

Assets under custody in Australia grew to $6.2 trillion in the first half of FY26, an increase of 8.6% on the June 2025 figure, Australian Custodial Services Association data shows.

In terms of individual custodians' growth, BNP Paribas' assets under custody for Australian investors grew by close to 50% in the second half of 2025 following its deals with Insignia Financial, University of Sydney Endowment Fund and Medibank Private.

In the six-month period, BNP Paribas' total assets grew by 45.4% or $257.3 billion, seeing it rank fifth. BNP Paribas also saw significant growth in its Australian sub-custody assets, up 67.4% to $308 billion.

The custodian with the next largest increase in assets was Citigroup, growing 19.7% to surpass $1 trillion; it now ranks third.

Citigroup was a beneficiary of the exit of NAB Asset Servicing, which was wound up in full in the second half of 2025.

Also seeing double-digit growth in the period were BNY Mellon (17.4%), HSBC Bank (12%), Netwealth (11.2%), and Perpetual (11.1%).

The top five custodians by size now are J.P. Morgan ($1.49tn), State Street ($1.08tn), Citigroup ($1.05tn), Northern Trust ($995bn), and BNP Paribas ($824.2bn). The rankings remain the same when you include their assets under administration as well.

BNP Paribas also saw significant growth in its Australian sub-custody assets, up 67.4% to $308 billion.

Total sub-custody assets increased by 10.5% to $2.76 trillion.

Looking just at assets under administration, Apex Group continues to command the top spot, overseeing $305.8 billion. This is followed by J.P. Morgan and Northern Trust, both of which saw small declines in their assets.

"In the December half, total asset levels reported by ACSA grew, market consolidation and client transitions resulted in changes to individual custodians' reported assets under custody and administration, and offshore allocations to Australia continued to rise as investors took advantage of investment opportunities and ongoing market momentum," ACSA chief executive David Travers said.

"Innovation, regulatory change, industry engagement, and best practice remain a critical focus for driving efficiency in custody and investment administration. Through our working groups and dedicated industry volunteers, ACSA remains well placed to address the opportunities and challenges in the year ahead."

In funds and wealth management, the average salary in 2026 for a head of distribution based in New South Wales can expect to bring in around $315,000, excluding superannuation. In public markets, a portfolio manager can expect an average salary of around $325,000.

But it's the booming private equity sector that is dishing out the big bucks, with managing directors set to take home around $412,000 a year plus super.

However, the most sought-after professionals are those working within risk and compliance.

The top three most in demand professionals in the financial services sector are risk and compliance managers, internal audit managers, and risk and compliance officers.

A chief risk officer should expect an average annual salary of $312,000 and a head of risk can expect $240,000.

A chief compliance officer can expect an average salary of $297,500, while a head of compliance could bring home around $240,000.

Across Australia, financial services recorded the third-highest year-on-year salary growth, with legal (+9.7%) and business support (+7.2%) leading the market and banking and financial services (+3.2%) continuing to outpace broader salary trends.

"The financial services sector continues to see targeted salary growth where specialist skills and leadership are critical," Robert Walters director, financial services Hamish Smith said.

"Roles in risk, compliance, and senior finance leadership are leading the market, reflecting both the increasing regulatory complexity and the value organisations place on experienced professionals who can navigate it.

"For employers, this highlights the importance of competitive remuneration to attract and retain the talent essential for governance, resilience, and sustainable growth."

In general, for the financial services industry, the hiring demand was listed as 'high', meaning businesses have reported they are finding it difficult to fill roles.

As a result, 66% of businesses said they expect to be handing out pay rises this year, which is broadly in line with employee expectations where 62% said they are anticipating a pay rise in 2026.

In terms of what is attracting talent, the survey found the top three things employees value in an employer are excellent compensation and benefits; work-life balance and flexible working arrangements; and a positive and supportive workplace culture.

In line with this, the top working preference was for a hybrid role, followed by flexible hours and office-based coming in third.

The majority (59%) of professionals said they will be looking for a new job in 2026 and 74% of businesses said they will be hiring.

According to the 2026 Financial Services Market Outlook from Kaizen Recruitment, the financial services sector is in transition, moving from a year of caution and belt tightening to one of greater optimism and opportunity.

As for where those opportunities lie, Kaizen said there was a sharp uptick at the end of 2025 in the number of wrap platforms hiring for risk roles. This came in the wake of the Shield and First Guardian collapses, with the increased regulatory scrutiny pushing platform operators to hire to shore up emerging risks and strengthen existing internal governance practices.

Superannuation funds, private credit firms, and scaling fintechs are also expected to bolster their capabilities in this space, with operational and governance risk a priority now following a greater focus on enterprise risk.

Hiring for Line 2 risk roles will be an area of focus across financial services broadly, the recruitment firm said, while Line 1 risk and collaboration with Line 1 compliance and anti-money laundering teams will be important criteria for hiring as well, it said. Also crucial will be specific skill sets around artificial intelligence (AI) and technology to reduce the burden of administrative tasks and reporting.

Superannuation funds are also expected to increase their hiring in the investments space following a more subdued 2025 on the back of mergers and major strategic or operational restructures.

Kaizen said last year many super funds felt they had 'over hired' in the preceding period and pulled back, resetting headcount and focusing on optimising the efficiency of existing teams. Now, they're looking to hire again in support of new operating models, with roles at the analyst and senior analyst level picking up. Kaizen expects this to continue as funds complete these transformation programs.

It's also expected super funds will continue increasing investment in member services and education teams, looking to attract adaptable, high-performing professionals who can deliver personalised guidance at scale.

"MS&E roles are now recognised as critical, strategic functions driving member satisfaction, retention, and financial wellbeing, not just operational support," Kaizen said.

Desire for candidates who can work closely with marketing, advice, and digital teams is growing, reflecting the strategic integration of member education with broader fund objectives around improving outcomes, it said.

"Employers are looking for talent with strong superannuation understanding, compliance awareness, communication skills, and digital confidence. Gaps remain in tailoring conversations to member needs and articulating impact on KPIs and outcomes," Kaizen said.

Globally, billionaire wealth jumped by over 16% in 2025, three times faster than the past five-year average, to $27.7 trillion - its highest level in history.

Since 2020, Australia has recorded eight new billionaires to reach 48. Oxfam said those individuals hold more wealth than the bottom 40% of the population combined.

Oxfam has called on the government to tax the super-rich and remove tax breaks that allow them to amass extreme wealth.

Oxfam has urged the government to introduce a net wealth tax on the richest 0.5% of households, with rates increasing in accordance with increased wealth.

Oxfam said a 5% wealth tax on Australia's billionaires last year could have raised $17.4 billion, which it said could have helped deliver cheap childcare for all families, extend energy bill relief for another two years and increase the humanitarian budget almost seven times over.

The anti-poverty organisation also called for ending the capital gains tax discount for individuals and trusts and instead taxing the income from capital gains on investments like we income from work.

It also asked the government to phase out negative gearing to close loopholes that allow wealthy individuals to pay less tax.

Oxfam chief executive Jennifer Tierney said the surge in billionaire wealth exposes a system that is failing people at home and abroad.

"While millions of Australians are cutting back on essentials, struggling with soaring rents and mortgages, and watching global crises like conflict in Yemen, Sudan and Syria receive dwindling humanitarian support; Australia's billionaires are accumulating extraordinary wealth at extraordinary speed. The gap between those doing it toughest and those benefiting most is stark, and well evidenced," she said.

The report analysed how the super-rich are securing political power which it said can shape economies and societies, which can be to the detriment of the rights and freedoms of people around the world.

Oxfam estimated billionaires are 4000 times more likely to hold political office than ordinary citizens.

"When one billionaire can spend hundreds of millions of dollars to shape political conversations, it shows how extreme wealth can translate directly into political power - undermining a fair and healthy democracy," Tierney said.

Oxfam said in Australia, over 3.7 million people live in poverty, including 757,000 children under 15 years.

"We have a Prime Minister who talks about creating a kinder and fairer Australia. The government has the tools to act. Ensuring the richest Australians pay their fair share of tax would reduce inequality, curb the growth of extreme wealth, and generate much-needed revenue for essential services at a time when people are doing it tough at home and humanitarian needs are soaring globally," Tierney said.

The 10% tariffs on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and the UK is effective February 1, and will rise to 25% on June 1, if the US has not been permitted to purchase Greenland.

Trump made the threat on Truth Social, saying: "This Tariff will be due and payable until such time as a deal is reached for the complete and total purchase of Greenland."

IG market analyst Tony Sycamore said the move by Trump may drive demand for safe-haven investments.

"This latest flashpoint has heightened concerns over a potential unravelling of NATO alliances and the disruption of last year's trade agreements with several European nations, driving risk-off sentiment in stocks and boosting safe-haven demand for gold and silver," Sycamore said.

Trump has repeatedly said Greenland is vital to the US due to its strategic location and large mineral deposits.

UK Prime Minister Keir Starmer spoke out against the latest move by Trump with a public statement.

"Our position on Greenland is very clear, it is part of the Kingdom of Denmark, and its future is a matter for the Greenlanders and the Danes," Starmer said.

"We have also made clear that Arctic Security matters for the whole of NATO and allies should all do more together to address the threat from Russia across different parts of the Arctic.

"Applying tariffs on allies for pursuing the collective security of NATO allies is completely wrong. We will of course be pursuing this directly with the US administration."

French President Emmanuel Macron said tariff threats were "unacceptable" and said Europeans will respond in a "united and coordinated manner".

"No intimidation or threat can influence us, neither in Ukraine, nor in Greenland, nor anywhere else in the world," Macron said.

Australian Prime Minister Anthony Albanese said Australia recognises Greenland's sovereignty.

"Our position is that it is a sovereign state and... that's a matter for the people of Greenland and the people of Denmark," he said.

As part of his updated remuneration arrangements, Hackett's fixed remuneration will increase by $200,000 a year to $900,000, inclusive of superannuation, effective 1 January 2026. This will be subject to review in July of each year.

His short-term incentive has increased $500,000 to reach a maximum of $1.1 million should he satisfy performance hurdles set by the board, effective from 1 July 2025.

For the long-term incentive, the board will grant $1.3 million, an increase of $300,000, worth of performance rights, effective 1 July 2026.

The board said the decision to revise Hackett's remuneration followed a benchmarking review against ASX-listed peers of similar scale and complexity and the new remuneration ensures market alignment.

"The changes reflect the increased scale and complexity of GDG, including the strengthening of regulatory and risk capabilities, rationalisation of the groups technology architecture, and the establishment of a scalable operating model to support growth following the Lonsec and Evidentia acquisitions," the board said.

"This multi-year integration and transformation program is expected to realise synergies and deliver durable, high-quality returns for shareholders."

In its September quarter update, GDG reported total funds under management climbed 46% to $32.6 billion compared to the prior year. Investment bond sales inflows also climbed 58% to $330 million.

Last month GDG named a new chief financial officer to take over from Terence Wong who announced he will be departing in June 2026 after seven years in the role.

Andrew Mellor will assume the chief financial officer role on 2 March 2026. Mellor was the group chief financial officer at PointsBet Holdings for more than four years.

Prior to that he worked in senior roles at Credit Suisse for 20 years, including as director of high yield bond and convertible bond trading.

40:40 Vision was founded by HESTA in 2020 and is supported by investors and industry partners, aiming to improve gender balance in ELTs of ASX 300 companies by 2030.

The survey gathered responses from 30 of 41 signatory companies in August 2025.

All surveyed said greater gender diversity in leadership benefited talent attraction and retention, and workplace culture, while most (91%) believe that it has benefited their business performance.

Just below half (41%) of signatory companies have a gender-balanced ELT, compared with 26% across the ASX 300.

"Gender equality is not just a moral imperative; it's a strategic one. The evidence is clear - companies with gender-balanced leadership perform better, innovate more, and deliver stronger economic outcomes," HESTA chief executive and 40:40 Vision chair Debby Blakey said.

Blakey said while critical progress toward gender balance has slowed, almost all (95%) of the surveyed signatory companies had maintained their commitment to gender diversity.

"The strong conviction among many Australian companies of the value of gender diversity in executive leadership is encouraging. It again highlights the difference in Australia, where we have not given up the critical advances made over recent years," Blakey said.

"We also acknowledge there remains much more to do. Embracing diverse perspectives is a driving force behind innovation, resilience, and sustainable success in an ever-evolving world and we have yet to fully unlock these benefits across the economy."

However, despite incremental progress the report said women remain "significantly" underrepresented in the ELTs of ASX 300 companies, with the proportion of women in the category only growing by 1% to 32% in 2025 from 2023 (31%).

"[There was] a 7% increase from when 40:40 Vision was newly established in 2021, but this trajectory has slowed in recent years," the report said.

"Approximately one quarter of ASX 300 companies have achieved gender balance in their ELT and the number of women chief executives has stagnated around 10%. While the number of single-gender ELTs has fallen in 2025 to 17 companies, demonstrating mixed progress."

Observing this, HESTA said it is imperative for companies to set out clear guidelines and targets to improve the metrics, with most signatory companies (87%) having already set interim gender targets, and 85% of them are "on track or have achieved them".

The report also highlighted that companies with 40:40 gender targets have 11% higher representation of women in ELTs and are 2.7 times more likely to achieve gender balance at that level.

"Targets are a proven tool for driving change. It's encouraging to see so many of our signatory companies not only setting targets but also achieving their interim goals and experiencing the tangible benefits of doing so," Blakey said.

Meanwhile, Chief Executive Women chief executive Lisa Annese also emphasised the need for companies to set clear targets.

"This report confirms what we have long known: to improve gender diversity in corporate leadership, companies need more than simply goodwill. They need clear targets tied to genuine accountability," Annese said.

"The 2025 CEW Senior Executive Census also underscored this reality: organisations with 40:40 commitments consistently outperform those without them. We have the formula for change. We need companies to commit to it, resource it, and ensure accountability for delivering it."

The progress report provides actionable insights to help companies drive progress, including prioritising leadership development and succession planning, tackling the gender pay gap, and adopting strategies to attract and retain diverse talent, especially in male-dominated industries, HESTA said.

It also emphasises the need for inclusive workplace cultures, flexible work options, and targeted career programs, such as mentoring, to support women and underrepresented groups.

"This is all about making Australian workers and businesses big beneficiaries of the big shifts that are shaping the global economy," Chalmers said.

"The world needs critical minerals, Australia has plenty of them, and that's where we see a big opportunity."

Chalmers said the benefits could be far reaching for the global economy, with Australia helping to create stronger and more diverse critical minerals supply chains.

"Whether it's our resources or renewable energy, our skills or stability, Australia has exactly what the world needs, when the world needs it, and that's well understood by our closest counterparts," he said.

While in the US, Chalmers will join finance ministers from all G7 countries, as well as India, Mexico and the Republic of Korea for a series of strategic discussions.

"While in Washington DC, I'll have bilateral meetings with US Treasury Secretary Scott Bessent, UK Chancellor Rachel Reeves, Japanese Finance Minister Satsuki Katayama and Canadian Minister of Finance and National Revenue the Hon François-Philippe Champagne," Chalmers said.

"In these meetings, my focus will be on showcasing Australia's strengths as an investment destination, promoting resilience in global markets and sharing insights on the global economic outlook."

Chalmers said it was a critical time to confer with his counterparts given growing global uncertainty and ongoing geopolitical tensions.

"Collaborating on critical minerals will help to make our economies and our supply chains stronger and more resilient and make our people big beneficiaries of global churn and change," he said.

In addition to Chalmers looking to strengthen his relationship with the US, Prime Minister Anthony Albanese announced Australian ambassador to the US Kevin Rudd is stepping down to take on a new role.

"On behalf of our nation, we thank Kevin for his service to Australia and for taking forward Australia's interest with our closest security ally. It has been a complex area that has seen a change of presidency," Albanese said.

"Kevin Rudd developed relationships across the board, across Congress, across the Senate, across Democrat and Republican Members, and of course as well across civil society and across officials."

US President Donald Trump was outspoken about his dislike of Rudd during his tenure. In 2024 Trump said Rudd was "nasty" and in October last year the pair had an awkward exchange when Trump told Rudd: "I don't like you and I probably never will".

Rudd will remain in the US, taking on the role of global president of international relations think tank, the Asia Society.

Rudd previously served in the same role between 2021 and 2023. He will also head the Society's Centre for China Analysis.

After conducting new scenario analysis, BCG offered four possible models for the future of global trade in the next 10 years.

The greatest momentum is behind a 'multi-nodal trade patchwork scenario', BCG described, where trade flows gravitate around four main hubs or nodes rather than following one set of rules.

BCG managing director and senior partner, global leader for the BCG's Global Advantage Practise, and report co-author Aparna Bharadwaj said: "The future of global trade won't be defined by a single set of rules, but by a patchwork of relationships and regional priorities."

"Our modelling shows that even amid rising fragmentation, trade remains on a clear growth trajectory, and the advantage will go to those who move early to adapt and lead in this evolving landscape."

The research indicated the four main nodes would be the US and China, as well as two informal groupings of economies.

BCG identified these two groupings as 'Plurilateralists', including countries like EU members, Japan, Canada and Australia. Similarly, 'BRICS+ excluding China', which includes original BRICS members, as well as newer members like Egypt, Ethiopia, Indonesia and Iran.

Under the multi-nodal trade patchwork scenario, the US share of global goods trade is projected to decline as it continues to pursue 'America First' policies, favouring domestic production over imports. This forecasted decline would be credited to higher tariffs, which have grown from 13% to 61% since January 2025.

However, slower trade would not necessarily slow GDP growth if there was a boost in consumption and domestic production, BCG said.

Findings revealed that two-way trade growth with the Plurilateralists, and non-China BRICS+ nations are estimated to grow by only 1.5% annually.

US-China trade would decrease by 4.5% and continue the downward trend observed over the last few years, the research indicated.

Under this model, China's trade growth is projected to increase, as it continues to be the largest trading partner with the Global South. This relationship positions China to benefit from a growing need for energy, goods and industrial inputs as well as new markets for finished goods, BCG explained.

BCG predicts a 5.5% CAGR for China over the next decade with other BRICS+ nations and 3% CAGR with the rest of the world.

The Plurilateralists would see above-average trade growth among themselves and the Global South through 2034. With a diverse set of advanced and emerging economies remaining committed to rules-based trade and belonging to one or more plurilateral trade agreements.

Relationships among Plurilaterialists could deepen internally with 3% CAGR through the coming decade if they lower trade barriers and seek to diversify from the US and China.

Trade with BRICS+ economies would see 2.5% CAGR for the coming decade and 3% CAGR with the rest of the world, the research forecasted.

The BRICS+ nations excluding China would also expand their trade relationships with the Global South as well as China, BCG predicted, as recent years have seen increased trade collaboration between these nations.

Although the trade approaches of these nations differ, this grouping could see 3% CAGR with the rest of the world and average trade growth among themselves.

Nations outside of these four hubs are categorised as the 'Rest of the World' and mostly include Global South economies in Asia, Africa, the Middle East and Latin America, that seek strategic neutrality.

BCG noted these free agents will become increasingly important to the future of trade and markets and suppliers of goods and services.

The next few years will see significant events and policy decisions that could significantly alter the trade patchwork scenario, BCG explained, such as the conclusion of negotiations on reviewing the US-Mexico-Canada Agreement in 2026.

BCG managing director and senior partner, global leader for the Center for Geopolitics, and report co-author Marc Gilbert said: "Global trade isn't retreating, it's reorganising."

"Leaders who embed geopolitics in capital and strategic decision-making will be best positioned to navigate the next decade of change to secure resilience as well as growth."

The milestone would come as a win for chief executive Christian Sewing who has been focused on rebuilding the Deutsche Bank brand since taking over the top role in 2018.

"After years of hard work, years marked by challenges and successes, we are now on the home stretch to achieve the goals we set ourselves back in 2022," Sewing said when announcing the bank's 2025 Q3 results.

Deutsche Bank saw revenues increase by 7% year on year, reaching €24.4 billion.

"We are now on the verge of delivering what we set out to do three years ago. If we continue with the same dedication, discipline, team spirit and client focus, we will make it happen. I have no doubt about that," Sewing said.

In November last year, Deutsche Bank announced the next phase of its strategy and financial targets for 2028.

Sewing said that having restored the bank's profitability and strengthened its foundations, its focus in the next phase would be on scaling the Global Hausbank - a German term referring to a retail bank.

Sewing said Deutsche Bank's longer-term vision is to become the "European champion in banking".

"Thanks to the progress we made over the past years, we are better equipped than ever to support our clients as their trusted partner in a fast-changing environment, and to generate more value for our shareholders," Sewing said.

"As the Global Hausbank, we plan to grow by building on our position as the market leader in Germany, the European alternative in global banking, and the gateway to Europe for clients around the world."

Sewing said the focus over the next three years will be on transforming processes to become more integrated and automated. Sewing said the bank will scale its platforms and deploy AI at scale.

The report said investors who continue to migrate to low-cost vehicles and alternatives - specifically private markers - are capturing a wave of growth. At the same time, technology spend, compliance obligations and distribution complexities are pushing firms to rethink operating models.

"The investment management industry is at an inflection point. Continued cost pressures and commoditisation of long-only active managed finds are running headlong into the rapidly accelerating development of artificial intelligence as an enabler of either competitive or cost advantage and a more open regulatory environment," the report said.

"These forces are blurring the lines between not only active and passive management, but also those dividing public and private markets. As a result, the emergence of active exchange-traded funds (ETFs), hybrid products and industry convergence suggests a fundamental shift is underway in the structure of the industry itself."

The report suggests that active portfolio management is expected to accelerate, and while passive mutual funds continue to attract inflows, momentum has slowed.

The report suggests there will be greater investor access to private markets fuelled by regulatory reforms.

"With regulatory support and technological advancements, the industry is likely ripe for product innovations that could give investors the opportunity to allocate their capital across a more comprehensive portfolio of investments," it said.

"In 2026, the expansion of partnerships across industries will likely play an increasingly important role for new investment opportunities."

The report suggested investment management firms, regardless of size, strategy or competitive differentiation, should consider how they can simultaneously pursue both growth and scale moving into 2026.

It suggested firms refresh their ETF roadmaps, transform their workforce to include more data scientists, translators, educators and platform specialists, and cement an AI operating model that can safely scale.

"In a year when consolidation accelerates and policy expands the product canvas, the gap between bold, well-governed execution and incrementalism will likely widen," the report said.

"Leaders who move now can potentially convert 2026's complexity into compound advantage."

The inaugural Australian edition of the Alvarez & Marsal Distress Alert report follows publications for Europe, the Middle East and Africa (EMEA) and the Association of Southeast Asian Nations (ASEAN), drawing on financial data from 563 of over 1537 listed companies in Australia.

The report indicates that distress levels among listed Australian companies have been climbing since FY21 (9.8%) to 15.1% in FY25. Despite continuing to operate, some firms struggled to recover to previous levels due to limited financial strength to invest and a lack of robustness on their balance sheets.

Roughly 30% show weak performance indicators, with half of those already in distress. Put together, nearly 45% are either distressed or at risk of distress, it said.

Globally, Australia leads in distress levels, followed by Southeast Asia (14.0%), the UK (9.0%), and EMEA (8.8%).

Domestically, the distress rate continues to rise and isn't confined to a single corner of the ASX or economy, it said.

Retail and fashion lead the distress charts, which Alvarez & Marsal said these sectors are wrestling with "deep structural" challenges, including shifting consumer behaviour, margin compression, and ongoing supply chain volatility.

Technology, real estate and industrial and materials are following closely behind due to a different set of pressures, with the overall trend pointing to a "broad-based" increase in financial vulnerability across Australian corporates.

"Across the sectors we analysed, the story is clear: corporate health is deteriorating. From FY21 to FY25, on an aggregated basis, EBITDA margins are down more than 30% from 24.7% (FY21) to 18.1% (FY25), while total debt has increased by almost 20%," Alvarez & Marsal said.

"Behind these numbers are businesses struggling to generate enough cash flow to service debt as revenue growth slows and cost pressures mount, resulting in insolvencies at an all-time high."

Additionally, for businesses carrying heavy debt, the pressure continues to mount, as many are looking at alternative methods to keep up with interest payments; interest rate relief is too shallow and has come too late for them.

Economic headwinds continue to challenge Australian corporates, and the rate of restructuring activity is on the rise.

"It's not just formal insolvency processes making headlines. We're seeing a wave of 'amend and extend' deals, waiver requests, redundancies/reorganisations in headlines and other creative financial manoeuvres, each one a signal that companies are searching for breathing room in a tight market," the report added.

"In times like these, waiting isn't wise. The companies that act early and decisively to create a strong platform can weather the storm best. For boards, management teams, and financial stakeholders, now is the time to lean in and take stock."

Due to those reasons, Alvarez & Marsal said the economic outlook for Australia remains clouded.

"Ongoing global market volatility is likely to complicate access to credit, particularly for lower-rated firms with near-term debt maturities," the report said.

"As a result, 90% of respondents to our October 2025 survey expect insolvency activity to be at or above recent levels over the next 12 months - alarming given the number of insolvencies in the last 12 months is already at the highest level in 20 years.

"Despite these challenges, this period presents an opportunity for businesses to reassess their capital structures and pursue operational improvements. Strengthening financial resilience will be critical as companies prepare for a more demanding economic landscape in 2026 and beyond."

The survey found this expectation is most pronounced in the United States, where 37% of respondents anticipate working during retirement, but was still a global issue.

T. Rowe Price said the trend of "unretiring" is one the firm has been tracking closely, most recently in the US and Hong Kong.

The research, which surveyed more than 7000 retirement savers in the United States, Australia, Canada, Japan and the United Kingdom, also demonstrated economic and financial uncertainty among savers.

It found that 50% of respondents expect a recession by mid-2026, with inflation rated as a top concern (42%), as well as geopolitical events (30%) and interest rates (27%).

Additionally, 17% believe they will run out of money in retirement and only 27% are confident they could withstand a major financial shock while retired.

"Research is at the heart of everything we do," T. Rowe Price global retirement strategist Jessica Sclafani said.

"It helps us understand the evolving needs of retirement savers around the world. Longer life spans, financial uncertainty, and shifting expectations are redefining retirement - transforming it from a fixed destination to an evolving journey that demands new thinking from both savers and the industry.

"By studying these shifts in attitude, we can better understand what savers need today and empower them with the strategies and solutions that can build financial security, confidence, and optimism for the future."

The survey found economic pessimism was highest in Japan and Canada, where 62% and 56% of respondents, respectively, foresee a recession. In contrast, those in the US, Australia, and the UK were more optimistic, with less than half bracing for a near-term recession.

Additionally, only 31% of respondents expect to live as well or better in retirement. Pessimism was most pronounced in Japan and Australia, while optimism was highest in the UK.

Confidence also differed by gender, with women - especially single women - reporting significantly lower retirement confidence compared to men. This was most notable in Australia, where 31% of men reported high confidence versus only 15% of women.

Interestingly, excitement for retirement was linked to financial confidence and progress.

About one third of global retirement savers said they are excited for retirement. The research suggested optimism correlates with stronger financial footing. It said confident savers were more likely to be higher earners, married, (39% versus 30% of single savers), and were twice as likely to report progress toward their financial goals.

"As we continue to expand our global reach, T. Rowe Price remains focused on turning insights into action," T. Rowe Price head of global retirement strategy Michael Davis said.

"These findings will shape the solutions we develop and guide how we partner with employers, providers, and policymakers to drive meaningful progress. We are committed to strengthening financial confidence and delivering better retirement outcomes across every region we serve."

Spanning the past 12 months, the employer census revealed that the national gender pay gap has dropped by 0.7 percentage points (pp) to 21.1%, from 21.8% last year. Every state and territory reduced their gender pay gap with Western Australia recording the largest gap (28.8%) and Tasmania the smallest (10.6%).

For every $1 men earn, women earn 78.9 cents on average, a difference of $28,356 per year.

WGEA chief executive Mary Wooldridge said: "Employers are shifting the dial towards fairness which is helping to close the gender pay gap."

The report spotlighted corresponding improvements to women in leadership roles.

According to the study, women's representation in management increased 1pp to 43% with women making up 39% of key management personnel (up 2pp) in the last year. This is largely due to internal appointments and promotions of non-managers, the report said.

Although there has been no change to the rate of women in chief executive roles (22%) in the last 12 months.

This is a positive indicator that employers are dismantling internal challenges for women accessing management, the report said.

Concurrently, the proportion of employers with formal policy to support gender-balance on boards has increased 1pp to 44% in the last year.

The study also underscored that women represented in the upper quartile of earners has increased by 1pp this year and decreased by equal amount in the lower quartile.

In contrast, the report identified that the manager gender pay gap has increased proportional to the level of seniority.

Findings revealed that women chief executives earn $83,493 less on average in base salary to their male counterparts each year. This disparity increases to $185,335 when superannuation, bonuses, overtime and additional payments are considered.

These imbalances result in an average total remuneration gender pay gap of 26.2% with an increase of 1.2pp in the last 12 months.

The report highlighted progress towards creating fairer, safer and more equal workplaces. This includes more supports for employees experiencing family or domestic violence and increased action against sexual harassment.

However, while 99% of employers have a policy to prevent sexual harassment, only 60% of employers had their policy reviewed by the board in the last year. Around 36% of boards received no training in this regard and one in four (24%) had no data about sexual harassment reported to them in the last year.

Meantime, workplaces are increasingly encouraging new fathers to take parental leave, the report identified 20% of primary and universal parental leave is taken by men, up 3pp since last year.

"Employers should review their policies to ensure men have equal access to parental leave and flexible working arrangements. This should be supported by a culture that encourages and enables both men and women to use this leave," she said.

Although progress is being made towards a fair and equal workplace, the rate of improvement is slow, with the report calling for legislative reforms to set renewed gender equality targets for 2026.

"Reductions to the pay gap and modest improvements towards gender-balance in leadership roles are underpinned by more employers having policies and taking action that can break down gender norms about leadership and caring responsibilities, as well as improving employee safety," Wooldridge said.

Although women are increasingly holding more board seats at 33% (up 1pp), 24% of boards have not included any female members. The census also revealed that 50% of employers have a gender pay gap above 11.2% with only 22.5% of employers having a gender pay gap in the target range of -5% to +5% in 2025.

"WGEA's 2025 Gender Equality Scorecard also highlights opportunities for employers to improve by taking comprehensive actions based on data and evidence," Wooldridge said.

Setting goals for progress in the new year, the report urged employers to look towards ensuring workplace safety, improving gender-balance on boards and dismantling stereotypes about leadership, work and caring.

The partnership represents a significant milestone in Mason Stevens' strategic focus on the ultra-high-net-worth (UHNW) segment, Mason Stevens said.

GloryHouse was founded earlier this year by Hu and Cathy Ding and offers independent advisory services to UHNW family offices and sophisticated investors.

The firm provides a wide range of bespoke wealth management solutions, including personalised investment strategies, tax and estate planning, second-generation advice, philanthropy, and private client advisory services.

"We are thrilled to welcome Garth and Cathy to the Mason Stevens platform," Mason Stevens chief executive Tim Yule said.

"Their decision to partner with us reflects the growing demand for sophisticated, client-focused wealth management solutions within the ultra-high-net-worth advisory community.

"This partnership underscores our commitment to providing premium tailored solutions, advanced technology and exceptional service to clients who expect nothing but the best."

Mason Stevens' integrated wealth technology platform includes a personalised outsourced chief investment officer service and sophisticated investment solutions.

Hu said GloryHouse was looking for a platform that could handle the complexity of its clients' portfolios while also offering flexibility.

"Our partnership with Mason Stevens allows us to deliver institutional-grade capabilities while maintaining the independence and personalised service that our clients value most," Hu said.

This new partnership provides GloryHouse with Mason Stevens' institutional grade risk and compliance framework, operational infrastructure, and high-touch support.

"Mason Stevens' architecture will allow us to curate best-in-class solutions for every client. It's an exciting step forward in the evolution of our business," Ding said.

"Their commitment to innovate and their understanding of the unique needs of our clients gives us confidence that we've found the right platform to partner with."

Following judging, 18 finalists across six categories were recognised for their focus on delivering the highest standard of trusted and professional advice to Australian consumers, the FAAA said.

The winner of the FAAA Certified Financial Planner Professional of the Year Award was Oxlade Financial's managing director Mark O'Flynn.

FAAA chair David Sharpe said that O'Flynn has shown great dedication to improving the lives of his clients throughout his over 20-year tenure in the industry.

Sharpe said: "Mark not only clearly demonstrated a level of technical excellence, incorporating engagement with all the professionals in a client's life, but he also showed great empathy and professional judgement to adapt and deliver client first advice in times of considerable client distress."

The FAAA Adviser of the Year Award honoured Prominent Financial Services senior financial adviser and director Christine Swanson.

Since the start of her career in 1987, the judges said, they were impressed with Swanson's dedication, overall contribution and advocacy for the profession and purpose-built business practices around the client journey.

Boutique Advisers' managing director Gary Hasler accepted the FAAA Professional Practice of the Year Award.

The firm has been operating since 1991 and joined the FAAA Professional Practice Program in 2012. The judges recognised its contribution to the profession and the broader community, as well as ongoing investment in upskilling and developing their team.

The FAAA Inspire Women - Excellence in Advice Award was given to Iconic Wealth director and senior wealth adviser Kelly King.

The judges commented on King's strong advocacy for females in financial advice after founding the business in 2002. They also recognised her commitment to female causes, including helping to build a female business community and through support of a crisis accommodation charity.

Frost Financial Services adviser Aayush Sharma won the FAAA Gen Next Rising Star of the Year award. The award recognises members in their first four years of practice in the profession or first six years of employment within the advice sector.

Having joined the industry in 2021, the judges said Sharma exemplifies core FAAA values, including advocacy, leadership, and professional growth. They also said that his passion and initiative make him a standout emerging adviser.

The FAAA University Student of the Year Award, which recognises members who are enrolled in a financial planning related course in a tertiary institution or equivalent, was given to Katherine Mitterer.

She is currently studying a Bachelor of Business (Financial Advice) at the University of South Australia. The judges said they were impressed with Mitterer's passion for advice, as well as her ability to make a career change whilst juggling a young family, online remote study and the role of president for the university's financial planning student society.

FAAA chief executive Sarah Abhood congratulated each of the award recipients.

Abood said: "The FAAA Awards recognise excellence in the financial advice profession and celebrate those demonstrating the highest standards of professionalism and care, and I congratulate all the winners and finalists at this year's awards."

"They are showcasing the positive and life-changing impact that financial advisers can have, particularly in Australia's complex and ever-changing financial environment.

"This important recognition can't happen without the help of our award sponsors, and we thank TAL, Zurich and UniSuper for their ongoing support and commitment to recognising excellence in our profession."

"Ken established the firm in 2001 with a clear vision. To provide institutional-grade investment advice grounded in independent thinking, strategic clarity, and a firm belief in backing good people. Many of us, past and present, got our start in this industry thanks to the mentorship of Ken," Atchison said on LinkedIn.

"Over the next two decades, his leadership helped shape Atchison into a trusted adviser to many of Australia's most sophisticated investors."

Atchison's career began with Towers Perrin as a consultant. He established Atchison Consultants in February 2001 with the focus on providing advice and analysis to financial institutions, superannuation, insurance funds and investment managers across the management of their investment portfolios.

He led the firm as managing director for 21 years until April 2022.

The year prior, Wattle Partners acquired Atchison Consultants. He stayed on with the group while Wattle Partners directors Jamie Nemtsas and Drew Meredith became non-executive directors of Atchison. Wattle Partners was founded by Austin Donnelly as Donnelly Money Management in the 1990s.

"Though he stepped back from executive responsibilities, Ken remained a valued adviser and sounding board," Atchison said.

"We honour his legacy and the contribution he made to the investment profession in Australia."

Atchison went on to hold board positions at Rajomon Asset Management and Brickfloor and was the chair of Strata Guardian's investment committee.

Atchison was instrumental in helping launch Financial Standard. He was also a regular contributor to Financial Standard's Property Sector Review.

Rainmaker Information managing director Christopher Page said: "Ken helped me launch Financial Standard back in 2003, his enthusiasm and support for the new venture was very important at the time."

The annual awards hosted by the Institute of Financial Professionals Australia (IFPA) recognised Williamson for her reporting across superannuation and financial services that has informed industry professionals and the public.

Williamson's achievements demonstrate accuracy, clarity, original reporting, and continues to provide in-depth analysis of policy and regulation.

Her work is also lauded for the tangible impact made on the public's understanding, particularly for small-to-medium businesses.

On the night, Health & Finance Integrated's William John took home the Financial Adviser of the Year Award. The Outstanding Achievement Award for this category went to Hayes & Co Insurance's Trish Gregory.

Wealth Connexion's Alexander Kitchin won the Outstanding Contribution to the Profession Award. Viola Private Wealth's Charlie Viola took out the Outstanding Achievement Award for this category.

Wealth Connexion was also recognised as the Enterprise Financial Services Practice of the Year.

Finchley & Kent won the Independent Dealer Group of the Year and GDA Financial Services' Michael Driessen bagged the SMSF Adviser of the Year. Driessen also won the SMSF Adviser of the Year Award.

Yield Financial Planning's Jarrod Ferrier won the Emerging Financial Services Leader of the Year, while James McFall won the Financial Services Practice Principal of the Year.

Find Group's Warren Strybosch took home the Thought Leader of the Year Award.

TAG Financial won the Australian Financial Practice of the Year, as well as the SMSF Practice of the Year Award.

DPM Financial Services was recognised as the Holistic Advice Practice of the Year.

IFPA chief executive Ky Wilson said: "Our winners and finalists invest in their people, deliver measurable outcomes for clients, and hold the line on quality. That is how a strong sector builds trust and lifts standards, and we are proud to showcase it."

IFPA chair Stephen Ware commented that this year's awards was a full house and a clear win for the profession.

"Hundreds turned out to celebrate results that were hard earned. Our members are the backbone of small business growth across Australia, and IFPA is proud to recognise their achievements, their standards and their contribution," he said.

This comes after James Hardie faced significant backlash over a $14 billion deal to acquire US-based Azek. A deal that was done without an investor vote, leading to backlash from other major investors including AustralianSuper, UniSuper, Aware Super and HESTA.

CalPERS, CalSTRS and the Florida State Board of Administration lodged proxy votes with Glass Lewis, calling for Lloyd to be removed as chair at the AGM on Thursday morning.

Earlier this month Institutional Shareholder Services (ISS) also recommend a vote against the four James Hardie directors up for election, including Lloyd.

ISS said it had "material corporate governance concerns" around the James Hardie board.

The acquisition of Azek also sparked the ASX to launch a review into shareholder approval requirements in April.

This month the ASX released the public consultation paper on shareholder approval requirements for dilutive acquisitions and changes in admission status for dual listed entities.

The consultation paper focused on four main areas, including the issue of shares under a regulated takeover or merger; when a dual listed company wants to change to ASX Foreign Exempt Listing status; when a dual listed company proposes to delist from the ASX; and significant changes to the nature or scale of a listed company's activities.

ASX said the response to consultation and any potential associated exposure draft rule changes are expected to be published in the first half of 2026.

Financial Standard is owned by ISS Market Intelligence, which is part of ISS STOXX.

Alvarez and Marsal estimates that as at 31 May 2024, the value of the net assets attributable to unit holders of the Shield Master Fund was in the range of $205,843,566 to $238,806,547 - a far cry from the $525,367,274 previously claimed by Shield.

In the case of First Guardian as at July 8, FTI Consulting said it was "not in a position to provide an estimate" as to what assets may ultimately be realised, and therefore what funds may be distributable to unitholders.

At a recent parliamentary hearing, Australian Securities and Investments Commission (ASIC) chair Joe Longo⁰¹ described the situation as being on an "industrial scale".

"This is a very sophisticated, coordinated series of players who coordinated their activities in a way to persuade people to move their money from one place to another and they've been tricked into thinking that they can get better returns... but most of the money went into managed investment schemes or products that were hosted on the platforms of superannuation trustees," Longo says.

"They were persuaded to do this through perhaps responding to something they've read. They get called by a lead generator, someone who excites further their interest, and then get connected with a licensed financial adviser, and it goes on from there."

Several financial advisers are within ASIC's crosshairs. For example, principal and financial adviser of Venture Egg, Ferras Merhi is under investigation after he and his advisers invested about $296 million of their clients' super into First Guardian and some $230 million into Shield between 2020 and 2024.

Venture Egg was licensed through Interprac, as was another firm that was involved, Reilly Financial.

Alongside the advisers who funneled victims' superannuation savings into these funds was the research house, SQM Research, which gave both funds' ratings and provided the necessary research for them to get onto a platform.

In this case, Shield was made available through Macquarie Investment Management and Equity Trustees. First Guardian was hosted by Equity Trustees, Netwealth, and Diversa.

First Guardian was run by David Anderson and Simon Selimaj, who were directors of Falcon Capital, the responsible entity for the fund.

Keystone Asset Management was Shield's responsible entity with Paul Chiodo as director.

To say there are a lot of moving parts would be an understatement.

The consumer

Currently, anti-hawking laws allow financial services to be sold, but not financial products.

Another loophole was the fact that consumers were contacted after freely providing their information after seeing an online advertisement. Commonly, those ads appeared on social media and encouraged people to compare superannuation funds or returns.

This allowed those helping to run the schemes to contact consumers without breaking anti-hawking laws because consumers consented to being contacted by providing their details.

Super Consumers Australia director or advocacy (policy) Jessica Spence⁰² says it's no surprise Australia's superannuation industry is a magnet for bad actors.

"There's a huge incentive when you've got an industry worth of $4.3 trillion for unscrupulous people to try to take advantage of that," Spence says.

"It's a huge attraction for people who want to do wrong. There were a lot of conflicts of interest with everybody involved; some of the super funds, the advice businesses, the research houses, the lead generators, which likely prevented people from exercising the degree of scrutiny that they really ought to have.

"I think it's clear that some people didn't exercise any due diligence or scrutiny at all."

In her opinion, there were a number of those involved who, had they taken more time, would have realised there was something wrong and could have been able to stop it.

From a consumer perspective, Spence says the blame lies across the entire industry, from advisers, to platforms, trustees, auditors and the like.

"There's a variety of places along that value chain where there were problems. From our perspective, lead generation is a huge one, because lead generators are not licensed, and they don't really have any obligations. They take advantage of some loopholes in the law which allow them to sell financial advice unsolicited. So that's a challenge," she says.

"A good financial adviser doesn't need lead generation services in order to develop a good pool of financial advice clients that they can deliver services to."

The advisers

Longo stopped short of blaming advisers and, in fact, defended them during the parliamentary inquiry.

"I wouldn't want to demonise all financial advisers. There's a lot of blame to go around here," Longo says.

However, deputy commissioner Sarah Court did note that around 140 advisers are on an internal list at ASIC that have either had action brought against them, are under investigation, or will soon be hearing from the regulator.

The Financial Advice Association Australia (FAAA) chief executive Sarah Abood⁰³ says the advice industry is not shying away from the fact that there are some bad apples.

"While there are a lot of parties involved who've done the wrong thing, there's no doubt that advice is involved in this. So, the challenge for us, obviously, is acknowledging that that's the case, while still pointing out that the advice involved in this is a very tiny minority of the advice profession," Abood says.

And while those bad apples should face consequences, Abood says it is actually those who set up the products that need to be held to account.

"I don't think there's any doubt that that's where the blame is, right? They set up products that were fundamentally flawed and they fell over," she says.

"But when we look at how this could have been stopped, who else was involved - the first port of call is often the auditor of the funds."

In the case of Shield, the auditor was BDO - and while it did raise some concerns, it was not until June 2024. In the case of First Guardian, it was Audieto, which no longer exists.

"That's often the first place people will look and ask, 'If the funds hadn't been managed properly, in line with the PDS and in line with laws, was the auditor aware of this? Were they doing their job properly?' So that's one party that ASIC has called up as investigating to see if there was a role that the auditors played there," Abood says.

The next step is to look at the research house that gave the funds' ratings.

Abood says it's worth asking the question of whether the advice firms that relied on those ratings, and put the products on their product lists, should be held accountable for trusting that rating?

"What is the contractual relationship between those parties and SQM? I don't know if there's anything in that agreement around indemnities or limitation of damages and so on, but I imagine it would at least in part be a contractual dispute if those parties wanted to take action," Abood explains.

Agreeing with Abood, Australian Fund Monitors chief executive Chris Gosselin⁰⁴ says advisers cannot wholly be blamed for recommending a product that had been given a favourable rating.

The rating houses

Gosselin says because the system is so interconnected, it can be hard to spot a dupe or a faulty financial product.

"What drives financial markets is fear and greed and these things wax and wane. When everything's going well, and markets have been really strong for a while now, then people get greedy in that environment if you drop your guard on compliance," Gosselin says.

"Then it's easier for products to slip through the net. The problem with the net is that there are a whole series of hurdles and conflicts with those hurdles that are required to get a product onto platforms and distributed to retail investors."

Gosselin says one of the main issues within the financial services industry is the fact that investment funds themselves typically pay research houses to rate them.

"The whole research industry is highly conflicted. It shouldn't be conflicted, but it is inevitably conflicted because there's a lot of money in it," he explains.

"If you need to have a research report, that research report can cost anywhere between $30,000 and $40,000 a year, because you need to have a research report that is maintained."

As a result of funds paying for their own reports, there is pressure on research houses to keep bringing in business - which can lead to some products being given a more positive rating than perhaps they deserve.

SQM Research has previously stated that it only provided 'investment grade' ratings which "were at the lower end of that scale", and that both funds were subsequently downgraded once more information came to light.

So, can the rest of the industry really be at fault for believing the ratings? A bit, Gosselin says.

"Whenever you go into an adviser as a product issuer and say, 'I'd like you to put your clients into my product', almost inevitably the adviser will ask for the research report, and the same goes for the platforms and the trustees," Gosselin says.

"The risk is that they only look at the first two or three pages the research and the stamp on it that says 'recommended' or 'highly recommended'.

"Generally speaking, if you've got a research rating and it's 'recommended' or 'highly recommended', then you will get on a platform, and you won't get on a platform if you don't have a research rating."

Gosselin says his thoughts on the culpability of research houses may be unpopular, but that it is not unknown within the industry.

"Everyone understands that the research game is very expensive. We know fund managers who pay more than half a million dollars a year to research houses. That's a huge impost to pay. And if you don't pay, you don't play the game," he says.

The platforms

InterPrac managing director Garry Crole says the victims should be "fully compensated" via superannuation funds' reserves - passing the blame to the platforms and trustees.

InterPrac is currently facing $22 million worth of Australian Financial Complaints Authority (AFCA) complaints pertaining to its representatives' alleged roles in the more than $1 billion loss of investor money.

Crole has said super funds' Operational Risk Financial Requirement (ORFR) should be activated in the same way that victims of Trio Capital were remediated.

"Use of the ORFR to remediate member losses would reinforce trust in Australia's wealth management and superannuation industries, confirming the value of strong regulation and the mandate for super funds to act in members' best interests," he said.

"While it is essential that those who misled trustees, research houses, and licensees are called to account, the Australian superannuation system has evolved to safeguard members, and those safeguards must be fully utilised."

ASIC has its sights set on the trustees involved, having launched proceedings against Equity Trustees over its alleged due diligence failures concerning Shield.

ASIC alleges Equity Trustees oversaw the investment of around $160 million into Shield over 2023 and 2024 via multiple super offerings.

ASIC's Court says the action should serve as a "clear message" to super trustees that proper due diligence is needed when offering investment options for members.

In response, Equity Trustees said it is "determined that it intends to defend the allegations."

But it would appear a clear message was sent.

In September, Macquarie agreed to pay back Shield investors 100% of the money they put into the fund, less any amount they may have withdrawn.

It was a landmark decision from the millionaire factory. In all, Macquarie oversaw about $321 million of the super savings invested into Shield.

"Macquarie's decision to devote resources to achieve this outcome recognises Shield's unique circumstances, notably the scale of the issue, its material impact on many investors and their limited access to recourse from the many different entities which played a role. The approach of providing immediate certainty and an improved outcome for investors benefits all parties," Macquarie said in a statement.

At the time of writing, no action has yet been brought against Netwealth or Diversa, nor has ASIC launched proceedings against Equity Trustees for its involvement in First Guardian.

The regulators

While many in the industry have applauded the regulator for the action it is taking now, how much damage could have been avoided had it acted sooner?

According to SMART Compliance founder Brett Walker⁰⁵, all of it.

Walker says history tells us that waiting until things have gone terribly wrong is simply not good enough.

"ASIC is doing an awful lot of work now to prosecute and punish throughout the organism, from advisers all the way through to the operators of the fund," Walker says.

"But it's frustrating to think that there are still cold call centers operating, pumping people through without advisers touching them, or they've just pushed them over to advisers who are ready to move people over to that preconceived system."

For Walker, what's most concerning is the fact that these schemes were able to operate for five years before red flags were raised.

"They had gone through financial audits every year, they were meant to have gone through multiple filters that external parties relied upon to give assurances or comfort about the quality of what was sitting on the menus of the platforms," he explains.

Walker says he's had to wonder - along with the rest of the industry and the consumers affected - how was it that these failures were never picked up, or at least not before a significant amount of money was lost.

"My greatest hope for the future is that ASIC will now decide that there's no point relying on gatekeepers. If you're waiting on gatekeepers to deliver useful intel to you, you might as well just hold your breath. It's not going to work, because it's been shown not to work for decades," Walker says.

"There seems to have been collapse after collapse that indicate that a whole pile of untoward activity can occur in these schemes and apparently, just go completely unchecked until the liquidator gets called in."

By the time that happens, it's already "game over" and the chances of victims getting their capital back is slim to none.

"The horse has bolted, the asset values will probably plummet, and people will get a penny on the dollar in the end. So, the whole objective of the system is lost," he says.

In mid-September, Equity Trustees did just that, revaluing investors' unit holdings in Shield and marking them down by as much as 75%.

"I've heard Joe Longo saying that ASIC needs more power to deal with registered managed investment schemes, and I would be interested to know what powers he thinks they lack, because the Corporations Act gives them a lot of powers," Walker says.

Section 601FF of the Corporations Act states: "ASIC may, from time to time, check whether the responsible entity of a registered scheme is complying with the scheme's constitution and compliance plan and with this Act."

To Walker, this should be ASIC's answer to any potential problem with a managed investment scheme, as it gives the regulator complete access under the hood.

"If you wanted a broad power to essentially force managed scheme operators to tell you what's going on in their businesses in real time, you probably couldn't have a better piece of legislation," he says.

"I was struck by that power and how it hasn't been applied."

Walker took it upon himself to review ASIC's annual reports dating back to 2018. Within them, ASIC lists the powers it has used each financial year and found Section 601FF has only been employed once since 2018.

"There's been $1.1 billion lost. It is astonishing that no one bothered at any time to check on the performance of what were new schemes by relatively new responsible entities," he says.

It's his view that had ASIC flexed the muscle given to it under 601FF, it would have spotted the issues with Shield and First Guardian much sooner, including how intertwined they were, which advisers were involved, and what advice was provided to support investment in the schemes.

"It's not rocket science, and I wonder why something relatively simple and proactive isn't being done at the managed investment scheme level," Walker says.

Walker would like to see ASIC establish a unit dedicated to surveying new schemes.

"... and I imagine they'll find all sorts of stuff, because it doesn't sound like these guys were hiding it," he says.

Where to from here?

For now, Abood is focused on trying to ensure innocent advisers are not paying the price for the failings of others - with the Compensation Scheme of Last Resort (CSLR) bill already topping $67 thanks to other major collapses like Dixon Advisory, United Global Capital and Brite Advisory.

"That's a lot of money and the financial advice sector just can't afford it. It's already very expensive to be an adviser. [The CSLR is] already acting as a handbrake on firms putting on new financial advisers, because the cost of doing that keeps escalating," Abood says.

"The average advice business now has 2.6 advisers. So, a bunch of small businesses just can't fund it, and there's no point bankrupting this sector, because what are consumers going to do then?

"We've got to find a way to ensure that consumers who need and deserve that money are able to get it without bankrupting people that had nothing to do with the behaviour that led to that."

Abood also wants to see the government reopen the Senate inquiry into wealth management, which was launched to investigate the collapse of Dixon Advisory and was ditched in August. And its remit should be expanded, she says.

"With Shield and First Guardian it was not a single point of failure. It's not just one thing that went wrong. It's a lot of things that went wrong that meant that so many clients have been stunned so, we've got to make sure it can't happen again," Abood says.

Gosselin believes the answer lies in Europe.

"You obviously can't exist without research, independent research, but the key word is 'independent'," Gosselin says.

"In Europe, financial markets have said you can't pay for research on your own products. It's got to be industry funded.

"The other thing you could do is hold people accountable, and seriously accountable. I think having a penalty system that is significant will make sure that people don't do things they're not meant to do."

Since its establishment, FINSIA has represented financial services professionals of all backgrounds, including the banking, institutional markets, funds management, financial advice and securities sectors. It currently has around 10,000 members.

"In any member organisation, there's always a challenge in that there's a very diverse range of views, and one could argue that's the strength of a member organisation, in that you do get many views coming together," Cox said.

However, each of these sectors have their own dedicated industry bodies as well, increasing competition for FINSIA over the years.

Over the last five years FINSIA has reported financial losses of more than $11 million, something which president David Cox tells Financial Standard came about as the organisation faced some "structural challenges".

"When you look at FINSIA and member organisations that operate in a similar space globally, many have faced a range of structural challenges," Cox said.

"It ultimately comes down to a question of scale, and we have been operating at a subscale level for a prolonged period of time. We have been in a loss-making position for quite some time."

Cox said that the board of FINSIA focused on enhancing the member value proposition, which he said has "increased significantly".

"As a consequence, we have seen our membership scores, looking at net promoter scores, going up quite significantly over that time," Cox said.

"We've also focused on cost, and so we've done a major organisational restructure, and that has seen our cost base decline significantly. But as a board, when we stood back, we determined that given those structural challenges, that was not enough to focus on that long-term sustainability challenge."

Cox said the board considered whether it would be able to lower the cost per member on its own accord but determined a strategic partnership would offer more scale and be of more benefit to members.

This led the board to enter the strategic partnership with the Chartered Institute for Securities & Investment (CISI), confirmed in September.

"We've done a lot of work with our member base, and our members told us that they highly valued international recognition and international connectivity," he said.

"As a board, we're delighted in terms of where we've got with CISI. We think there's going to be meaningful uplift in the value that's going to be delivered to our members. It meets the needs that the members have strongly been asking for in terms of that international perspective in a global financial services community, and we've seen at least a 25% reduction in their membership fees."

Cox admits that having a broad membership base was, at times, difficult to balance, but said the partnership with CISI was the right fit for its diverse membership.

"We occupy a unique role in the Australian landscape, but there's certainly a challenge in terms of working out how we satisfy all members," he said.

"What we're pleased about in terms of the strategic alliance with CISI, is there is a strong alignment between the sub sectors it caters for and FINSIA caters for. So, we think it's a really good fit between the two."

Cox said the response from FINSIA members has been positive and renewal rates are among the highest he's seen in several years.

"We've actually seen a number of former members that have said they would love to be part of this and have rejoined. So, we're really excited in terms of the proposition that offers for our members, and we're looking forward to seeing how that journey continues," he said.

The research found early departure was most prevalent in Australia, where 31% said they expect to retire early - this was up from 17% in 2023.

In contrast, only 13% of Chinese women said the same, a fall from 39% in 2023.

Notably, the research found that the trend applied across all age groups, with 24% of 18- to 34-year-olds expecting to retire early.

The report highlighted that menopause or perimenopause appear to be exacerbating factors behind early departure - 29% of those experiencing one of those reported that they expected to retire early.

"While progress does not appear to have slowed, with data broadly consistent with 2023, even adjusted for the additional markets assessed in 2025, a proportion of women are still being locked out of work," the report said.

"For some, this will be a choice driven by financial security, preference around hobbies and leisure, or prioritisation of caring responsibilities. For others, the spectre of the Second Glass Ceiling remains."

The report said that many of the driving forces behind women leaving the workforce early have persisted.

More than a quarter (27%) globally also said other health and wellbeing issues, excluding menopause, were key factors in deciding to leave the workforce.

Caring responsibilities continue to dominate, with 21% citing caring for parents and/or elderly family members as a driver and 12% saying this about grandchildren.

Despite this, the report made mention of Australian government policies which should help address the issue.

In 2025, the Australian government responded to a Senate inquiry on menopause by supporting 16 of 25 recommendations, including the implementation of Medicare rebates for menopause health assessments, the development of clinical guidelines and training for healthcare professionals, and the launch of a national awareness campaign. The government also invested $573 million in women's health, focusing on improving access to menopause treatments, including subsidised hormone replacement therapies and the first new contraceptive pill on the Pharmaceutical Benefits Scheme in 30 years.

Each year, Sydney's financial services industry comes together to raise much-needed funds for multiple charity partners while discovering the hidden singing talents of some of their peers.

Performing at The Beresford in Sydney's Surry Hills last night, Magellan Financial Group key account manager Martin van Eyk was crowned FICAP RockStar after belting out the Screaming Jets classic, Better.

There were three other awards handed out on the night.

Challenger's Shirley Natasunjaya was named Best Vocalist for her performance of Chaka Khan's Ain't Nobody, while NMG Group's Brayden Slade took home the award for Best New Talent after covering The Killers' Mr Brightside.

Finally, the Bands Choice Award went to Isabella Vick from Ironbark for her rendition of Fleetwood Mac's Go Your Own Way.

At the same time, a silent auction raised $110,000 for FICAP's 2025 three charity partners Life Ed, Feel the Magic, and Fighting Chance.

The evening also featured performances from Eleanor Foster from KPMG, Mira Dilek and Ana Lepojevic of BlackRock, PIMCO's Scott Delaney and Mae Ann See from HUB24.

Since its inception in 2006, FICAP has raised over $3 million for charity.

This year's platinum sponsors for the event were BlackRock and Challenger. The gold sponsors are Alexander Funds, AZ NGA, BT, Colonial First State, HUB24, Ironbark Asset Management, KPMG, Macquarie, Magellan, Maple-Brown Abbott, Montgomery, NMG Consulting, Pendal/Perpetual, PIMCO, Profusion, Schroders, SQM Research, and Thinktank.

Financial Standard is proud to be the media partner of FICAP.

In response to the orders, La Trobe blocked access to its online portal, which Paton said had to be done to comply with ASIC's orders. On September 19, Paton said the fund manager was updating the platform.

"In order to comply with the interim stop orders, we are unable to accept new investments into our products, which we know comes as a disappointment to many of our investors," Paton said in a video posted to the La Trobe website yesterday.

"We have also had to temporarily take down our online investment platform, La Trobe Direct, to comply with ASIC's interim stop orders.

"Our team are working feverishly to bring it back online as soon as we can and we appreciate your patience."

However, an ASIC spokesperson told Financial Standard the orders did not apply restrictions to the portal.

"ASIC orders did not place any restrictions on La Trobe's online investor portal and any questions as to why it may be down would best be directed to La Trobe," the ASIC spokesperson said.

"At this time, we would recommend that investors contact La Trobe regarding their investments."

Paton told investors not to be concerned, and that while no new funds can be accepted, those already invested will carry on as usual.

"We take our role as responsible stewards of your capital, and the trust you have placed in La Trobe Financial, very seriously. We always take great care to comply with our legal responsibilities. We will work closely with ASIC to address the concerns that they have raised," Paton said.

"We wish to stress to investors that your investments with La Trobe Financial remain safe and under our careful stewardship. Our products are supported by granular, high-quality investments contained within highly diversified portfolios with embedded conservatism. These portfolios are carefully constructed to perform across the cycle and will continue to support the payment of consistent monthly income to investors.

"We can confirm that we continue to pay monthly interest, we continue to redeem maturing investments on time and in full, and we maintain ample liquidity across all portfolios to meet these obligations."

La Trobe was contacted for further comment.

Smoker co-founded Evolution Trustees almost a decade ago and served as chief executive.

He was well known in the financial services industry, particularly through his time at Perpetual, where he had overseen the business development as head of responsible entity services.

Before that, Smoker held senior positions at ASIC and The Trust Company before it was integrated into Perpetual.

Evolution Trustees said Smoker will be remembered for his kindness, generosity, and the lasting impact he had on everyone who worked alongside him.

"As a visionary leader, he built Evolution Trustees into a proudly Australian-owned business, leading with unwavering commitment to clients and genuine care for his team," Evolution Trustees said.

"Our thoughts are with Rupert's family, friends, and all who had the privilege of knowing him. We are deeply grateful for the outpouring of support from clients and partners during this difficult time."

In the interim, current chief operating officer Ben Norman will serve as acting chief executive.

"With the continued support of our long-term investors, stakeholders and the dedication of our experienced team, we are committed to honouring his legacy and upholding the values he instilled in our organisation," Evolution Trustees said.

In tributes, Smoker was described by friends and former colleagues as a true gentleman and inspirational entrepreneur, with a wicked sense of humour and someone who made a lasting contribution to the sector.

Smoker's funeral service will take place at St Mary's Catholic Church in North Sydney at 10:00am on Friday, September 26. The service will also be available to view via a live stream.

Smoker is survived by his wife, Sophie, and his two children, Jarvis and Austin.

This firm said the move marks its ambition to lead the nation's private wealth sector and cement its alignment with LGT's global reputation.

LGT said for clients, the rebrand reinforces the ability to access global investment opportunities, intergenerational wealth expertise and sustainable investment solutions.

The wealth management firm added that the advisers, relationships and services they rely on remain unchanged.

"Our rebrand is a bold and strategic step forward," LGT chief executive Michael Chisholm said.

"It reflects our commitment to delivering world-class wealth management, backed by global expertise and a deep focus on our clients.

"While our name is changing, our purpose is constant - to provide premium, global tailored advice and solutions with the same focus on local service and personal relationships as ever. We are excited to continue our growth trajectory and showcase the best of what LGT has to offer."

LGT private banking chief executive Olivier de Perregaux said Australia is a key market for LGT's long-term growth ambitions.

"The rebrand to LGT Wealth Management Australia, together with the recent expansion of the team and client base, demonstrates a strong commitment to building a leading wealth management business in the region," de Perregaux said.

"I look forward to supporting the team as they continue to deliver outstanding outcomes for clients and further strengthen LGT's presence in Australia."

LGT said since the Australian business joined the global group in 2022, it has accelerated its growth trajectory, expanded client access to private markets and sustainable investment solutions.

This includes the June 2025 acquisition of Commonwealth Bank's high-net-worth advice business, which added $5 billion in assets.

From tomorrow, September 20, the Age Pension will increase by $29.70 a fortnight for singles and $44.80 for couples combined.

This will see singles receive $1178.70 per fortnight, up from the current $1149, while couples will receive $1777 instead of $1732.

At the same time, deeming rates are increasing by 0.5% after being frozen at 0.25% since July 2020. It will now be 0.75% for singles with financial assets of less than $64,200 and $106,200 for couples.

For those with financial assets above those thresholds, a deeming rate of 2.75% will apply, up from 2.25%.

The increase to the Age Pension is the result of indexation and represents the most significant bump for pensioners in two years. However, some will see their increase in payment offset by the change to deeming rates.

Last month, National Seniors Australia estimated some 470,000 people who currently qualify as part-rate pensioners under the income test will be impacted by the deeming rate change.

Analysis by University of Sydney's Susan Thorp shows about 4.5 million Australians receive an Age Pension. This equates to about 64% of Australians aged over 64. Of these, 25% will see their payments change due to deeming.

Analysis of ABS Labour Force Survey data by KPMG Australia suggests increases to the Age Pension over the past decade have contributed to the increase in Australians' expected retirement age.

In FY25, the expected retirement age for men was 67 years, up by 2.2 years since FY15. For women, the expected retirement age was 65.3 years, up by 1.1 years over the same period.

However, the participation rate for women in their 70s in FY25 was 9%, up from 5% in FY15. For men aged 70 the participation rate is 14% in FY25, up from 11%.

HESTA chief executive Debby Blakey welcomed the increase to the Age Pension but said current tax settings for recipients are a disincentive to workforce participation.

"The current system hasn't kept pace with this modern reality of retirement, and doesn't effectively support retirees who want to continue contributing to their communities and the economy," she said, noting many that still work and receive an Age Pension are being hit with effective marginal tax rates of 60% to 80%.

"We continue to call for the Work Bonus payments thresholds to be indexed to Average Weekly Ordinary Time Earnings (AWOTE). This isn't just about allowing retirees to work without facing extreme effective tax rates, it's about recognising and supporting the various ways people want to experience their retirement years."

The Age Pension is due to be indexed again in March 2026.

Halstead has also alleged the ASX failed to provide adequate resources for major projects, including the embattled CHESS replacement, and failed to listen to warnings over market outages.

According to the concise statement filed in the Federal Court, seen and reported by the Australian Financial Review, Halstead is accusing Lofthouse of being "frequently passive-aggressive and belittling in her demeanour".

Financial Standard reached out to legal representatives for both Halstead and Lofthouse for comment.

According to reporting, Halstead claims he warned the market operator in 2015 and 2017 about issues with testing and engineering architecture for the replacement of the CHESS system. He alleges the ASX did not have the resources for critical technology projects and that it breached the law requiring it to do so to ensure the smooth operation of the share market.

Halstead had been with the ASX for more than 15 years, starting as a senior technical support analyst in 2010. He worked in several other roles before taking on the head of trading technology job in December 2020.

Halstead claims that he was subjected to a "toxic work environment" and that Lofthouse "deliberately bullied and marginalised" him.

ASX general manager of markets technology Farid Sammur is also listed as a respondent with Halstead alleging he had raised concerns to him as well.

Halstead said he was informed in May that a restructure would mean his role was no longer required and that he was let go on June 13.

The ASX has faced harsh criticism from both the Reserve Bank of Australia (RBA) and the Australian Securities and Investments Commission (ASIC) surrounding the CHESS replacement.

In March the two entities wrote a damning open letter to the market operator to address their increasing concern over the management of operational risk.

"The RBA and ASIC are increasingly concerned and deeply disappointed over the management of operational risk at ASX, following the CHESS batch settlement failure that occurred on 20 December 2024," the letter said.

"For some time, the regulators have been raising serious concerns about operational risk at the ASX clearing and settlement facilities. These risks were realised in this major operational incident."

In May, the ASX completed a resourcing and capability review, conceding tech staff within the organisation were "stretched".

The review concluded that while the overall size of the CHESS technical support teams are sufficient for the business-as-usual operational demands of CHESS and build and change activities, the relevant teams are "stretched in the event of a multi-day incident".

"To address the findings, the ASX has committed to a series of actions that will form part of its plan to further strengthen its resourcing arrangements for the maintenance and support of CHESS," the ASX said.

On June 26, ASIC appointed three panel members to conduct an inquiry into the ASX.

Leading the inquiry is Commonwealth Bank independent non-executive director Rob Whitfield as chair.

He is joined by Christine Holman, currently a non-executive director of AGL and Collins Foods, and Funds SA chair Guy Debelle.

Commenting at the time, ASIC chair Joe Longo said: "Rob, Christine and Guy bring a wealth of experience in their roles as members of ASX top 20 boards and government investment funds, as well as deep experience across global markets, banking, regulatory, risk and technology."

"Their depth of experience and skills will be invaluable as we undergo this Inquiry."

The previous exam cycle in June saw the lowest pass rate in recent times at 66%.

Although slightly improved, only 152 (69%) candidates passed the August exam, which 221 people attended.

Of those, 162 (73%) sat the exam for the first time.

The 69 (31%) who failed will receive feedback from the Australian Council for Educational Research on the areas where they underperformed, ASIC said.

The passing of the Financial Adviser Exam is one of the mandatory measures to be listed in the Financial Advisers Register, which is required by ASIC's imposed qualification standards.

The deadline to meet the qualification standards is 1 January 2026, and according to ASIC, as at June there were more than 4600 relevant providers yet to meet the standards.

The next exam will be held on November 6; the booking period will be between October 3 and 24.

To date, 22,153 individual candidates have sat the exam, and 20,546 (92%) have passed.

To be presented on September 24 at the Hedge Funds Rock fundraising dinner as part of Sydney Alternative Investment Week, the awards recognise the very best in Australia's alternative investment funds and asset management industry.

There are 13 awards up for grabs, 11 of which have up to three finalists each. The coveted Fund Manager of the Year award and the award for Contribution to the Australian Alternative Funds Industry do not have finalists, with the winners to be named on the night. All awards and finalists are listed below.

In addition to recognising excellence in the alternatives space, the event will also raise some much-needed funds for the Alternative Future Foundation's four charity partners. This year, they are Redkite, Tranby, Noro Music Therapy, and Women's Community Shelters.

Redkite supports young people with cancer and their families; Tranby is Australia's oldest Indigenous education provider; Noro Music Therapy uses music to improve the wellbeing of those with disabilities and mental health challenges; and Women's Community Shelters provides safe emergency accommodation for women and children fleeing domestic violence.

"A huge thank you to our generous award sponsors for their ongoing support - and to everyone who helps drive the Foundation's work for our four key charities. The fundraising, the awards, the inspiring (and often funny) fund videos, and the valuable networking all make this an unforgettable night," Alternative Future Foundation chair Michael Gallagher said.

The event, which is sponsored by La Trobe Financial, will be held at The Fullerton Hotel Sydney from 6pm on Wednesday, September 24. To secure tickets or a table, head to the Hedge Funds Rock website.

Financial Standard is proud to be the media partner of Sydney Alternative Investment Week, running September 22-26 at The Fullerton Hotel Sydney. You can find more information on the week's program of events and purchase tickets by heading to the Sydney Alternative Investment Week website.

The full list of award finalists is as below.

He founded Mason & Co. in 1962 at the age of 25 after working in his family's brokerage business. In 1970, Legg & Co. acquired Mason & Co. to become Legg Mason.

Mason stepped down in 2007 after serving 46 years as chair, president and chief executive.

Legg Mason acquired Martin Currie in 2014, joining its other affiliates of Brandywine Global, ClearBridge Investments, The Permal Group, QS Investors, Royce & Associates, and Western Asset Management.

In 2020, Franklin Templeton acquired Legg Mason. At the time, the group had a combined US$1.4 trillion in assets under management (AUM).

Outside of finance, Mason was a member of Johns Hopkins University's board of trustees from 1987 to 2007, including serving as the board's chair from 2002 to 2007.

He was also a trustee of Johns Hopkins Medicine and chaired both the university board's investment committee and Johns Hopkins Medicine's finance committee. Mason received an honorary degree from Johns Hopkins University in 2008.

Mason was an alumnus of William & Mary, a research university based in Virginia, graduating in 1959.

William & Mary's Raymond A. Mason School of Business renamed the business school to his namesake in 2005.

"For William & Mary, the Mason name will forever represent ambition paired with generosity, leadership shaped by humility, and a legacy defined by uplifting others," William & Mary senior vice president for University Advancement Matthew T. Lambert said.

"He was a true servant leader, and I count it among the highest honours of my career to work with Chip to support our business school and, over the years, develop a true friendship. Through his visionary support, our Mason School of Business continues to prepare principled leaders who will carry his values forward for generations."

Mason is survived by his wife, Rand, six children, stepchildren and grandchildren.

Morgan Stanley Wealth Management Australia was the winner in the Licensee Managed Account and Multi Asset categories, while Strategic Wealth Lifestage snatched the top spot for Boutique Licensee.

The crown for the Responsible Investing category went to Russell Investments, and Lonsec Investment Solutions won the Australian Equities category.

Infinity Asset Management bested the rest in the Australian Equities Small Cap sector, and Aoris Investment Management was named the winner in the International Equities category.

The winner for the Fixed Interest category was BondAdviser, and LAB Managed Portfolios was recognised as the best in Innovation.

The results were handed down by a panel of judges, including Evidentia deputy chief investment strategist Deanne Baker; Brad Matthews Investment Strategies founding director Brad Matthews; Select Asset Management co-founder Dominic McCormick; Douglas Funds Consulting principal Nigel Dougla; Foresight Analytics head of research Rob da Silva; SQM Research sector head real assets, alternatives and multi asset funds Chetan Trehan; and IMAP chair Toby Potter.

Commenting, Potter noted that there were more entrants this year than ever before, increasing the quality and standards of the profession.

"We are demanding ever higher standards of ourselves as a profession and this is reflected in the standard of portfolio management from the asset consultants, investment teams and the advisers who connect these capabilities to each client's own circumstances," Potter said.

"The IMAP Managed Account Awards are only possible because of the commitment of the judges who dedicate considerable time, and the benefit of their professional expertise, to assessing the many entries which we receive."

He also attributed the rapid growth of managed accounts to the capabilities they provide.

"Managed accounts have become one of the fastest growing parts of the advice profession because they provide advisers and licensees with a superior way of delivering better client outcomes that more closely align with client goals," Potter said.

"We are seeing continued evolution of the technology and portfolio management capability in managed accounts.

"On behalf of all the entrants I want to thank them for their efforts."

Underlying net profit after tax (NPAT) grew 7.5% to $510 million, while statutory NPAT recorded a lower growth of 6% to $503 million.

ASX managing director and chief executive Helen Lofthouse attributed the strong performance to its markets, technology and data, and securities and payments divisions.

"ASX has delivered strong financial performance across our portfolio of businesses. An increase in operating revenue to $1.11 billion was driven by growth in our markets, technology and data, and securities and payments divisions," Lofthouse said.

"Revenue in our listings business remained stable as we started to see some momentum return in listing activity."

Although profits have picked up for the ASX, so has its spending, with total expenses hitting $460 million, a 7.2% increase from FY24.

It had additional operating expenses of between $25 million and $35 million resulting from ASIC's inquiry into the exchange announced in June, increasing its total expenses growth guidance for FY26 to between 14% and 19% compared to FY25. Without the additional costs, initial estimates were between 8% and 11%.

However, total expenses growth remains below the mid-point of the guidance range, it said, reflecting ongoing expense management initiatives and disciplined investment in line with strategy.

Operating expenses growth of 4.9% was at the lower end of guidance range, reflecting cost optimisation actions taken during the year, the ASX said.

A fully franked final dividend of 112.1 cents per share will be paid, bringing the total dividend for FY25 to 223.3 cents per share, fully franked.

Despite the positive earnings, Lofthouse recognised persistent challenges exist.

"ASX faced several challenges in FY25, and we recognise we have further work to do, through the disciplined execution of our transformation strategy, to build confidence in ASX and deliver better outcomes for all our stakeholders," she added.

"While we do not underestimate the work ahead, our financial results today demonstrate that the fundamentals of our business remain compelling."

Additionally, the ASX acknowledged the growing concerns around the Clearing House Electronic Subregister System (CHESS); ASIC has commenced legal proceedings against the ASX for allegedly making misleading statements in relation to the CHESS replacement project.

"We've experienced heightened regulatory scrutiny following the CHESS Batch Settlement Incident last December and we are committed to demonstrating we can address concerns and bolster confidence in ASX," Lofthouse continued.

"We are cooperating fully with an inquiry launched by ASIC in June focusing on governance, capability and risk management frameworks and practices across the group."

Moving forward, the ASX said it will continue to focus on its response to the ASIC compliance assessment and inquiry.

A report is expected to be delivered by the end of March 2026.

The FICAP RockStar 2025 event will take place at the venue on Thursday, September 25, bringing the opportunity for financial services professionals to display their hidden talents, while raising money for designated charities.

FICAP supports a roster of three charities at each given period. The current rotation includes Life Ed, Feel the Magic, and Fighting Chance.

Over the years, FICAP has supported other organisations such as Starlight, SHINE for Kids, Learning Links, and more.

"For 18 incredible years, FICAP's RockStar has been more than just a fundraising event, it's been a celebration of the Sydney financial services community's commitment to Aussie youth in need," FICAP chair Marnie McLaren said.

"This year we're excited to be heading back to The Beresford on September 25 where we will once again bring our sponsors and guests together for a night of music, networking, and most importantly, our shared mission to support Life Ed, Feel the Magic, and Fighting Chance in their vital work to create positive change in young lives.

"Don't miss out on what promises to be another unforgettable evening of giving back."

Since its inception in 2006, FICAP has raised over $3 million for charity - including more than $100,000 raised at last year's event.

This year's platinum sponsors for the event are BlackRock and Challenger. The gold sponsors are Alexander Funds, AZ NGA, BT, Colonial First State, HUB24, Ironbark Asset Management, KPMG, Macquarie, Magellan, Maple-Brown Abbott, Montgomery, NMG Consulting, Pedal/Perpetual, PIMCO, Profusion, Schroders, SQM Research, and Thinktank.

For sponsorship opportunities, please contact FICAP via email - sponsorship@ficap.com.au.

Additionally, ISS Market Intelligence associate director, marketing Julian Clarkstone and IFM Investors associate director Matthew Leung recently joined the FICAP committee to further support the initiative.

Financial Standard is the official media partner of FICAP and is owned by ISS Market Intelligence.

CBA said the group is still defending two superannuation class actions brought against it.

The first is a class action filed against Colonial First State Investments (CFSIL) in October 2018.

The claim initially related to investments in cash and deposit options in the Colonial First State First Choice Superannuation Trust (FirstChoice Fund) and Commonwealth Essential Super and later expanded to join Avanteos Investments (AIL) as a party in respect of claims regarding the FirstWrap Pooled Cash Account.

CBA said the court has ordered that mediation take place by 8 May 2026 and the matter is listed for a trial commencing 9 November 2026.

CBA, CFSIL and AIL deny the allegations and CBA said it will continue to defend the proceedings.

The second superannuation class action was filed in January 2020 against CFSIL and the Colonial Mutual Life Assurance Society (CMLA) with AIA Australia joining as the third respondent in April 2021.

The class action alleges that CFSIL did not act in the best interests of members and breached its trustee duties when taking out group insurance policies obtained from CMLA.

The key allegation is that CFSIL entered and maintained insurance policies with CMLA on terms that were less favourable to members than would have reasonably been available in the market.

CBA said mediations in December 2023 and June 2025 failed to resolve the class action which is listed for an initial trial to commence on 6 October 2025.

CBA also confirmed a third superannuation class action against CFSIL was dismissed on 30 May 2025, following a settlement with no admission to liability. The claim related to certain fees charged to members on the FirstChoice Fund and alleged CFSIL acted unconscionably as it failed to take steps to avoid the payment of grandfathered commissions to financial advisers, which would have resulted in a reduction of the fees paid by members.

CFSIL denied the allegations and defended the proceedings.

CBA completed the sale of 55% of CFS to KKR in December 2021, but assumed carriage of the superannuation class actions and proceedings on behalf of CFSIL and AIL.

In the advice space, CBA gave an update on the class action filed against Commonwealth Financial Planning (CFP), Financial Wisdom (FWL) and CMLA in August 2020 relating to CMLA life insurance policies recommended by financial advisers appointed by CFP and FWL.

A court ordered mediation is due to take place on November 6.

CBA said it is "currently not possible to determine the ultimate impact of this claim, if any, on the group", however CFP, FWL, CMLA and AIA all deny the allegations and will continue to defend the proceedings.

In relation to the Count Financial class action filed in August 2020, and dismissed by the court in May 2025, relating to commissions paid to Count Financial and its advisers, CBA said an appeal has been lodged by the applicant, but the court has yet to schedule a hearing.

Count Financial was a subsidiary of CBA until October 2019 when it was acquired by Count Financial. CBA is defending the class action on behalf of Count Financial, which denies the allegations.

Chun was recognised for his leadership in promoting UniSuper beyond the university sector, delivering innovation in digital advice and member engagement, while harnessing elements of transparency, inclusion and member-first thinking, FEAL said

The annual award, now in its 24^th year, celebrates a superannuation fund executive who has made a significant and lasting contribution to their fund and the broader super industry.

The award includes an education grant of $30,000 sponsored by QIC.

Commenting, FEAL chair Brian Delaney said: "Peter's vision, clarity of purpose and genuine leadership have helped UniSuper evolve into a leading, competitive fund open to all Australians."

"His innovation, integrity and values-based leadership are exactly what this award is designed to recognise, transformational leaders who deliver long-term value for members."

QIC chief executive Kylie Rampa added: "Peter Chun's leadership is defined by an unwavering commitment to improving the lives of UniSuper members and a strategic vision of retirement that is personalised, data-driven, and future-ready."

"He represents the next generation of leaders in super - those who build with purpose and lead with conviction."

In accepting the award, Chun said the super fund will continue to work towards delivering great outcomes for its members.

"I'm honoured to receive this recognition from FEAL, which reflects the incredible work of everyone at UniSuper," Chun said.

"We are united by the simple purpose of helping our members grow their super and achieve a great retirement.

"Our members expect and deserve retirement solutions that work for them. That's why my core focus is on delivering hyper-personalised solutions that give members the confidence to live their best retirement."

FEAL also announced the winner of the inaugural Greg Bright Scholarship for Excellence in Member Communications, which was awarded to Tonya Lunardello, head of services operations and delivery of Equip Super.

The MBS Masters Program Scholarship was awarded to Patrick Fitton, senior operations manager, transitions at Hostplus, while The Michael Dwyer Leadership Scholarship was awarded to BUSSQ executive manager, governance, risk and compliance Lisa Cumberland.

Brighter Super chief executive Kate Farrar was named Fund Executive of the Year last year.

An in-depth review by Parity Consulting found 81% of workers want to be able to work from home two days or more, but organisations are seeing weakness in the employment market as an opportunity to impose stricter return to office mandates; the unemployment rate in financial services is much higher than the national average, particularly for top earners, the review shows.

And now the impacts of what happens when employees don't return to the office despite a mandate being in place are becoming increasingly evident.

The three main consequences identified are a lack of bonus payments, a poor annual review outcome regardless of performance, and risks to promotion and promotion oversight.

However, what's most concerning, Parity Consulting managing director Victoria Butt said, is that return to office mandates will harm a significant proportion of the workforce.

"The people that are going to be impacted the most by the return to office mandates are the very people that we have worked very hard in the last 10 years to get into the workforce, include in the workforce, and promote in the workforce - which is part-time parents, largely women," she said.

There will also be an adverse impact on younger workers, including additional costs incurred by commuting.

"I'm also looking at the future generation of Gen Z - the unintended consequence here is that, when the market moves, organisations that have a very strict mandate around this will exclude Gen Z, who feel it's their absolute fundamental right to work from anywhere," Butt said.

As a result, organisations that are requiring their employees to return to the office in support of productivity are risking losing talented staff, something Butt says some employers are acutely aware of - and okay with.

"... there are some consequences of [mandates] that organisations may anticipate. Rather than being an unintended outcome, attrition can sometimes align with business objectives. When companies are facing budget constraints or looking to optimise their workforce size, employee departures may be viewed as one way to address financial pressures while maintaining focus on operational efficiency," she explained.

"But then when there is a war for talent in the future, it's going to be a lot harder to hire diverse talent with mandates that require you to be in the office more than three days a week."

Another theme that's emerging and may well impact businesses in the long run is the proportion of them hiring overqualified staff. While it also comes on the back of industry consolidation, the return to office mandates are seeing the talent pool for less senior roles shrink.

As it stands, between 15-20% of the vacancies Parity Consulting sees in financial services are hiring overqualified talent.

"The challenge is, if a candidate takes a role out of desperation, they'll likely leave as soon as the market improves, especially if they're not truly engaged or don't see it as a long-term fit," Parity Consulting division director Vanessa Lalani said.

"We're seeing this a lot in marketing and digital, with strong senior talent stepping into less senior roles."

While this is particularly prevalent in the marketing segment, with very good, senior talent moving into junior roles, in terms of positions Butt says it's also very common among general manager vacancies.

"You've got very experienced C-suite or chief executives taking on general manager roles. That might be okay if you're going from chief executive of a small business to a general manager at a larger bank, but the reality is that's not happening much either," she said.

"So, a lot of those people taking on general manager or executive general manager roles are overbaked for the position, but because there's so few C-suite roles out there, they're willing to take that hit.

"For some, they say they want less pressure or more work-life balance, and that may be true - but it's a supply and demand issue, and it may well come back to bite."

Now in its third year, the Sydney Alternative Investment Week combines several well-known industry events, like the AIMA Australia Forum, Alternative Investment Awards and Hedge Funds Rock, with more intimate, specialist gatherings covering topics such as private credit, quantitative investing, manager incubation, and family office investing.

The Alternative Future Foundation has named Financial Standard as media partner, and named four charity partners - Redkite, Tranby, Noro Music Therapy, and Women's Community Shelters - which will receive all the all proceeds raised from the week.

Redkite supports young people with cancer and their families; Tranby is Australia's oldest Indigenous education provider; Noro Music Therapy uses music to improve the wellbeing of those with disabilities and mental health challenges; and Women's Community Shelters provides safe emergency accommodation for women and children fleeing domestic violence.

"The Australian alternatives industry continues its rapid evolution. Today, investors see more alternative investment strategies, more managers, and ever-increasing complexity," the Australian Future Foundation said.

"The Australian Future Foundation, with 23 years of inside knowledge, insight and experience of the alternative investment industry, coupled with its social and philanthropic goals, brings an educational series of events where leaders of the industry will discuss many key aspects shaping the industry today."

Sydney Alternative Investment Week runs from Monday, September 22 to Friday, September 26.

Tickets are on sale now. To register, visit https://www.sydaltsweek.com.au/.

After canvassing more than 12,000 employees from Australia and New Zealand, Hays found that the financial services sector led the pack in terms of salary growth during FY25-26.

The construction (11.7%), IT and tech system design (9.6%), legal (7.8%) and mining (6.9%) sectors also reported strong salary growth.

Such industries are most likely to offer massive salary increases of 20% or more, particularly in hard-to-fill or highly specialised roles.

The survey revealed that Australia's executives and senior leaders are the happiest as some 75% of directors say they feel fairly paid and 72% of C-suite leaders report strong satisfaction.

The most dissatisfied are early-career professionals as 49% of 25 to 29-year-olds and 42% of 30 to 39-year-olds complained they feel significantly underpaid.

Employees earning under $100,000 said they feel undervalued, with 12% saying they are "grossly underpaid" for the work they do.

"A point of concern is that younger and lower-income professionals are signalling dissatisfaction. If not addressed, this risks future workforce attrition and weak succession pipelines. This is especially problematic when we consider the value that younger or early-career professionals bring in terms of new and emerging skills," Hays APAC chief executive Matthew Dickason said.

Hays calculated the gender pay gap at 10% with females earning less than their male counterparts on average.

"This is more pronounced at higher income bands, even controlling for full-time roles, with men outnumbering women 2:1 in roles earning over $200,000," Dickason said.

In the financial advice sector, a financial planner in Sydney can earn between $95,000 and $140,000, while a senior financial planner can earn up to $180,000. The head of financial planning can earn between $200,000 and $280,000.

Financial planners from Queensland and Victoria can make between $90,000 and $130,000.

More broadly, New South Wales workers have an average annual salary of $143,800 compared to the national average or $141,900.

About 22% of the state earns between $150,000 and $199,000, which reflects a significant pool of workers in the finance and technology industries.

Victoria's average salary sits above the national mark at $142,300, while Queensland recorded the strongest salary growth nationally, with average salaries rising 5.6% over the past 12 month.

In the June 5 exam cycle, a total of 237 people sat the exam; 75% (179) sat the exam for the first time.

Eighty people (34%) have failed the exam, and will receive general feedback from Australian Council for Educational Research on the areas where they underperformed.

The pass rate was the lowest in recent exams; some 73.4% passed in the previous session held on March 6.

The next exam will be held on August 7. The booking period has commenced and will close on July 25.

To date, 21,991 individual candidates have sat the exam, and 20,394 (92%) have passed.

Research by the Australian Council of Superannuation Investors (ACSI) shows the golden parachute payments to ASX 100 chief executives totalled just $8.38 million in FY24. This is down from $33.52 million the previous year.

It's the lowest level seen since FY10 when termination payments came in at just $5.70 million.

While this was largely the result of just six terminations occurring compared to the prior year's 17, the average individual payment fell sharply from $1.97 million to $1.4 million. However, in FY22 there was also just six terminations, and the total paid then was $14.56 million, indicating a trend towards lower termination payments regardless.

The largest was paid to Fiona Hick, who served as chief executive of Fortescue for just six months and received $2.07 million.

"Together, Australian investors and boards have used the changes to termination payments laws in 2009 to drive down the cost of chief executive departures," ACSI executive manager - stewardship John Ed noted

"Those changes have driven better accountability and avoided 'golden parachutes' which provide pay for failure to departing chief executives.

"This was a major issue in Australia, and we saw more than $80 million of shareholders money paid to terminated chief executives in the year before the law changed."

However, at the same time the termination payments for chief executives in the ASX 101-200 cohort increased significantly in FY24. In total, $23.11 million was paid out to 14 executives - the highest amount paid and largest number of terminations since FY11.

The largest payment went to former Red 5 chief executive Mark Williams, who received $4.36 million.

A superannuation fund investments chief was one of the recipients of the highly coveted Medal of the Order of Australia (OAM), which recognises outstanding service and exceptional achievements in the industry.

Alison Tarditi has been the chief investment officer at the Commonwealth Superannuation Corporation (CSC) since 2007.

She previously worked as a senior economist at the Reserve Bank of Australia (RBA), senior international economic strategist at BT Financial Group and executive vice president of Principal Global Investors. Tarditi was a director of equity strategy at Citigroup Smith Barney before joining CSC.

John Trowbridge and Wendy Thorpe also received the highly coveted OAM.

For services to the actuarial profession, Trowbridge founded consulting firm Trowbridge Consulting and spearheaded the review into retail life insurance advice released in 2015. He was an executive member of APRA and the Financial Reporting Council.

Thorpe was AXA's chief information officer between 2003 and 2000 before becoming its chief operations officer. She previously worked at AMP as a director of operations and served on its board.

Also an AOM recipient, current Chief Executive Women president Susan Lloyd-Hurwitz is also chair of the National Housing Supply and Affordability Council (NHSAC). She is a non-executive director at Macquarie Group and Rio Tinto. Between 2012 and 2023, she was the chief executive and managing director of Mirvac Group.

Anna Skarbek, chief executive ClimateWorks and a director at Net Zero Economy Authority, was also honoured. She was a board member of the Impact Investment Group and served as a senior policy adviser to the Victorian government.

Current Ignition Advice chair and former Financial Services Council chief executive Sally Loane also received an OAM. She currently serves as a non-executive director of Chubb Insurance Australia.

The following received a Member of the Order of Australia (AM) for service in a particular locality or field of activity or to a particular group.

Marni Baker is formerly Bendigo and Adelaide Bank's chief executive and managing director between 2018 and 2024. She is currently a director at the Australian Retirement Trust and member of the Reserve Bank of Australia's (RBA) Monetary Policy Board.

As an expert in governance in the private and public sector, Charles Macek has served on the board of Emergency Services Superannuation Scheme, Unisuper and VicSuper.

He chaired the Sustainable Investment Research Institute between 2002-2015 and was a director of Telstra for nearly a decade.

Keith Tuffley was most recently the chair of the energy transition and sustainability for investment banking at Citigroup. He served as managing director of UBS Investment Bank, Australia between 1996 and 2002.

Rebecca McGrath was most recently chair of Investa Management Holdings and is currently a non-executive director at Macquarie Group.

Receiving the Companion of the Order of Australia (AC) in recognition of achievement and merit of the highest degree in service to Australia or to humanity at large is Jennifer Westacott, who is currently chair of Future Generation Global.

Her many roles include serving as non-executive director of Wesfarmers since 2013 and chancellor of Western Sydney University.

Finally, Kathryn Fagg, currently a non-executive director if NAB, also received an AC. She's been a director at listed investment company Djerriwarrh Investments since 2014 and served as president of Chief Executive Women between 2016 and 2018.

The annual Financial Standard Marketing, Advertising and Sales Excellence (MAX) Awards were presented in Sydney last night, recognising organisations, teams and individuals across 20 different categories.

The biggest winners on the night were BlackRock and Generation Life.

BlackRock won three awards: Website of the Year, Team of the Year - Distribution, and Lawson Enright was recognised as the Rising Star of the Year - Distribution.

The prestigious Team of the Year - Marketing went to Generation Life, which also picked up Campaign of the Year - Financial Education and Integrated Campaign of the Year - Industry for its Not tomorrow's problem initiative.

In addition to Enright's win, the other individual honourees were Franklin Templeton head of consultants and retail sales Louise Thompson who won Executive of the Year - Distribution, Global X's Natalie Jollow who took home Executive of the Year - Marketing, and Katelyn Hynes of Ptarmigan Media who was named Executive of the Year - Agency.

Other winners included Colonial First State, Fidelity International, La Trobe Financial, and UniSuper.

Commenting, Financial Standard executive director of media Michelle Baltazar said: "The awards are a wonderful opportunity for us to showcase leaders in the industry, to challenge others to reach the new benchmarks set each year, and to also share examples of excellence."

"Congratulations to all our winners and finalists in 2025, and we look forward to celebrating with you again next year."

The full list of winners, determined by more than 14,000 votes, can be found here.

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Leader of the opposition Sussan Ley confirmed that Ted O'Brien will act as deputy leader and shadow treasurer, while Pat Conaghan will act as shadow assistant treasurer and shadow minister for financial services.

Senator James Paterson will serve as shadow minister for finance. Senator Andrew Bragg, meanwhile, has become shadow minister for productivity and deregulation.

Ley said the new shadow ministry "balances experience with new talent."

"It reflects the full range of philosophical traditions, values and perspectives of our joint party room. This is important because both Coalition parties are at our strongest when we harness our full intellectual and philosophical firepower," she said.

National Party leader David Littleproud thanked Ley for guiding the Coalition back to a position of unity and said the focus is now on Anthony Albanese.

Littleproud said holding the Labor government to account is important to democracy, adding that "we've laid the foundation stones of a Coalition that can move forward..."

Association of Superannuation Funds of Australia chief executive Mary Delahunty said the industry group looks forward to working constructively with the new shadow ministry "to ensure superannuation continued to deliver on its promise of providing dignity and financial security in retirement, alongside being a pillar of economic stability..."

Likewise, Financial Advice Association of Australia chief executive Sarah Abood congratulated the new shadow ministry.

"The Australian financial advice sector requires substantial reform to achieve a regulatory regime that will deliver improved access and affordability of financial advice for Australians.  I look forward to working constructively with O'Brien and Conaghan to ensure more Australians are empowered to achieve financial wellbeing," Abood said.

The new report - which surveyed 2683 family businesses in 80 countries, including Australia - looked at the evolution of family-owned enterprises and the strategies they use to sustain growth across generations.

The study highlighted the importance of governance and entrepreneurship to deliver success into the future and revealed trends specific to high-performing family businesses.

In Australia, family businesses represent about 70% of all businesses, with a value of around $4.3 trillion. Over half of the Australian workforce is employed by a family business, KPMG said.

KPMG Enterprise Family Business global head Robyn Langsford said the study highlighted the massive transfer of wealth in Australia which will take place over the next 15 years.

Family Business Australia estimated this will total $1.1 trillion by 2030 and $2.6 trillion by 2040.

"The movement of wealth over the next decade means a focus on sustainability and growth for family businesses. It's not just about their survival but also their ability to succeed across generations," Langsford said.

"Growth today is about financial expansion, resilience and adaptability. Family business leaders must expand their field of vision, so their focus goes beyond succession to a meaningful transition of capital across generations."

Langsford said family businesses globally have picked up pace with M&A activity, with 60% of targets being other family businesses, which has started to attract outside investors.

"Private equity firms are becoming increasingly interested in supporting the growth of family businesses and are looking to provide essential funding and expertise, and aid in successful transitions and long-term growth," she said.

The report found family businesses should address traditional issues such as governance, along with new emerging opportunities, particularly with technological advances.

Long-term growth drivers that were highlighted included, enhanced governance, fostering multi-generational engagement, prioritising sustainability, leveraging growth capital and M&A, and considering private equity.

The data includes details of the gender pay gaps for well-known Commonwealth public sector employers such as the Commonwealth Super Corporation (CSC), the Reserve Bank of Australia (RBA), Future Fund and the Australian Taxation Office (ATO).

"Releasing public sector gender pay gaps for the first time today places a spotlight on these employers, like it has done in the private sector. This enhanced transparency and accountability is a catalyst for further action," WGEA chief executive Mary Wooldridge said.

CSC recorded a 22.1% gender pay gap for total median remuneration and 22% for the median base salary despite recording an equal number of male and female employees.

The data showed that women make up 60% of the lower quartile of paid positions, and only 34% of the upper quartile.

The RBA recorded a gender pay gap of 11.5% on median total remuneration and 10.6% on median base salary.

In the upper quartile of pay, only 30% is made up of women.

Within Future Fund, there is an 18.1% gender pay gap on median total remuneration and 17.1% on median base salary. Additionally, 37% of the highest paid employees are women.

The ATO had much more equal statistics with a 4.8% pay gap for median total remuneration and 7.3% for median base salary. Unlike the others, 51% of the highest paid employees are roles held by women.

WGEA's analysis of the broader results reveals lower pay gaps in Commonwealth public sector employers, compared to private sector employers.

Half of Commonwealth public sector employers have a median total remuneration gender pay gap lower than 4.8%, compared to 8.9% in the private sector.

Additionally, 45% have a median total remuneration gender pay gap in the target range (within +/-5%), compared to 31% in the private sector.

Wooldridge said the results point to how progress can be achieved when employers use long-term and deliberate actions that address gender equality.

"The Commonwealth public sector has achieved gender-balance in the composition of the workforce, at managerial level and in the upper quartile of remuneration. This is a critical driver of the lower gender pay gaps reported today," Wooldridge said.

Wooldridge added that the results show employers are taking action to improve equality in their workplaces.

"More than half (51%) of employers improved their median total remuneration gender pay gap in the past 12 months," Wooldridge said.

"Pleasingly we have also seen large rises in the number of employers conducting a gender pay gap analysis, acting on the results and consulting with employees to understand their experience at work.

"These actions are crucial steps to help employers gain greater understanding of the drivers of their individual gender pay gaps and to implement relevant and evidence-informed actions to address them."

However, while the results point to progress, some areas for improvement remain, Wooldridge said.

The data showed that men account for just 11% of all primary carers leave taken, and 49% of employers still have a gender pay gap in favour of men.

"Although we are seeing positive results and progress, there's still work to do," Wooldridge said.

"Workplace gender equality benefits everyone, so it is important that barriers for men are also addressed. With changes in access to parental leave now enacted, Commonwealth public sector employers need to work deliberately and strategically to drive cultural change that removes real or perceived penalties for taking time out for caring roles and ensure more men have confidence to take primary carer's leave."

The research found that professional white-collar vacancies in financial services in Australia jumped by 34% compared to February 2025, marking one of the strongest monthly performances this year.

The surge in job vacancies places Australia in the top position globally over the US (+28.85%) and India (+22.58%).

Robert Walters director of finance Hamish Winterbourn said it was a standout performance.

"With finance vacancies surging by 34%, we're seeing clear momentum in hiring across key sectors-placing Australia firmly on the global stage alongside economic powerhouses like the US and India," he said.

The research found that roles within compliance, risk management and digital transformation were the most sought after.

Robert Walters said the demand was driven by recent regulatory changes and continued investment in digital transformation aimed at enhancing operational efficiency and customer experience.

Significant regulatory changes with CPS230 and Tranche 2 AUSTRAC have prompted organisations to bolster their compliance and risk management teams and led to an increase in available roles in the financial services sector.

"In Australia, we're seeing a strong rebound in hiring across Financial Services and Tech, particularly as companies respond to both regulatory shifts and renewed focus on innovation," Winterbourn said.

"Employers have started 2025 with clearer headcount strategies, which is translating into more decisive hiring."

The tech and transformation sector also contributed to the March surge, with renewed appetite for talent in areas such as AI, cloud computing, and cybersecurity, the research found.

"The bounce-back in tech hiring is more strategic than speculative," Winterbourn said.

"Firms are targeting key skills to support long-term growth rather than embarking on broad expansion."

Super Members Council (SMC) said it is looking forward to working with the Albanese government to further strengthen the retirement of millions of Australians.

SMC called on the government to move swiftly on the passage of payday super legislation within the first 100 days of Parliament, and the Delivering Better Financial Outcomes (DBFO) reforms.

SMC said it would also push for the parliament to lift the Low-Income Super Tax Offset to strengthen retirement for low-income workers, mostly women, to get a fairer tax deal on super.

The super lobby group called on the Albanese government to draft of legal reforms to around super's death benefit laws, so family violence perpetrators do not profit from their abuse.

The group also called for "ending age-based discrimination" in super by axing laws that exclude most under-18-year-old workers from being paid super.

SMC chief executive Misha Schubert said the election result was a clear message that Australians want a strong super system.

"SMC will continue to work across the full breadth of the Parliament to progress a positive policy agenda to make Australia's world-envied super system even stronger for millions of everyday Australians," Schubert said.

Similarly, the Financial Advice Association Australia (FAAA) said it is looking forward to working with the re-elected Labor government and new financial services minister, following the retirement of Stephen Jones.

FAAA chief executive Sarah Abood reaffirmed the FAAA's commitment to collaborating on critical policy areas to improve the sustainability and accessibility of financial advice.

"We congratulate the returning government and look forward to working closely with them to deliver meaningful reforms that support professional financial advice," Abood said.

"Australians are increasingly recognising the vital role that quality advice plays in achieving financial wellbeing. This is a time for genuine policy progress, and we are ready to assist the government in delivering it."

Prior to the election, the FAAA outlined five priority actions for the next government, including fixing the Compensation Scheme of Last Resort (CSLR), providing adviser access to the ATO portal, delivering effective DBFO reforms and implement a standardised fee consent form, instigating a financial services razor-gang to cut red tape and supporting new entrants to the financial advice profession.

Abood said that delivering on those priorities would reduce costs, support growth in the profession, and improve consumer access to advice.

"One of the clearest messages from our members is that well-meaning but overly complex regulation has made financial advice harder to access and more expensive. We need to cut unnecessary red tape and ensure that advisers can focus on delivering great outcomes for their clients," Abood said.

"We continue to urge the government to fix the CSLR so that financial advisers are not unfairly burdened by the cost of product failures. A cap on the advice levy and a more equitable funding model are essential."

Abood also called on the government to take active steps to grow the profession by supporting new entrants and addressing long-standing barriers to entry.

"We must make it easier for talented individuals to join our profession. That includes offering financial support to employers of Professional Year candidates, making the exam more accessible, and ensuring flexibility in the education framework," she said.

"We are optimistic about the opportunities ahead and confident that by working together, we can create a more sustainable, fair, and accessible financial advice system for the benefit of all Australians."

Meanwhile, CPA Australia urged the newly elected government to revitalise, reform and repair the Australian economy.

CPA Australia chief executive Chris Freeland said he looks forward to the government delivering a clear and optimistic vision for how it plans to improve business productivity, inspire innovation and deliver a culture-shift that promotes growth through reduced regulatory pressure.

"Amid so much global uncertainty, the government should implement a long-term strategic plan to improve Australia's economic prospects, not just for this term but for future generations," Freeland said.