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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Effective early November 2026, the group will be identified as Deutsche Asset Management as the global umbrella brand, bringing together its services, expertise and performance the group delivers worldwide.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The superannuation fund will continue to retain and manage the remaining 50% ownership.

The Victorian government has granted SERV a 40-year concession to operate Victoria's register of land, processing more than nine million transactions a year. It is tasked with modernisation of the technology and promoting innovation.

"This transaction brings together two long-term infrastructure owners with a shared commitment to supporting SERV's continued success," Aware Super senior portfolio manager Maria Donnelly said.

"We are pleased to welcome Macquarie Asset Management as our partner and remain a committed 50% shareholder, continuing to actively manage our investment and support the delivery of secure, reliable and innovative registry services for Victoria."

The transaction is expected to complete in the fourth quarter of the year subject to approvals.

"We are excited to invest in an essential piece of Victoria's economic infrastructure to support the ongoing security, reliability and modernisation of the services the community needs," MAM managing director John Danieli said.

Danieli added MAM has extensive experience in modernising and digitising land and motor registries in multiple Australian jurisdictions.

MAM and Aware Super have a proven track record of partnering together on data, technology and critical infrastructure assets, including VicRoads, Vocus, 2degrees and NSW Land Registry Services.

"We look forward to partnering with Aware Super, a partner we know well, to support SERV in delivering trusted, secure services for Victorians and the property industry," he said.

SERV chief executive Andrew Faber said for SERV's customers, employees and the Victorian public, it's business as usual.

"We welcome Aware Super's partnership with Macquarie Asset Management, another aligned, highly credentialed and experienced long-term investor in businesses providing essential public services right across Australia," Faber said.

The S&P DJI report found a majority of funds underperformed across every equity category tracked, while Australian bonds were the only asset class where a slim majority of active funds outperformed.

"The first half of 2026 proved challenging for active managers across Australian equity categories," S&P DJI's APAC head of index investment strategy Sue Lee said.

Australian equity general funds were among the weakest performers, with 78% failing to beat the S&P/ASX 200, which gained 2.4% during the period. The average active fund returned 0.2% on an equal-weighted basis and 0.4% on an asset-weighted basis.

If the trend continues, 2026 would record the second highest annual underperformance rate for the category since the scorecard began in 2013. Over 15 years, 89% of Australian equity general funds have underperformed.

Mid- and small-cap managers also struggled with the S&P/ASX Mid-Small Index falling 5.9% compared to average losses of 7.6% for active funds. Some 65% failed to beat the benchmark.

Global equity managers fared better but still lagged, with 58% of funds underperforming the S&P World Index, which gained 5.3%. The average active fund returned 2.7% on an equal-weighted basis.

Australian A-REIT funds also trailed, with 65% underperforming after the S&P/ASX 200 A-REIT Index declined 5.2%.

Australian bonds were the exception, with active funds returning 2.4% on average against a 2.3% benchmark gain, although 44% still underperformed.

Over longer periods, Lee said active funds continued to face "considerable headwinds", with underperformance remaining elevated across all categories.

Fund closures also remained a factor, with liquidation averaging 3% across categories in the first half.

"We consider that the three roles remain appropriate, but that they can be weighted somewhat differently in the composition of the benchmark index than they are today," NBIM said.

NBIM, from its analysis, suggested to reduce government bonds exposure by reducing the government sub-index of the bond index from 70% to 50%, while increasing its exposure on US corporate bonds as well as mortgage-backed securities where previous exposure were zero.

The proposal is a response to the Ministry of Finance's letter earlier this year questioning on bond, including to reduce fluctuations in portfolio, increase liquidity and risk premiums in the bond market, NBIM said the fund should venture into corporate bonds and mortgage-backed securities moving forward.

It mentioned that the credit quality of corporate bonds is close to that of US government bonds and the segment has historically provided a risk premium related to prepayment risk.

"The most important changes from today's index are a considerably lower share of government bonds and the inclusion of mortgage-backed securities, which account for around 13% of the recommended index against zero today," NBIM said.

NBIM also believes the reduction in the share of government bonds "does not necessarily materially weaken the bond portfolio's ability to reduce fluctuations in the fund."

The split between government bonds and other segments reflects the "trade-off" between the three considerations mentioned by the minister and "should therefore remain fixed over time."

"Norges Bank will revert with a specific proposal for how the bond index should be specified in the mandate once the Ministry has taken a position on the advice. We consider that the other limits and requirements for the bond portfolio, including the limit on the exposure to high-yield bonds and emerging markets in the active management, should be continued as today," it said.

"A broader index does at the same time place somewhat greater demands on the ongoing management of the fund. Norges Bank already has experience with several of the segments we propose to include."

The Perennial Better Future Trust, Perennial Better Future Active ETF (IMPQ) and Melior Australian Impact Fund will undergo an orderly wind-up, with assets to be divested and capital returned to investors.

The funds invest across Australian- and New Zealand-listed companies, with the Better Future strategies focused on small and mid-cap stocks and the Melior fund targeting large-cap companies.

IMPQ will be suspended on the ASX on October 2. It will settle its final trades on October 6 and is set to pay the final distribution on October 30.

Perennial Partners executive director Anthony Patterson pointed to shifting sustainable investing landscape and demand that has helped drive the terminations.

"Sustainable investing in Australia has evolved considerably since we first established the Better Future Trust in 2018," Patterson said.

"Investors are increasingly accessing the market through their core strategies integrating ESG principles, rather than via standalone specialist products."

Patterson said the shift meant the three funds were unlikely to reach the scale required to deliver their investment objectives over the longer term.

"With responsible investment considerations now embedded across most of our specialist investment strategies, we do not expect these funds to reach the scale needed to deliver on their investment objectives over the longer term," he said.

"We will now commence an orderly process of divesting the assets and returning capital to investors."

The wind-up reflects a broader evolution in how responsible investment considerations are incorporated across Perennial's investment offering, rather than a move away from ESG principles, with Patterson saying the firm remained focused on protecting investors' interests through the process.

"We are grateful for the mandate that investors charged us with, and we remain committed to ensuring their interests are protected and optimised through the wind-up process," he said.

Perennial Partners manages approximately $8.1 billion across its specialist investment teams, spanning Australian equities, small and micro-cap strategies, fixed income, global equities, healthcare, resources and private investments.

MSC Trustees will provide trusteeship, while MSC Abacus will provide fund administration and registry services for the Gold, Energy and Resources Alpha Fund (GERAF), a wholesale strategy managed by Natural Resources Capital.

The team comprises Natural Resources Capital founder and chief investment officer Michel Mamet; chief operations officer Robin Polson; chief technology officer Andrew Lye; and four senior advisers: Nino Ficca, Richard Taylor, Louis Rozman and Alex Dignam.

"We are excited to be working alongside Michel Mamet and the Natural Resources Capital team, and everyone involved as they launch the fund," MSC Group said.

"The GERAF fund is an actively managed portfolio investing in listed equity stocks focused within the precious metals and industrial metals sectors globally."

Specifically, GERAF provides access to a portfolio "that extends beyond" conventional iron ore exposure into sectors that are positioned to benefit from secular growth drivers, including precious and industrial metals, energy value chains, and resource ecosystems and infrastructure.

"We often target businesses with proven management teams that are both highly experienced and deeply aligned with shareholders through significant personal investment," the fund said.

"Our focus is on producing and development companies, with a preference for assets located in Tier 1 jurisdictions, ensuring both risk mitigation and access to long-term value creation opportunities."

The open-ended fund has no fixed maturity date and will be open to applications monthly, targeting wholesale investors with a long-term investment horizon. It also incurs management and performance fees, which it does not disclose.

The fund was officially made available to eligible wholesale investors last month after completing initial investor applications on August 1.

Its current portfolio "has been strong" and has delivered unaudited returns of 85%, including cash on hand as of the end of May, from October 2024 - a period when Mamet began investing his own capital in line with the articulated GERAF strategy.

The organisation said the Singaporean presence reinforces its long-term commitment to the region and positions it for sound investment opportunities, while continuing to "win institutional capital across target markets throughout Asia."

The new office will also support the successful expansion of IFM's private market capabilities across Asia, especially in diversified credit, through local origination and execution capabilities, IFM said.

The opening follows IFM's partnership with the Australian government, which saw a $175 million commitment by Export Finance Australia to support businesses with strong growth potential in Southeast Asia across industrials, manufacturing, services, renewable energy, telecommunications and real assets.

The investment was made under the Southeast Asia Investment Financing Facility (SEAIFF).

Drawing on its diversified credit and infrastructure expertise, IFM said it is well positioned to support businesses across the region and originate private market deals, while Asia continues to be viewed as an "increasingly important growth market" for institutional capital, supported by underpenetrated private markets, rising demand for flexible finance solutions, and growing investor interest for diversification.

Commenting, IFM executive director and co-head of APAC diversified credit Hiran Wanigasekera said the opening of the new office reflects the organisation's "strong conviction" in the region for longer-term investments, especially in alternative assets.

"We also believe Asia Pacific private credit is at an inflection point, with the market growing nearly fourfold from a low base over the past 15 years," Wanigasekera said.

"It is this strong projected growth which makes it an increasingly compelling asset class that we believe can bring key structural benefits to global portfolios during this increasingly volatile time in markets."

The latest allocation follows a US$400 million investment in the strategy in April 2024 and forms part of ASRS's broader approach to diversified private market credit investments across the US and Europe.

SRT investments provide investors with exposure to banks' core performing assets while providing them an efficient way to manage their regulatory capital requirements, according to BNP Paribas Asset Management Alts.

The asset manager has a 25-year track record in SRT investing, having completed nearly 150 transactions.

BNP Paribas Asset Management alts deputy head Deborah Shire said the additional mandate reflected the continued development of the SRT market and growing investor interest beyond traditional private credit strategies.

"We are delighted to grow our partnership with ASRS through this additional mandate and thank them for their continued trust in investing for their scheme members," Shire said.

"As investors seek opportunities beyond direct lending strategies, SRT offers decorrelation and resilience."

Shire said around 40 banks issued SRT transactions in the first six months of 2026, with total issuance reaching $15 billon. More than 70% of that volume came from European banks.

ASRS deputy chief investment officer Al Alaimo said the strategy remined attractive from a risk-return perspective and would form part of the pension funds broader credit allocation.

"The SRT market continues to present an attractive investment opportunity which we find compelling from a risk-return perspective," Alaimo said.

"This latest allocation forms an important part of our broader credit asset class portfolio, which is focused on private market investments that we believe could generate returns which achieve our long-term objectives and diversify the total fund."

BNP Paribas Asset Management Alts manages approximately €300 billion across real estate, infrastructures, alternative credit and private equity.

Its parent, BNP Paribas Asset Management, has more than €1.7 trillion in assets under management globally.

Rainmaker's newly published Active ETPs: Beyond the 2024 Conversion Spike report found that several large fund conversions to ETFs bought billions of inflows, yet it is now difficult to determine whether growth reflected genuine investor demand.

The shift to positive active flows occurred in April, June and July of 2024.

This is thanks to Franklin Templeton listing an active ETF class for two flagship managed funds on the ASX; Lazard launching its first Australian ETF and enabling access to Global Listed Infrastructure Fund listed on Cboe; and Magellan converting its closed class of its Global Fund into open ASX-quoted units.

Furthermore, active ETP flows remained positive through 2025 and into early 2026, with net inflows per dollar managed moving well above the weak rates recorded in 2022 and 2023.

While conversions lifted the numbers, the research found that removing the outlier months still produced healthy flows.

"Per dollar managed, active attracted about +1.5pp more net inflow per month in 2024-26 than in 2022-23, rising from -0.2% to 1.3% of FUM. Conversion events explain part of the lift: excluding the three largest conversion months leaves about +0.9pp. Against index funds, the flow-rate gap widened by about +1.0pp per month in favour of active funds, though index funds continue to win most new dollars in absolute terms," the report read.

For product issuers and distribution teams, the findings suggest investors are increasingly receptive to accessing active strategies through the ETP structure, which "supports the commercial case" for both ETF launches and managed fund conversions.

Between 2019 and 2021 the ETP market grew and active products drew modest positive flows.

However, interest rate hikes in 2022 hit investors' risk appetite and subsequently, active flows weakened.

While demand in 2023 was mixed, the sector hit a turning point from 2024 thanks to several exchange listings of existing funds contributing to the growing market.

Rainmaker estimates the ETP market surpassed $318 billion at the end of June.

At the end of the 2025 financial year, market-cap index products accounted for the majority of total FUM at 83%. Smart-beta products represented 11%, while active products accounted for 6%.

The endowment aims to distribute about $500,000 annually, providing scholarships and fee relief for autistic students who require partial or full financial support.

According to Autism Spectrum Australia, about 675,000 Australians are on the autism spectrum or around one in 40 people.

Managed by Evans and Partners on behalf of Autism Spectrum Australia, the fund is designed to provide a permanent, self-sustaining source of capital that supports Autistic Australians through education scholarships and fee relief. Over time, it aims to expand into research and other autism-related initiatives.

Evans and Partners senior investment adviser Ryan Cormican said donors are increasingly looking for structured giving models that offer transparency, accountability and a lasting social legacy.

"Fundraising is changing," Cormican said.

"I work with high-net-worth families and philanthropists on the private client side, while also working with not-for-profit organisations like Aspect. What we're seeing is a really positive trend towards more trust-based giving."

From an investment perspective, the fund has navigated a volatile first year that included market disruptions stemming from US President Donald Trump's tariff wars, global trade tensions and escalating conflict in the Middle East involving the US, Israel and Iran.

Despite the uncertainty, the fund is currently outperforming its long-term objective of CPI+3% measured over a six-year timeframe.

"We're currently performing above that objective, which is a positive start, but we'd view that as a relatively short period and more noise than a meaningful signal about long-term performance," Cormican said.

"Our focus is really on through-the-cycle performance and delivering CPI +3% over the long term."

Cormican said robust governance is central to achieving that objective. Before investing, Evans and Partners works with clients and boards to determine investment horizons, risk tolerances and liquidity requirements, which are then formalised in an investment policy statement.

Investing from an ethical lens is also critical to the fund's mission.

The fund's current allocation comprises 70% growth assets and 30% defensive assets, while responsible investment screens exclude tobacco, pornography and companies deriving more than 10% of revenue from alcohol.

Over time, the fund expects to increase its exposure to investments that align closely with Aspect's mission and donor intentions.

Cormican said that other pools of capital, particularly shorter-term or balanced portfoliosl, have a much greater emphasis on liquidity and income generation.

"With an endowment, because the investment horizon is much longer, you have greater flexibility. You can allocate to alternative asset classes and impact investments that may generate higher long-term returns," he said.

"Importantly, those impact investments can be closely aligned with the mission of the organisation and the intentions of the donors who contribute to the endowment."

Pengana is seeking to prevent the shareholder-approved buyback from eventuating, as well as the WAM group of entities increasing their voting power in the LIC.

Furthermore, Pengana wants to establish a panel policy-compliant independent board committee, including through the appointment of at least two new independent directors to PIA.

It also seeks fresh shareholder approval for the buyback and in doing so provide PIA shareholders with an independent expert's report in relation to it.

Pengana wants WAM to issue a corrective disclosure, including regarding its intentions with respect to the buyback rights issue.

On July 28, Pengana threatened legal action against PIA, alleging among other things, "material conflicts of interest" were not disclosed in the lead up to the shareholder vote.

The day before, results from the extraordinary general meeting (EGM) showed 65% of unitholders approved the off-market equal access buy-back of up to 100% of PIA shares from eligible shareholders.

Washington H. Soul Pattinson-backed Pengana in its lawsuit, which is now before the Supreme Court of New South Wales, is fighting for a declaration the shareholder resolution approving the buyback is invalid.

Pengana, together with its investment manager and related entities, holds about 2.68% of PIA's shares.

To the Takeovers Panel, Pengana is further claiming the notice of meeting for the July 27 EGM and offer booklet for the buyback are deficient because, among other things, they "do not disclose the intentions of the WAM Group and contain 'imbalanced' disclosure of the control implications of the buyback."

The inclusion of the rights issue has not been sufficiently explained, Pengana said, and there is no pricing disclosure or effective dispersion mechanism in relation to it.

"PIA did not adequately manage actual or perceived conflicts of interest in developing and approving the buyback and rights issue," Pengana said, adding the buyback could result in the WAM Group's voting power increasing above 20%.

WAM and its related entities presently have a combined voting power of 11.83% in PIA.

WAM took over PIA's board in October 2025 with the aim of overhauling its investment strategy amid continued underperformance.

WAM's Geoff Wilson and Jesse Hamilton, Richard Caldwell and Julian Martin were appointed to PIA's board after shareholders voted in favour of their appointments at the annual general meeting.

Brett Jollie was appointed as PIA's chair on 27 November 2025.

Subject to board approval, the $20 billion manager Antipodes Partners is proposed to manage PIA's assets in line with its global small- and mid-cap strategy.

PIA's board has said it believes "Antipodes' disciplined, high-conviction approach, focus on valuation and emphasis on risk management are well suited to PIA and the opportunities ahead."

During FY26, the portfolio was managed by Harding Loevner.

Under the arrangement, a Conduit-managed investment fund will invest in the Federated Hermes Short Term US Prime Fund, with shares in the Conduit fund tokenised and offered to institutional and wholesale investors across APAC.

The move marks Federated Hermes' first digital assets initiative in the region and extends its push into tokenisation and next generation investment infrastructure.

The Federated Hermes Short Term US Prime Fund is an actively managed UCITS-authorised money market fund investing primarily in high, quality, US dollar-denominated short-term debt instruments. Federated Hermes has US$676.9 billion in money market assets under management.

The asset manager said the alliance builds on more than 50 years of money market innovation and follows recent tokenisation initiatives, including an alliance with UK-based Archax to provide tokenised access to three UCITS money market funds.

"Tokenised products represent a new and evolving way to engage with our clients, combining our investment expertise with Conduit's MAS-regulated end-to-end tokenisation capabilities and regional distribution network," Federated Hermes head of business development Jim Roland said.

Commenting on the announcement, Federated Hermes director of digital assets product and platform strategy Kevin Barr said the initiative reflects the firm's commitment to expanding its digital asset capabilities.

"We continue to explore on-chain distribution opportunities to enhance flexibility and accessibility, while preserving access to the stability and yield characteristics typically associated with money market funds," Barr said.

"[This] announcement reflects our continued commitment to building a larger digital asset presence, leveraging one of our core strengths in liquidity management."

Roland added APAC's adoption of tokenisation made the region a natural market for the initiative.

"Our customers in the APAC market are leading adoption of tokenisation, making this strategically important region a highly receptive market the natural choice for the launch our latest digital assets initiative," he said.

Conduit Digital Holdings co-founder and chief executive Richard Schroder said the group intended to extend the use of tokenised assets beyond the settlement.

"We are committed to unlocking the full utility of these tokens - moving beyond simple settlement to enable use as collateral, multicurrency management, and integration into AI agentic treasury management systems," Schroder said.

The launch follows Federated Hermes' plans to expand its APAC presence, including a new Hong Kong office, alongside its existing operations in Singapore, Tokyo and Sydney.

Brighter Super, JANA Private Credit Trust and two other Australian institutional investors have committed to the strategy, which targets senior secured unitranche and subordinated loans to European middle and upper middle market companies.

The portfolio focuses on business in non-cyclical and defensive sectors, providing Australian investors with access to European private credit at scale.

Nuveen, which manages $1.4 trillion in assets globally, said the investment reflects growing demand among Australian institutions for income-generating private credit strategies and greater diversification across private markets.

Arcmont, a Nuveen investment affiliate, has $74 billion of investable capital and provides flexible capital solutions to businesses across Europe. The firm has raised capital from more than 495 global investors across its direct lending, senior loan, NAV financing, impact lending and capital solutions strategies over the past 15 years.

Brighter Super chief executive Kate Farrar said the investment would add diversification and resilient income to the fund's private markets portfolio.

"This investment reflects our focus on high-quality private credit opportunities that can provide resilient income and diversification for members," Farrar said.

"Arcmont's disciplined investment approach and deep European market expertise make the strategy a strong fit within our broader private market portfolio."

Arcmont chief executive Anthony Fobel said private credit remained an important component of institutional portfolios as investors seek to diversify income sources and defensive characteristics.

"We are delighted to partner with these leading Australian investors through a dedicated solution that provides efficient access to Arcmont's European direct lending platform at significant scale," Fobel said.

"We look forward to supporting their investment objectives through our disciplined investment approach, strong sponsor relationships and long-term partnership mindset, hallmarks of Arcmont's strategy for more than a decade."

The discretionary mandate will continue to invest in first-mortgage loans across all real estate sectors with a primary focus on the living sector and flexibility to invest across other sectors.

MaxCap currently oversees $1.3 billion in assets on behalf of APG's pension fund clients, a partnership that was established 2019.

At the time, the Dutch pension fund investment manager allocated $300 million to MaxCap to invest in Australian commercial real estate debt with the option of investing up to $600 million.

In 2022, APG exercised the option to double its investment to $1.2 billion.

Commenting on the additional mandate, MaxCap executive chair Wayne Lasky said: "Our partnership with APG has grown from a strong foundation of shared values - disciplined credit underwriting, rigorous governance and a genuine commitment to delivering strong risk-adjusted returns. Together, we have successfully implemented two high-performing closed-ended mandates."

APG head of alternative credits Menno van den Elsaker said: "This mandate forms part of APG's broader private credit allocation and reflects our conviction in real asset credit as an attractive source of long-term risk-adjusted returns for our pension fund clients. Australian commercial real estate credit continues to offer compelling opportunities, supported by strong market fundamentals and an established lending environment."

APG's private credit portfolio also invests in regions outside of Europe and the US.

Palisade Real Assets and APG recently completed the acquisition of Lemvig Biogas in Denmark, marking BioticNRG's first investment outside the UK.

In early 2026, Aware Super, APG and third institutional investor acquired a 31.3% stake in the restructured European Outlet Mall Venture (EOMV) platform from Allianz accounts, which was managed by PIMCO.

At June-end, APG managed more than $1 trillion (€639bn) on behalf of Dutch pension funds that have about 4.6 million participants.

USI is an insurance brokerage and consulting business across risk, employee benefits and retirement solutions, and boast more than 10,500 team members operating across close to 200 locations in the US.

The transaction represents approximately six times the original equity KKR invested in 2017, valued at around $6 billion (US$4.3bn) and 3.4 times the total KKR balance sheet capital invested over its investment in USI, KKR said.

According to the private equity investor, USI's adjusted revenues and adjusted EBITDA grew at compounded annual growth rates of approximately 12% and 13%, respectively, over the course of its ownership.

Notably, Aon is expected to fund the transaction with new debt raised across "a range of" maturities, noting the close of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the fourth quarter of 2026.

Aon and USI will continue to operate independently until the closing date.

Commenting, KKR co-chief executives Joe Bae and Scott Nuttall highlighted the success of USI under the firm's guidance.

"USI is a textbook case of partnership, patience and value creation that delivered an exceptional outcome for our shareholders and clients," they said.

"This monetisation milestone for strategic holdings also demonstrates that the compounding opportunity of this portfolio - with durable, growth oriented and recurring cash flows - is real."

Meanwhile, Aon said the transaction enhances Aon's presence in the more than $56 billion (US$40bn) US middle-market segment, building on success of the acquisition of NFP in 2024.

USI's emerging wholesale capabilities will strengthen Aon's ability to meet a wider range of client needs and meaningfully participate in the E&S segment, among the fastest-growing areas in US commercial insurance, representing 26% of US commercial P&C premiums.

Aon chief executive and president Greg Case said creating better outcomes for clients require a combination of capabilities and expertise supported by proprietary data, analytics and technology.

"Combining with USI will establish the premier US middle-market platform, deepen our context advantage and position Aon to accelerate organic growth. Building on the success of our acquisition of NFP, USI will substantially enhance our middle-market footprint and expand access for our firm in the E&S segment to deliver content, capabilities and expertise to a broader client base, while enabling client leaders to expand relationships and win new business," Case said.

"Our combined data platform will generate richer insight, advance the development of innovative, AI-driven solutions and expand the universe of insurable risk, while further reinforcing the context advantage that differentiates Aon."

Following the close of the transaction, USI chief executive and chair Mike Sicard will serve as president of Aon plc and global chief executive of middle market, reporting to Case, and join the Aon executive committee.

"Joining Aon represents a truly energising next chapter for our firm and an opportunity to accelerate our momentum as part of the Aon United platform," Sicard said.

"Our firms share strong, one-firm cultures with a deep commitment to working together to bring the best of our capabilities to clients. I look forward to leading Aon's middle-market platform and uniting the strengths of USI, NFP and Aon to deliver a new standard of content, capabilities and service to our clients."

Case added: "For nearly two decades, Mike Sicard has built and led a high-performing and integrated team, and I am excited about the opportunities we will create together for our clients, colleagues and shareholders."

Australian Unity chief executive, wealth and capital markets, Balaji Gopal said the business undertook a detailed strategic review which considered a variety of different options for Platypus and concluded ownership of an Australian equity manager was no longer aligned to Australian Unity's strategy for the Wealth and Capital Markets business.

Australian Unity said the review also highlighted long-term profitability and viability challenges facing Platypus due to the evolving market environment for active Australian equity fund managers.

"This decision is aligned with our strategy to simplify and strengthen our Wealth and Capital Markets business, deliver greater value for members, and focus our capital and resources on areas of enduring competitive strength, including investment bonds, social infrastructure property across healthcare, aged care and specialist disability accommodation, investments, and trustee services," Gopal said.

"Australian Unity is proud to have supported the growth and success of Platypus Asset Management for more than two decades.

"Our immediate priority is to ensure an orderly wind down of the Platypus investment management arrangements and a smooth transition for clients, while continuing to support the Platypus team and its clients throughout the process."

Gopal said Platypus Asset Management's clients had been notified of the decision.

"We recognise this is an important change for investors and the Platypus team, and Australian Unity is putting in place appropriate interim management arrangements to oversee the transition and wind down," he said.

Earlier this year Morningstar released its inaugural Best of Breed - Australia and New Zealand report highlighting active funds which provided the best long-term potential for Australian investors, with Platypus' Australian Equities Fund making the list.

This comes after VanEck cut management fees on its gold ETF last week, also to 0.14% per annum.

Global X said the move means GXLD will continue to be the lowest cost option for Australians to access gold based on investment management fees and trading spreads.

Global X said the announcement follows a strong rebound in investor demand for gold ETFs. After significant industry outflows in June, Australian investors returned to the asset class in July, directing $334 million into gold bullion and gold mining ETFs, making it the fourth-strongest month on record for the category.

More than half of those inflows, $181 million, were invested in Global X's gold ETF suite of GOLD, GXLD and GHLD, it said.

Global X chief executive Alex Zaika said recent flow trends suggest Australian investors are becoming more confident allocating to gold through different market environments.

"What's notable is not just the strength of demand for gold, but how investors are responding to periods of weakness. After outflows in June, investors returned strongly in July, suggesting many increasingly view pullbacks in the gold market as buying opportunities rather than reasons to reduce exposure," he said.

"We're seeing more investors use gold as a long-term strategic allocation within diversified portfolios. Gold's role today extends beyond traditional safe-haven investing, with many investors recognising its ability to diversify portfolios and help preserve purchasing power over time."

Since 1 July, investors have poured $321 million into Global X gold ETFs, with more than $120 million invested last week alone, it said.

Zaika said the fee reduction reinforces GXLD's position as a dedicated solution for investors seeking low-cost access to physical gold.

"As investors become more sophisticated in how they use gold, they're increasingly selecting products that align with specific objectives," Zaika said.

"GOLD has become the preferred vehicle for investors seeking liquidity and efficient trading, while GXLD is designed for investors focused on low-cost, long-term exposure to physical gold. GHLD provides an alternative for investors seeking currency-hedged exposure."

In addition, the group announced its chief financial officer Lizzie Tan has left the business, marking the most recent departure after chief executive Gary Crole left in July and Michael Ryan stepped down as chair in June.

Graeme Lay has been named the new chief financial officer, effective immediately.

The embattled financial services firm reported revenue in FY26 of $105.4 million, plummeting 15% from $124.1 million in the previous year. Sequoia said the business was directly affected by the First Guardian and Shield Master Fund failures, attributing the decline largely to the reduction in adviser numbers from 294 in July 2025 to 110 June 2026.

The group reported a statutory loss of $8.6 million in the financial year, dropping from a profit of $3.2 million in the previous year, following a loss on sale of subsidiaries, impairment costs and additional legal costs.

Sequoia interim chief executive Alex Fabbri said: "Sequoia faced significant challenges during FY26 and continues to manage legal and regulatory matters relating to its wholly owned InterPrac Financial Planning subsidiary."

Sequoia has been trying to wash its hands of InterPrac Financial Planning, which was caught in Shield and First Guardian collapses.

ASIC had raised questions over the divestment as successfully offloading InterPrac would have seen the Sequoia Group of entities divest itself of liabilities stemming from the Shield and First Guardian Master Fund collapses.

Recently ASIC withdrew legal proceedings, and Sequoia is back on the quest to offload Interpac.

"Notwithstanding these issues, Sequoia continues to selectively and actively assess organic growth options in its other businesses," Fabbri said.

The legal and administration arm of Sequoia generated $10.3 million in revenue.

"During the year it invested in marketing, technology and product development to support revenue and margin growth in future periods," Sequoia said.

"This included investment in a new anti-money laundering (AML) platform, which became operational on 1 July 2026."

Fabbri said the priority FY27 is to establish a path to resolving the legal matters related to InterPrac and affecting Sequoia, while continuing to pursue selected opportunities across the Group's other divisions.

"Once the legal and regulatory matters are resolved, Sequoia will focus on the strength of its diversified operations, which are at different stages of development," Fabbri said.

The global infrastructure investment manager with $85 billion in assets under management has also appointed Linda Stangherlin as the director of investor relations, to lead the platform's growth across the region.

Based in Sydney, Stangherlin has over 20 years' experience across investment management and wealth, with expertise in alternative investments, portfolio construction and adviser engagement.

"We are pleased to bring OpenInfra to Australia and provide eligible investors with access to I Squared's global infrastructure platform," I Squared Capital managing director and global head of distribution and product strategy for OpenInfra Irina Zilbergleyt said.

"The launch builds on I Squared's longstanding presence in the Australian market where we have partnered with leading Australian superannuation funds, sovereign wealth funds and insurers through our institutional business since 2014.

"We are extremely proud of and grateful for these partnerships which underscore the strength of our relationships in Australia and our capabilities as a leading global infrastructure manager."

Following the opening of its Sydney office in 2022, I Squared has committed more than $2.1 billion to businesses operating across Australia, including ANZA Power, a renewable energy platform; Octa, an integrated energy transition platform; SoilCo, an organic waste processing platform; and Rentco, a provider of heavy-duty transport rental equipment.

I Squared Capital global chief investment officer and managing partner Gautam Bhandari said: "We believe that we are in the early stages of a global infrastructure supercycle - indebted governments and the urgent need for investment in AI and essential services make this a clear investment opportunity for individual investors."

"As private wealth investors look for specialist managers with deep sector expertise and a proven investment track record, infrastructure offers a middle ground that can offer equity upside, credit-like yield and real assets with inflation-linked revenues," Bhandari added.

I Squared Capital recently won a heated battle with Pacific Equity Partners (PEP) and Oaktree Capital Management to become the new owner of ASX-listed oOh!media, provides outdoor advertising services in Australia and New Zealand.

The two parties entered into a definitive agreement, the financial terms of which were not disclosed. Outlets such as the Wall Street Journal, however, have reported a price tag of US$4 billion.

Founded in 2018 by Jason Wenk, Altruist has more than 6000 independent financial adviser who use the platform.

Early this year, Altruist launched Hazel, an artificial-intelligence driven tax planning tool that processes and analyses payslips, account statements and meeting notes and other documents to generate a tax plan within minutes.

Vanguard was one of the first backers of the start-up, taking part in a raise that took in US$600 million from investors from the likes of Insight Partners, GIC, Venrock and Salesforce Ventures.

Bill McNabb, who was Vanguard's chief executive until 2017, sits on Altruist's board.

"We've had the benefit of getting to get to know Altruist's people, platform, and potential over the last several years, and what we saw was a mission-aligned organisation building AI-enabled technology around the real needs of advisors and the investors they serve," Vanguard chief executive officer Salim Ramji said.

"As more investors in Vanguard funds choose to work with financial advisors, we see a significant opportunity to build on the strengths of two highly complementary organizations to help advisors serve clients more effectively and help more investors achieve financial security and peace of mind."

Altruist is expected to operate as a standalone business, retaining its leadership, brand, adviser focus and operating model under Vanguard's ownership.

Ramji noted Vanguard will benefit from the ability to get closer to independent advisers and their clients, as well as from direct access to Altruist's innovative technology and adviser platform which will allow the company to better serve its investors.

Wenk commented that Altruist was built on the simple belief that when independent advisers have better technology and lower prices, they can do their best work and bring high-quality advice to more people."

"Vanguard shares our conviction in that mission, and their trusted investment expertise and resources will enable us to pursue it with greater speed and reach. I'm incredibly excited about what this will mean for advisors and their clients, and I look forward to building the future of Altruist together," he added.

Vanguard managed more than US$17 trillion in assets under management at the end of April.

Kasu is a real-world-asset private credit platform that connects loan originators with capital providers, ranging from institutional asset managers to individual stablecoin holders. It is co-founded by Jeremy Coombe and Luke Lombe, who are the principal of Apxium and the founding partner of Faculty Group, respectively.

Users can deploy capital into underlying Australian-dollar lending activity through Kasu's loan-origination partners Apxium and InvoiceMate, and as loans are repaid, users can receive repayments and withdraw their funds in AUDD - AUDC's stablecoin.

Kasu currently supports USDC, which means Australian users and Australian-dollar lending activity may be exposed to unnecessary foreign-exchange movements, and by introducing AUDD, it creates an "Australian-dollar-native pathway".

The pair said the partnership will enable Australians to deposit, lend and withdraw in Australian dollar without carrying currency exchange risk, while providing access to institutional private credit yield that has historically been exclusive to institutional investors.

The model can also expand AUDD across multiple blockchain networks.

Kasu indicated more than half of its historical activity could potentially have been denominated in AUDD if an Australian-dollar-native rail had been available. Further, Kasu's originating partners provide the platform a "strong, genuine" Australian footprint that reinforces the case for an Australian-native rail.

"Australian users may earn a positive return through a lending strategy but still experience losses when converting from USDC back into Australian dollars if the exchange rate moves against them," both parties said.

"Loan-originating partners may also face additional conversion, reconciliation and hedging requirements when the underlying loans are denominated in Australian dollars, but the funding asset is denominated in US dollars.

"The AUDD integration is intended to address this mismatch by creating an Australian-dollar-native lending and settlement pathway. It allows Kasu to build a product that better reflects the natural currency requirements of its users, loan originators and underlying borrowers."

AUDD also noted Kasu's selection addresses the demand for meaningful AUDD adoption.

"Rather than proposing a standalone demonstration or speculative token integration, Kasu intends to place AUDD directly within an operating lending and treasury workflow. The project has measurable success criteria, including integration completion, live user activity and transaction-volume targets," they said.

"The proposal also closely aligns with AUDDapt's objectives: supporting practical products that drive recurring use of an Australian-dollar stablecoin, address a genuine commercial problem, and show how Australian-dollar infrastructure can be applied to global digital markets."

The platform has originated more than $35 million (US$25m) in credit volume, with over $14 million (US$10m) total value locked, and has paid over $1.3 million (US$900,000) in interest to lenders to date.

The announcement follows AUDD's commentary on how stablecoins can unlock access credit instantaneously around the world for Australians.

The AUDDapt grant program supports practical products that create recurring, real-world use of AUDD, and Kasu was selected as a successful applicant to the program's first phase.

The proposed support package is valued at up to 45,000 AUDD, subject to final contract execution and the achievement of agreed milestones.

Under the program, AUDD will also provide technical integration support, assistance with testing and deployment, joint go-to-market planning, and relevant introductions across its ecosystem of institutional participants, treasury operators and real-world-asset platforms.

Both parties are currently finalising the commercial agreement and implementation timetable.

Operating revenue of $1.4 billion was stable year-on-year, with revenue growth reflected by its corporate trust division, while net profit after tax (NPAT) was $88.9 million, up from the$58.2 million loss reported in FY25.

Underlying profit before tax (UPBT) for corporate trust was $98.8 million, 9% higher than FY25. Funds under administration (FUA) was $1.3 billion as at 30 June 2026, up 6% from the previous corresponding period.

Digital and markets' assets under administration (AUA) increased 14% over the period to $638.6 billion.

The asset management business performed moderately reporting UPBT of $207.5 million, up 3% on FY25.

Wealth management underperformed, reporting UPBT of $44 million, down 15% on FY25.

The group said the underlying earnings, a reduction in significant items, and the tax credits ahead of the completion of the sale of its wealth management business reflected the strong performance.

Additionally, it has determined a final dividend of 63 cents per share, unfranked, bringing the total dividends for FY26 to $1.22 per share.

Commenting on the results, Perpetual chief executive and managing director Bernard Reilly said despite mixed market conditions FY26 wasa "positive year".

"We delivered strong earnings growth and improved profitability against a backdrop of geopolitical uncertainty and corporate change, highlighting the benefits of our diversified business model," Reilly said.

"Corporate trust delivered another year of consistent growth across all three of its business lines, while asset management improved earnings, supported by stronger equity markets and continued cost discipline."

He also highlighted the significant progress on its simplification program during the year, delivering an additional $28.5 million in annualised cost savings.

"Our simplification program has delivered more than $70 million in annualised cost savings to date, well ahead of our aim for FY26 and already within our FY27 target range," he added.

Reilly said the company is prioritising the completion of the sale of its wealth management business moving forward.

"Following completion, Perpetual intends to focus on its two highly complementary businesses, asset management and corporate trust. Together, these businesses are expected to provide shareholders with a resilient earnings base through market cycles, a stronger balance sheet and improved capital flexibility," he said.

"We have a clear set of priorities for our two businesses, and we are confident in our strategic direction. Our focus remains to deliver a simpler, stronger and more focused business, positioned to provide sustainable growth and long-term value for our shareholders."

The business also provided an update on EQT AB's takeover proposal, stating that it has entered into a non-disclosure agreement with the group but reaffirmed there is no certainty that the process will result in a binding offer, or any transaction will eventuate, at the current stage, advising shareholders do not need to take action at this time.

Perpetual has rejected Swedish investor's offer a second time last month following the initial bid of $21.64 per share.

EQT Group's net profit after tax (NPAT) was $26.4 million, reflecting the $7.5 million loss from the discontinued superannuation trustee services (STS) business, while funds under management, administration and supervision for continuing operations, which includes the trustee and wealth services (TWS) and corporate trustee services (CTS), increased 15.1% to $191.9 billion.

Revenue for both ongoing departments also increased 9.4% to $167 million.

Further, the group declared a final dividend of20 cents per share, fully franked, bringing total FY26 dividends to 76 cents per share, but said it will continue to manage capital "conservatively" while the STS exit process is completed and dividend capacity will "continue to be reviewed."

STS contributed an after-tax loss of $7.5 million during the financial year, including a $13.1 million impairment charge, the group said.

"The result also included $5.4 million of legal and advisory costs associated with the strategic review process, responses to regulatory notices, enhancement of investment governance arrangements and compliance with licence conditions," Equity Trustees said.

Despite ongoing legal issues with ASIC, the assessment of the Shield and First Guardian matters "remains unchanged", with no additional provisions or contingent liabilities recognised beyond those already disclosed.

Net costs associated with Shield and First Guardian matters totalled $3.9 million. The company expects costs associated with the Shield and First Guardian matters to continue through the current financial year.

However, both TWS and CTS delivered "strong" performances in FY26, with TWS revenue increasing 7.7% to $110 million and net profit before tax (NPBT) increasing 24.8% to $36.7 million.

The group said growth was driven by strong momentum across the health and personal injury client portfolio, together with increased estate values and broader demand.

"The result reflects the successful completion of the TWS transformation program and continued benefits from its integrated operating model and technology platform," Equity Trustees said.

"Client satisfaction improved during the year, with further enhancements planned for FY27 including the launch of a client portal, a unified payments process and continued evolution of the estate management service offering."

Meanwhile, CTS onboarded 45 new responsible entity and trustee appointments and 37 new custody appointments. Revenue increased 13.8% to $53.2 million, while NPBT increased 15.3% to $22 million.

The strong margin growth reflected the increased demand for independent trustee services, particularly in the corporate responsible entity market.

FUMAS increased 17.2% to $174.2 billion, supported by new business wins and positive net inflows across existing mandates. The custody business continued to scale strongly, delivering revenue growth of 34.5% to $6.3 million.

The business continued to invest in technology, automation and risk monitoring capabilities to support future growth, operating efficiency and market leadership, the group noted.

Equity Trustees managing director Mick O'Brien said FY26 represented a year of significant achievement despite the challenges emerged from the STS business.

"The group enters FY27 with positive momentum across both TWS and CTS," O'Brien said.

"We continue to see strong demand for our services, underpinned by recurring revenue growth, a healthy pipeline of new appointments and ongoing operating efficiency initiatives.

"The withdrawal from superannuation trusteeship will enable increased management focus and investment in our core businesses, where we see attractive opportunities to extend our market leadership and further improve client outcomes."

Equity Trustees chair Carol Schwartz added: "The board believes this represents an appropriate balance between rewarding shareholders and maintaining financial flexibility during the completion of the STS exit process.

"We remain committed to prudent capital management and will continue to review capital settings as the STS exit progresses and the group's financial position further strengthens."

Earlier this month, the group received non-binding offers from two private equity investors TPG Global and the Melbourne-based BGH Capital.

EQT said it is considering the offers but has advised its shareholders not to take any action at this time.

Group revenue rose 23% to $178.7 million, while group FUM reached $46.5 billion as at June 30. Statutory NPAT, however, fell 10% to $31.9 million.

The result was supported by growth across GDG's Generation Life, Evidentia and Lonsec businesses, as the group continued to expand is reoccurring revenue base.

Generation Life record a 35% increase in FUM to $5.95 billion, with annual grow sales exceeding $1.5 billion. The business continued to benefit from demand for investment bonds with GDG pointing to retirement, wealth transfer and tax efficiency as structural drivers.

Evidentia Group's managed account FUM increased 37% to $49.5 billion, supported by $8.4 billion in net inflows and continued market share gains.

The result follows the integration of Evidentia, Lonsec Investment Solutions and Implemented Portfolios during FY26, creating a single managed accounts platform.

Lonsec also expanded its research coverage by 9% to 2001 products, while iRate subscribers increased 13% to 5629. GDG said demand for independent research, ratings and governance support remained strong amid heightened governance and compliance expectations across the advice sector.

GDG chief executive Grant Hackett said the group entered FY27 with momentum across its core business.

"FY26 was another strong year for the group characterised by record net inflows, continued market share gains and strong earnings growth," Hackett said.

"The successful integration of Evidentia Group and Lonsec Investment Solutions, combined with ongoing investment across our business, has strengthened our competitive position and enhanced our ability to capitalise on long-term structural growth opportunities."

The board declared a fully franked final dividend of one cent per share, taking the full year dividend to two cents per share.

GDG said it expects continued FUM growth in FY27, with product revenue margins broadly stable and operating expense growth broadly in line with FY26.

MFG reported a 9% decline in operating profit after tax to $145 million, as management revenue fell 13% amid continued outflows from its heritage Global Equities funds.

The result was partly offset by a substantial increase in partnership income, including MFG's $42 million share of Barrenjoey's earnings.

MFG's asset under management fell 7% over the year to $36.7 billion, with institutional inflows into Australian equities and global listed infrastructure strategies, alongside growth in systematic strategies, offset by continued Global Equities outflows.

Statutory NPAT was also affected by a $38 million fair value on MFG's fund investments and $11 million in merger and integration expenses.

The results mark the first reporting period following MFG's merger with Barrenjoey, which has created a more diversified financial markets, corporate finance and investment management business.

On a pro forma basis, including both businesses for the full year, the combined group generated $778 million in revenue and $215 million in operating profit after tax.

Barrenjoey's operating profit increased 68% to $112 million, more than offsetting the decline in MFG's operating earnings.

Combined group pro forma NPAT was $146 million, although this included non-recurring and non-cash items including fair value movements on shareholder funds, legacy Barrenjoey share plan amortisation and merger-related costs.

MFG declared a fully franked final dividend of 25.5 cents per share, representing 80% payout ratio based on the combined businesses' operating profit after tax.

MFG chief executive David Benari described FY26 as a "transformational year" for the group.

"The merger between MFG and Barrenjoey marks the beginning of a new chapter of our company," Benari said.

"The combined group deliver pro forma revenue of $778 million for the year and maintains a balance sheet with meaningful headroom for growth."

Subject to shareholder approval, MFG intends to change its name to Barrenjoey Group Limited and its ASX ticker to BJY, with Benari pointing to the group's planned New Zealand expansion as part of tis broader growth strategy.

The acquisition forms part of Centrepoint's strategy to increase its direct exposure to recurring financial earnings.

Centrepoint expects SEQ to generate maintainable FY27 EBITDA of about $1.2 million, with the company targeting at least $2.5 million by FY31.

Under the transaction, Centrepoint will have a pathway to increase its ownership to 75% if agreed performance, client transition and succession outcomes are achieved. The second tranche could be brought forward if SEQ reaches it $2.5 million EBITDA target ahead of FY31.

Centrepoint's attributable share of EBITDA would rise to about $1.9 million if the business reaches that target an ownership increases to 75%.

SEQ was established in 2015 and operates from offices in Bundaberg and Brisbane, servicing about 626 client groups as of June 2026. The business has five financial advisers, one professional year adviser and nine employee shareholders, generating about $3 million in annual revenue.

Centrepoint will retain approximately 25% ownership with continuing advisers and key personnel, while SEQ's existing management and adviser team will remain responsible for day-to-day operations.

Centrepoint chief executive John Shuttleworth said the acquisition would provide a succession pathway while preserving the business's existing relationships and leadership.

"SEQ has built a high-quality advice business serving regional and metropolitan Queensland clients, with a strong record of growth, adviser development and client service," Shuttleworth said.

"We see an opportunity to support SEQ's next stage of growth through Centrepoint's technology, compliance, investment and business capabilities, while preserving the client relationships, local leadership and culture that have underpinned the business's success."

The acquisition is expected to be complete on 1 September 2026, subject to satisfaction of transaction conditions.

The move follows a year of asset sales that left the firm debt-free and holding $158 million in cash.

It has received a proposal from River Capital, a major shareholder and an established Australian investment manager with $1 billion in assets under management, for Pacific Current to acquire the firm.

River Capital's proposal envisages Pacific Current evolving into an active listed equities and private markets investment manager. The proposal contemplates Pacific Current acquiring River Capital for approximately $80 million.

River Capital has proposed a consideration of approximately 6.3 million Pacific Current shares, implying a value of $13 per share, which would be subject to a two-year escrow period.

Pacific Current said it has three options to consider including progressing the River Capital proposal, selling Pacific Current or delisting the company from the ASX and undertaking an orderly realisation of its holdings.

Pacific Current executed a series of transactions during the year that simplified the portfolio and strengthened liquidity including partial sale of Victory Park Capital for $7.7 million, full repayment of a senior secured facility at $62.2 million, exit from Janus Henderson for $13.9 million, the partial sale of Abacus Global Management for $11.4 million and the sale of its revenue share in Aether for $2.6 million.

It's funds under management came in at $26.4 billion in the financial year, down from $30 billion in the previous year, which it said is due to the exit from Aether in June 2026.

While the simplification has left the firm free of financial debt and total overheads declining 41%, it reported a statutory net loss after tax of $1.5 million from a profit of $58.2 million in the previous year.

Underlying profit came in at $14.8 million, halving from $26 million in the previous year, following the realisation of boutique interests and the return of surplus capital to shareholders.

Following a period of portfolio realisations and capital returns, the company's asset base now comprises a combination of investments in asset managers, financial assets and cash. In this context, the Pacific Current board has been considering potential actions to improve return on capital and optimise value, it said.

Pacific Current chair Justin Arter said: "FY26 was a year of deliberate transition. The board is pleased with the discipline shown in realising assets at attractive values, retiring the company's debt in full and returning capital to shareholders.

PAC enters FY27 with a simpler portfolio, a strong balance sheet and a clear mandate to convert that position into shareholder returns."

Pacific Current managing director Michael Clarke added the task for this financial year is to put the capital to work.

"This result reflects the successful execution of our strategy to simplify the business and retire debt. Interest income now covers corporate expenses more than three times over, our cost base is 41% lower, with scope for further material reduction in FY27 and we finished the year with $158m of cash. The task in FY27 is to put that capital to work," Clarke said.

The Singapore domiciled fund targets 12-15% p.a. net returns and a 5% p.a. distribution yield paid semi-annually, with no capital calls and quarterly dealing windows following an initial 12-month lock-up from fund inception.

Aura said for advisers constructing private markets allocations, traditional private equity structures present well-documented challenges: capital call drag, multi-year lock-ups, limited income and difficulty sizing positions within a broader portfolio.

It said the address this, the Aura PE Evergreen Income Fund is structured to address those friction points.

The evergreen structure eliminates capital calls. The 40% private credit liquidity sleeve provides regular distributions and underpins the quarterly liquidity mechanism. The blended portfolio construction targets returns from an earlier stage than a traditional PE fund structure would deliver.

"We designed this fund with the adviser-directed market in mind. We know that private equity exposure is increasingly in demand, but the traditional model creates real implementation challenges at the portfolio level," Aura Group managing director Calvin Ng said.

"Capital calls, extended lock-ups and the absence of income during the investment period make it difficult to size private equity within a managed portfolio. The Aura PE Evergreen Income Fund is built to reduce those barriers without compromising on return potential.

"We feel uniquely positioned with longstanding d private credit and private equity platforms capable of supporting this type of structure. Bringing those capabilities together allowed us to build something we believe better reflects how today's investors want to access private markets."

The Vanguard Australian Floating Rate Bond Index ETF (ASX: VFLT) has been listed on the ASX, and became the firm's first floating rate ETF available around the world.

The ETF and managed fund track the Bloomberg AusBond Corporate Liquid FRN 1+ Year Index and provide diversified exposure to Australian dollar-denominated floating rate notes issued primarily by investment-grade corporate borrowers, Vanguard said.

VFLT distributes income monthly and complements Vanguard's broader fixed income range by providing investors with an additional defensive allocation option. It carries a management fee of 0.15% per annum, and the managed fund incurs 0.18% per annum.

Vanguard said the funds were launched amid the growing attention on floating rates products, supported by demand for defensive income solutions between cash and other bond investments.

Advisers and investors are increasingly adopting floating rate exposures for their ability to provide higher income potential, while offering lower interest rate sensitivity than fixed-rate bond investments, it said.

Commenting, Vanguard head of fixed income for Asia Pacific Jean Bauler said the growth of the category reflects a broader shift in how investors are approaching the defensive portion of their portfolios.

Unlike fixed-rate bonds, floating rate notes adjust their coupon payments in line with prevailing interest rates, Bauler added, stating the structure results in lower duration risk, reducing sensitivity to interest rate movements to support more stable capital values.

"Income remains a key priority for many investors, particularly those approaching or in retirement. Investors are increasingly looking for solutions that can deliver regular income with relative stability," Bauler said.

"Floating rate bonds can play a unique role within diversified portfolios because the income adjusts as interest rates move.

"When rates rise, investors can benefit from higher income payments, while the low duration profile helps reduce the price impact typically associated with fixed-rate bonds."

VFLT is also the first floating rate product Vanguard developed and adds to its fixed income platform that manages approximately $4.3 trillion in assets worldwide.

Bauler said fixed income continues to play a vital role in helping investors build resilient portfolios, particularly during periods of market uncertainty.

"For investors seeking income, diversification and stability, fixed income remains a foundational building block. VFLT provides another way for investors to access those benefits through a transparent, low-cost investment solution," he added.

Currently, VanEck's Australian Floating Rate ETF (FLOT) and the Australian Bank Senior Floating Rate Bond ETF (QPON) from Betashares offer similar exposure in the market, which returned 5.12% and 4.66% in the 12 months to July 30. Both charge an annual management fee of 0.22%.

In response, MA Financial has introduced a temporary monthly redemption limit for the MA Secured Loan Series as a proactive measure in response to the potential for increased redemption activity. MA Financial has no exposure to the Bathla Group.

Financial Standard understands the temporary redemption limit does not impact the $15.5 billion private credit fund manager's non-real estate credit funds, including the MA Priority Income Fund.

Last week, Centuria Bass temporarily paused redemptions and applications to two of its private credit funds, the Centuria Bass Credit Fund and the Bass Property Credit Fund, over increased redemption requests driven by concerns around Bathla Group. It anticipates that the freeze on redemptions will remain in place for between two to six months.

"The temporary arrangements reflect the broader market, including uncertainty following proposed tax changes in the Federal Budget and recent publicity concerning other, unrelated private credit managers," MA Financial Group joint chief executive Chris Wyke said.

"These factors have the potential to influence investor sentiment and redemption activity but do not reflect a change in the performance of the fund's underlying assets, which has been providing strong returns to unitholders. The fund has no exposure to Bathla Group."

360 Capital's ASX-listed Mortgage REIT was put on a trading halt yesterday on news of Bathla entering voluntary administration.

It has two loans to the group totally $18.3 million comprising first mortgages, along with exposure of $13.3 million in two loans, secured by 137 individually titled apartments and townhouses.

360 Capital will continue to make monthly distributions and expects full recovery of the outstanding principal, interest and penalty interest.

"The trust is in a strong financial position, with all remaining loans not associated with this borrower in full compliance with their loan terms and covenants," 360 Capital said.

"Under the responsible entity's management, the trust has never held any borrowings or back leverage, with all loans comprising registered mortgages across 168 individual titles in its portfolio. The trust has no corporate loans or related party loans."

Bathla managing director Bhart Bhushan described the current market environment as the "perfect storm" of circumstance, including a significant softening in sales, impacts from the changes made in the Federal Government's May Budget and falling confidence in key markets.

"This has coincided with significant increases in construction costs which have been absorbed by the Group. These changes in market conditions have had flow-on effects to lending markets, putting further pressure on the business," Bathla Group said.

Centuria Bass also commented post the voluntary administration noting its credit funds have funded six separate assets for Bathla.

"Two of the Bathla loan facilities relate to construction, both projects are close to completion," Centuria Bass said.

"Centuria Bass Credit confirms it is already paying subcontractors directly in relation to these projects, within the limits of the existing loan facilities. Its intention is to progress these projects to title issuance, allowing presales to occur. The remaining facilities relate to residual stock loans and land loans."

Centuria Bass added following the voluntary administration, it believes it has access to a broader range of options to accelerate recoveries across the cross-collateralised security structure.

It is not a unitholder of any Bathla-related credit funds, and it has provided a $4.5 million loan facility to a special purpose loan vehicle relating to one of the near-complete Bathla construction projects.

La Trobe Financial, the $25 billion private fund manager, chief investment officer Chris Paton said the quality of any lending portfolio comes down to asset quality, to diversification and lending discipline.

"Where a lender experiences significant issues from the failure of a single borrower like the Bathla Group, it typically reflects either over concentration within the portfolio or higher risk positions with insufficient security protection," Paton said.

Financial Standard understands La Trobe has less than 0.15% exposure to the Bathla Group through first mortgage loans, with 95% of the project in completion.

The AB Emerging Markets Strategic Core Equities Funds- Active ETF, trading under the ticker MORE, is built around a strategy designed to capture the long-term growth potential of emerging markets while limiting downside risk.

The Strategy Core framework was launched in 2012 and has been managed since inception by head of emerging markets equities Sammy Suzuki, alongside co-chief investment officer Densie Boynton.

The strategy targets around 90% of market upside and approximately 70% of downside over the long-term, using fundamental research and quantitative risk management to identify companies with stronger quality and stability characteristics, AB said.

AB managing direction of the Australian client group Ben Moore said the launch formed part of the firm's broader push to expand its active ETF platform.

"The build-out of our active ETF platform remains a key plank in our Australian distribution strategy. Following the listing of our Global Strategic Core Equities ETF earlier this year, adding an emerging markets strategy gives investors another high-quality, actively managed building block in a convenient, transparent and liquid vehicle," Moore said.

Moore said emerging markets represented a significant long-term growth opportunity despite continued investor concerns around volatility and drawdowns.

Suzuki said the investment case for emerging markets had broadened beyond its traditional association with China.

"Emerging markets are no longer simply a China story," Suzuki said.

"Economies now drive the majority of global GDP expansion, and that growth is often available at a meaningful valuation discount, supported by stronger balance sheets, deeper capital markets and improved governance. EM is also a key part of the AI opportunity, a theme too often viewed through a developed-market lens alone."

Suzuki also pointed to the region's role in the development of artificial intelligence, arguing the investment opportunity was often viewed too narrowly through developed markets.

The strategy applies AB's 'quantamental' approach, combing fundamental research with quantitative risk management.

"Our philosophy is built on quality, stability and price," Suzuki said.

"That is how we seek to beat the market by losing less, giving investors a smoother path to participate in emerging-markets growth over the long run. We call this winning by not losing."

JANA said the trust already has $270 million in funds under management and aims to provides access to high-quality global private credit opportunities that are often difficult to source directly in Australia.

JANA said the trust brings together its institutional manager research, portfolio construction and governance capability within a single investment solution.

The trust has been designed to address common implementation challenges associated with private credit investing, including manager access, portfolio diversification, capital deployment and ongoing governance.

JANA said the launch reflects growing demand from wholesale investors for private credit solutions that combine rigorous manager selection, strong governance and efficient implementation.

JANA head of debt Robert Moore said private credit has rewarded investors well, but the way investors access the asset class matters.

In building the JANA Private Credit Trust, we considered the practical issues that can affect investor outcomes, including slow deployment, cash drag, fee leakage during ramp-up, cash-style benchmarks and unhedged currency exposure," Moore said.

"We set out to address each of these in the JANA Private Credit Trust through a structure designed to provide efficient implementation, day-one credit market exposure and a more relevant framework for measuring private credit performance."

In addition to the launch, JANA has appointed Arcmont, an investment affiliate of Nuveen, and Jefferies Credit Partners through customised mandates designed specifically for the JANA Private Credit Trust.

JANA said this will provide tailored portfolio guidelines rather than relying on off-the-shelf flagship funds.

The trust targets core middle-market corporate direct lending across the US and Europe, and has been designed to provide investors with immediate market exposure while capital is progressively deployed into private market investments, helping reduce the cash drag often associated with open-ended private credit products.

The trust adopts the Cliffwater Direct Lending Index, net of fees, unlevered and hedged into Australian dollars, providing a more relevant reference point for measuring private credit performance than traditional cash-style benchmarks.

JANA Investment Trusts head of investments Claire Simpson said private credit has evolved into an increasingly important component of diversified portfolios, yet many of the highest-quality opportunities remain difficult for investors to access directly.

"As private credit continues to mature as an asset class, we believe the differentiator will increasingly be manager selection, efficient implementation and product design, portfolio construction and strong governance - not exposure alone," Simpson said.

"The JANA Private Credit Trust brings these disciplines together through carefully selected global managers, customised mandates and JANA's institutional research and governance capability.

"Designed for wholesale investors with a long-term investment horizon, the trust provides access to institutional-quality private credit exposure through a professionally managed structure focused on efficient implementation and long-term investment outcomes."

The fund already has backing from Future Fund, Hostplus, Aware Super and HESTA.

"HESTA has partnered closely with Blackbird for over six years, building investments in some of the most ambitious tech companies in Australia and New Zealand," HESTA deputy chief investment officer and head of portfolio management Jeff Brunton said.

Blackbird was one of the earliest backers of healthcare AI company Heidi Health, where its position has now grown to 35%.

"Companies like Heidi Health demonstrate the opportunity, where we aim to deliver strong long-term returns to members while having a positive impact on the sectors many of them work in," Brunton added.

Aware Super portfolio manager of private equity Rishi Dua said the super fund first backed Blackbird in 2015, when Australian venture capital was still an emerging asset class, and have partnered with them through every vintage since.

"Over that time, the relationship has delivered strong outcomes for our members while helping support an ecosystem that is now producing globally significant technology companies from Australia and New Zealand," Dua said.

"Blackbird has established itself as one of the leading venture investors in the region, with a proven ability to identify and back exceptional founders early. The strength of the team, the quality of the portfolio, and their continued access to the next generation of technology companies across Australia and New Zealand made participating in this latest fund a compelling opportunity for us."

Blackbird's strategy is to back companies right from the beginning and through their journey to scale, often growing ownership to become the largest investor. This strategy saw 96% of initial investments from its last early-stage fund made at pre-seed and seed stage, it said.

It invests in Australian technology companies and was the first institutional investor in Canva and Halter in their early stages.

Blackbird partner Samantha Wong said: "We're honoured to welcome a number of new investors from around the world. This raise reflects both the growing global interest in Australian and New Zealand founders and the enormous opportunity ahead, as the boundaries of what small, ambitious teams can build continue to be redrawn."

Blackbird founder and partner Rick Baker said the raise sharpens the firm's bet on backing Aussie and Kiwi founders at their earliest and staying with them the longest.

Wong added: "Being at the centre of the ANZ ecosystem allows us to meet thousands of founders every year. Our new funds give us more capacity and more capital to do what we love, which is to back outlier Aussie and Kiwi founders, right from the very beginning."

The influx of increasing superannuation guarantee contributions, rollover activity and strong end-of-financial-year contributions boosted Australian Ethical's superannuation net flows, which overall stood at of $664 million, up 13% year-on-year, and helped drive record funds under management of $14.5 billion.

"We also saw improving member acquisition momentum in the latter half of FY26 following the successful completion of the transition to the GROW administration platform, enhancements to digital marketing capability, improved member onboarding processes and the reactivation of the Employment Hero acquisition channel," the company said.

APRA slapped Australian Ethical Retail Superannuation Fund with extra licence conditions last year, concerned over the fund's investment management arrangements with its parent company and whether the fees involved are in members' best financial interests.

Shortly thereafter, Natalie Kooyman was named chief risk officer to replace Karen Hughes, who had served in the role since 2017.

In the second half of FY26, Australian Ethical said its superannuation trustee, Australian Ethical Superannuation, made good progress to address the additional licence conditions imposed by APRA.

"As part of this work, EY was engaged to undertake an independent review of the Trustee's framework for assessing, overseeing and substantiating related-party outsourcing arrangements in relation to the licence conditions. The review highlights further governance enhancements the Trustee will undertake in FY27," Australian Ethical said.

"Ensuring the business is resilient as well as efficient is critical and as such we continue to focus on the governance uplift required to further strengthen the governance, risk management and oversight of related-party arrangements to support the continued maturity of the superannuation business and the best financial interests of its members."

Undertaking an independent review and carrying out activities to improve the governance, risk management and oversight of related-party arrangements in relation to APRA's licence conditions cost $833,000.

Since transitioning its super administration to GROW Inc from Mercer in 2024, Australian Ethical said it has seen the benefits of the transition with admin and custody fees decreasing 16% over the year.

The group posted underlying profit after tax of $27.3 million, up 15% annually.

Australian Ethical managing director John McMurdo said FY26 was a year of disciplined execution for the company, delivering record earnings, key strategic milestones and continued business momentum.

"Australian Ethical continues to receive peer recognition through industry awards and accolades that reflect the strength of the business we have built, our investment capability, the quality of our customer experience, people, products and operating platform. Together these acknowledgements reinforce our position as one of Australia's leading purpose-driven financial services organisations," he said.

Centrepoint Alliance lifted normalised EBITDA by 16% to $12.3 million in FY26, with the financial advice services provider also improving its operating margin as it continues to invest in technology and compliance.

The ASX-listed company reported a 5.2% increase in net revenue to $43 million for the year ended June 30, while normalised EBITDA margin rose 29%, up from 26% a year earlier.

Net profit after tax increased 25% to $6.4 million, while net profit before tax was $7.3 million, broadly in line with FY25 and 22% higher after excluding a $1.3 million contingent consideration release recognised in the prior year.

Recurring revenue accounted for 88% of net revenue, while Centrepoint ended the year with $14.4 million in cash.

Chief executive John Shutteworth said the result reflected continued profitable growth across the business.

"FY26 was another year of profitable growth for Centrepoint, with higher adviser fee revenue and continued growth in Salaried Advice supporting a 16% increase in normalised EBITDA," Shuttleworth said.

"Disciplined cost management and operating leverage lifted our normalised EBITDA margin to 29%, while allowing us to continue investing in technology, compliance capability and future growth."

The company's authorised representative network grew to 576 advisers, representing net growth of five during the year.

Salaried Advice revenue increased 22% to $10.3 million supported by higher fees, improved adviser productivity and the contribution from the Brighter Super advice review book.

Centrepoint said management expenses increased just 1.3% during the year despite continued investment in technology, artificial intelligence and compliance capabilities.

The company has provided FY27 normalised EBITDA guidance of between $14.5 million and $15.5 million.

The board also declared a fully franked final dividend of 1.75 cents per share, taking fully franked ordinary dividends for FY26 to three cents per share.

Revenue was also down 1.9% to $11.2 million, as AWAG explained the results reflected many challenges in the financial year, including ongoing geopolitical events, which impacted equity markets especially at the small- to micro-cap segment.

However, funds under management and administration (FUMA) grew to $4.1 billion, up from $3.6 billion from the previous financial year, attributable to the completion of two equity partnership scheme (EPS) investments of Sydney's Springboard Financial Group and Cotham Advisory in Melbourne.

AWAG took a 20% stake in both firms which brought its network of authorised representatives to 122 from 80 since December 2025, highlighting a "good pipeline" of EPS opportunities, with strong focus now placed on licensees and financial wealth advisory practices.

It is now expecting to have closer to 150 authorised representatives by the end of the calendar year.

The group also noted its balance sheet remains "strong" with zero debt and $3.9 million available in its cash reserves.

"The industry is now firmly in the spotlight with the banks and industry funds all expressing a strong desire to participate in the wealth advisory sector," AWAG chair Lee Iafrate said.

"There are only so many operators which have the relevant number of advisors and systems to be able to meet this new corporate marketplace and demand."

Moving forward, AWAG believes it is "very well positioned" for complementary investments and a very active role in the final chapter of the listed company rationalisation.

"The market value of AWAG's portfolio of investments continues to grow at a good level, given market developments," Iafrate continued.

"The asset values are a pleasing outcome for our board and hopefully for shareholders in time.

"The 2026 was a year of consolidation and putting in place all the necessary functions for a sound future of growth."

The contracts, launched in collaboration with Bloomberg Indices, are based on Bloomberg AusBond Composite Index (BACR0) and Bloomberg AusBond Credit Index (BACR0), which together are tracked by more than $60 billion in assets.

The Bloomberg AusBond Composite Index provides broad exposure to Australian fixed income, including government, semi-government, supranational and corporate bonds, while the Bloomberg AusBond Credit Index focuses on Australian corporate bonds.

The futures allow investors to manage fixed income exposure through a single instrument rather than buying or selling large numbers of individual bonds, potentially improving efficiency when hedging portfolios, managing liquidity or adjusting market exposure.

The contracts are cash settled against their respective Bloomberg AusBond indices and traded on ASX 24.

ASX acting group executive, markets Danial Sinclair said the launch represented an evolution of the exchange's interest rate derivatives offering.

"The launch of Bond and Credit Index Futures is an important evolution of ASX's interest rate derivatives offering and adds to the range of risk management tools available to market participants," Sinclair said.

He said the contracts would provide a transparent and efficient way for investors to access benchmarks already widely used across the intuitional market.

"By combining ASX's market infrastructure with Bloomberg's leading fixed income indices, analytics and global reach, we are delivering new opportunities for investors and are supporting the continued development of Australia's fixed income market," Sinclair said.

Fateen Sharaby, head of index derivatives, Bloomberg Index Services Limited, said the Bloomberg AusBond indices had long been important benchmarks for Australian fixed income investors.

"With this collaboration, ASX is bringing new exchange-traded tools to market that can help investors manage portfolios, hedge risk and access fixed income markets more efficiently," Sharaby said.

The contracts are aimed at banks, asset managers, ETF issuers, superannuation funds, proprietary trading firms and market makers.

The launch follows engagement with domestic and international market participants and comes amid growing demand for exchange traded fixed income and credit index products in offshore markets.

The Unlocking catalytic capital in Australia report, released in conjunction with consulting firm GoodWolf Partners and the Paul Ramsay Foundation, found while a small group of philanthropic organisations has driven most of the catalytic investment so far, momentum and opportunity for growth are rapidly building and deployment of catalytic capital will help unlock wider activity in impact investing.

The local trusts and foundations endowment pool is estimated to be more than $50 billion with about 60 members, according to the report. The Foundations Group for Impact Investing (FGII) represents 30% of this total pool of capital.

Catalytic capital refers to debt, equity, guarantees and other investments that accept disproportionate risk and/or concessionary returns relative to conventional investment to generate positive social and environmental impact and enable third-party investment that would not otherwise be possible.

Catalytic capital is typically used by impact-driven organisations, projects and intermediaries. These include charities, social enterprises, First Nations organisations, community-led initiatives, impact funds, or other models with the primacy of social or environmental objectives.

"A single foundation accounts for the majority of the $100 million figure. This concentration is itself a finding: the Australian catalytic capital market among philanthropic investors is nascent, with a handful of pioneering organisations carrying most of the weight - and significant untapped potential across the broader FGII membership," the report read.

Among survey respondents, 75% said they intend to increase their use of catalytic capital over the next three years, with each expecting to deploy between $5 million and $20 million by 2029.

Nearly all respondents (95%) said helping establish a track record for emerging investments was the primary role of catalytic capital, reflecting its ability to de-risk early-stage opportunities and crowd in conventional investors. Leveraging additional investment and supporting innovation were also identified as key objectives.

"The opportunity now is to move from isolated examples to a more concerted market-building effort will require clearer language, better data, greater intermediary capability and capacity, and more confident investors and investment committees. There is also an opportunity for active government leadership and market shaping through policy settings, risk-sharing, capacity building and infrastructure," lead authors Nina Yousefpour and Loretta Bolotin said.

"It's important to note that this research has only counted capital from philanthropic trusts and foundations. Catalytic capital deployed by government, institutional and corporate actors sits outside this estimate, so the true opportunity is considerably larger."

The move comes as it expands an education program aimed at helping allocations and respond to growing client demand.

The review, led by FinCap head of portfolio and investment solutions Ben Davis, will provide advisers with an asset allocation assessment of their private market investments.

It forms part of a broader education initiative that will include a monthly webinar series featuring private markets investment professionals, alongside a series of educational luncheons for advisers.

Davis said the growing maturity of private markets and availability of data had created opportunities for more sophisticated portfolio analysis, while also increasing the complexity of asset allocation.

"As private markets have matured, the emergence of robust and trustworthy data, along with the development of more sophisticated analytical tools, has enhanced our understanding of the drivers of performance as well as risk factor exposure across private markets," Davis said.

He said advisers needed to consider how private market exposures were implemented within broader portfolios, particularly as allocations increased.

"When we think about asset allocation for private market portfolios, we need to address questions such as how we actually implement it," Davis said.

The review will examine areas including liquidity requirements, leverage policies, peer and benchmark risk, fee and complexity budgets, and the balance between liquid and illiquid alternatives.

FinCap founder and executive chairman Christian Ryan said advisers were facing increasing questions from clients about private markets, despite persistent misconceptions around access, liquidity and complexity.

"Private markets are growing fast and so is investor curiosity," Ryan said.

"Advisers are being asked more and more by clients about private markets, often without the resources to answer with confidence."

The first webinar will be held on September 8 and will feature Ryan in conversation with Metrics Credit Partners chief executive and managing partner Andrew Lockhart.

Ryan said Lockhart was chosen to open the series because of his experience building a significant private credit business.

The FinCap education program will provide CPD points to participating advisers.

VanEck chief executive and managing director, Asia Pacific, Arian Neiron said NUGG will be the most-effective way for investors to access the price of gold on the ASX.

"Gold has already jumped over 10% in August and we believe there are several long-term structural tailwinds that could sustain the rally," Neiron said.

"Central banks continue to diversify their reserves, inflation remains a risk and recent US treasury bond buyback signals concerns around rising government debt and the interest burden."

VanEck said NUGG differs from other gold bullion ETFs as it is physically backed by Australian-sourced gold and investors have the option to convert their ETF holdings into physical gold at The Perth Mint.

"Gold has historically served as a safe haven asset in times of global uncertainty. Global inflation remains sticky and the US dollar could potentially weaken further given the US Treasury's announcement to buy back bonds, all of which supports a strong gold price," Neiron said.

"This is no longer just a central bank story. Gold is gaining interest from commercial banks, advisers, family offices and retail investors that are increasingly participating in its trade. Chinese gold imports have also surged 172% year-on-year to 173 tonnes in June 2026, their highest level since March 2024."

In July, VanEck brought three new ETFs to Australian investors giving access to thematic investments across several emerging technology sectors, including what it said was "Australia's first dedicated quantum computing ETF."

These were the VanEck Quantum ETF (ASX: QNTM); VanEck Global Semiconductor ETF (ASX: SMHG); and VanEck Rare Earth and Strategic Metals ex China ETF (ASX: RESM). All three ETFs track indices from MarketVector.

F/m Investments has approximately US$19 billion in assets under management, across ETFs, institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs).

Its standardised suite of single-security US Treasury ETFs has been the first to provide maturity-specific exposure to US Treasury securities through ETFs.

"F/m Investments is a strong strategic and cultural fit with T. Rowe Price. The acquisition reflects a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand, clear strategic alignment, and the opportunity to create long-term value," T. Rowe Price head of global fixed income and chief investment officer Arif Husain said.

"F/m brings unique ETF product development capabilities that will complement T. Rowe Price's active fixed income lineup across our intermediary, institutional, retirement, and wealth platforms."

F/m has a suite of 20 ETFs across the fixed income landscape including treasuries, corporate bonds and municipal securities. It also provides customised municipal bond and liquidity strategies to institutional and high-net-worth clients.

"We started F/m because fixed income investments were too hard for investors to use. To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision," F/m Investments chief executive Alexander Morris said.

"T. Rowe Price has been clear that the way we work is the thing they're investing in. Our mission will remain the same. We are excited to align our approach with T. Rowe Price's scale to better serve clients for years to come."

The transaction is expected to close in early 2027.

Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership, investment approach, and day-to-day operating model. Morris will report to Husain, and F/m employees will become T. Rowe Price associates.

"This structure preserves what has made F/m successful while extending its fixed income capabilities across T. Rowe Price's platforms," T. Rowe Price said.

At closing, the acquisition is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management and expanding its fixed-income SMA business.

EQT Holdings (ASX: EQT) has received a proposal from BGH Capital to acquire 100% of the outstanding shares in EQT at an indicative price of $24.75 per share less any dividends declared or paid.

The offer is a 20-cent premium over TPG Global's offer of $24.55.

EQT said the new proposal is subject to a satisfactory completion of due diligence, final approval from BGH Capital's investment review committee, and the execution of a mutually agreed scheme implementation deed.

The transaction will require approvals from shareholders, regulatory authorities and other customary conditions.

However, unlike TPG Global, BGH Capital has not requested exclusivity arrangements to conduct due diligence and negotiate transaction documentation, the ASX-listed entity said.

The board of EQT, together with its advisers, will evaluate BGH's proposal and will update shareholders in due course.

Shareholders have been informed they do not need to take any action in relation to the offer at this time.

In June, Equity Trustees recently withdrew from providing super trusteeship, announcing it was winding down its subsidiary Equity Trustees Superannuation Limited, following two ASIC lawsuits alleging failures in care, skill and diligence in the recommendation of the First Guardian Master Fund.

Equity Trustees has since announced that it is defending against the claims.

ASIC alleges EQT failed to exercise the same degree of care, skill and diligence as a prudent superannuation trustee would in respect of the Shield Master Fund.

It also failed to act in the best financial interests of its members, do all things necessary to ensure the financial services covered by its AFSL were provided efficiently, honestly and fairly.

ASIC also alleges it increased exposure to Shield by members and their financial advisers on a superannuation platform.

Perpetual said it was notified last week of the client's intention to take out its investment in TSW's International Equity strategy, with the full redemption expected to occur before the end of the calendar year.

The non-cash impairment charge is expected to be $63.5 million against the carrying value of goodwill for TSW.

"While notification of the future redemption was received after 30 June 2026, the impact and associated impairment charge was deemed an adjusting item and will therefore be recognised as a significant item in Perpetual's FY26 statutory results," the company said.

Perpetual first flagged expected significant items for FY26 in its fourth-quarter business update on July 29 but had not yet completed year-end impairment testing for goodwill and other intangible assets within its Asset Management division.

In 2021, Pendal acquired the Virginia-based value-orientated investment manager TSW for $414 million.

Two years later, Perpetual formally acquired Pendal, which also owned global fund manager J O Hambro Capital Management (JOHCM).

The group currently has $227.5 billion in assets under management.

Perpetual assured investors the impairment is non-cash and does not affect its liquidity, compliance with its banking covenants or impact underlying profit after tax - the financial metric on which the dividend payout ratio is determined.

The charge remains subject to completion of the FY26 audit process and finalisation of the company's financial statements.

Perpetual will release in its FY26 results on August 27.

The financial services group recently rejected EQT's $22.50 share takeover proposal, saying it does not reflect the value of the business.

Perpetual chief executive and managing director Bernard Reilly said the group delivered another quarter of growth while progressing the planned sale if its wealth management division to Bain Capital.

The ASX-listed fund manager reported closing FUM of US$156 billion ($242.2 billion) a year earlier, while net flows swing from a $11.2 billion inflow in the prior corresponding period to a $21.2 billion outflow.

Average FUM, however, increased 1% to $231.1 billion, supported by market performance and a higher average fee realisation rate.

GQG chief executive Tim Carver said the manager had experienced relative underperformance during the first half, contributing to the outflows.

"Over the past decade, our assets have grown to US$156 billion in funds under management. We experienced relative underperformance during the first half of 2026, which contributed to net outflows of US$15.1 billion over the period," Carver said.

Investment performance partly offset the pressure, contributing $10.1 billion to FUM during the period.

GQG's international equity strategy returned 10.3% from inception, compared with 7.5% for its MSCI benchmark, while its global equity strategy returned 11.6%, ahead of the MSCI ACWI's 10.7%.

However, emerging markets equity underperformed its benchmark, returning 6.7% against 7.3%, while its US equity strategy returned 13.5%, below the S&P 500's 13.8%.

Financial results remained relatively stable, with net revenue falling 1.4% to $558 million and net income attributable to GQG declining 0.8% to $333 million, helped by lower third part distribution, servicing and related fees.

The board declared a quarterly dividend of US$0.0362 per share ($0.0509), representing 90% of second quarter distributable earnings.

The alternative real estate investment manager completed the acquisition of the investment management business of Starz Real Estate UK-based commercial real estate (CRE) private credit manager on June 12. Qualitas paid $35.7 million in cash.

Founded in 2018, Starz manages a CRE credit portfolio of $720 million comprising 11 investments backed by institutional capital, including sovereign wealth and pension funds.

It has 10 full-time employees across origination, asset management, and operations functions spanning multiple pan-European jurisdictions.

"The establishment of our first offshore office in the United Kingdom in FY26 positions Qualitas to capture this shift directly, expanding our addressable market approximately fivefold and marking an important step in extending the platform beyond Australia," Qualitas said in line with releasing its 2026 financial year results.

On top of investors diversifying away from US market volatility, the move is also based on Qualitas citing research showing that 79% of institutional investors planning a private credit commitment intend to invest in only one fund.

"Institutional allocators are consolidating around established managers with proven track records, creating a strong barrier to entry that favours Qualitas' platform," the fund manager said.

Furthermore, it is in "active discussions with existing and new investors on a pan-European private credit fund to anchor the Qualitas Europe business."

Qualitas group managing director and co-founder Andrew Schwartz said the business is well positioned to benefit from rising global institutional demand for private credit.

"Looking ahead, our platform is built to capitalise on growing global institutional demand for private credit, supported by our proven track record and deep industry expertise," Schwartz said.

"We are progressing the launch of our pan-European fund, with capital raising expected to commence in FY27. Our European portfolio continues to perform in line with expectations, with one investment fully realised since 30 June 2026 as anticipated."

The group's total funds under management jumped 36% to $11.9 billion over the 12 months to June-end. Net profit after tax came to $44.3 million, up 20% year on year.

The scheme of arrangement was approved by ClearView shareholders on 27 July 2026 and by the Supreme Court of New South Wales on 30 July 2026, with the transaction formally implemented on August 21.

Shareholders who held ClearView shares on the August 13 record date received $0.60 in cash for each share under the scheme.

This follows a fully franked special dividend of $0.05 per share, which was paid to eligible shareholders on August 12.

The transaction brings ClearView under Zurich's ownership after the Australian Competition and Consumer Commission (ACCC) cleared the proposed acquisition in May, finding it was unlikely to substantially lessen competition in any relevant market.

At the time, the ACCC said the two businesses overlapped in the supply of life insurance products, particularly through the retail financial adviser channel, however it noted the merged entity would continue to face competition from providers including TAL, AIA, MLC Life Insurance and NobelOak.

ClearView's board had unanimously recommended the transaction in the absence of a superior proposal, while Crescent Capital Partners Management, which held a 53% stake in ClearView, also indicated it would support the deal.

The completion marks the end of ClearView's period as an ASX-listed company. Trading in ClearView shares was suspended from the close of trading on July 31, with the company to be removed from the ASX official list from the close of trading on August 21.

ClearView also provided an update on the Australian Taxation Office's (ATO) class ruling relating to the tax treatment of the scheme and special dividend.

The ATO has provided a draft ruling consistent with the tax treatment outline in the scheme booklet, although the draft is not binding and ClearView expects the final ruling to be issued after implementation.

The final ruling will determine the tax treatment applicable to eligible shareholders, with ClearView advising investors to seek independent tax advice based on their individual circumstances.

Northern Trust has been appointed fund administrator and depositary for First Sentier's US$14 billion Irish fund, the First Sentier Investors Global Umbrella Fund, providing custody, depositary, fund accounting and transfer agency services.

It has also been named fund administrator for the First Sentier Investors Global Growth Funds, a Singapore unit trust.

Northern Trust said the mandates reflect a continued shift toward more streamlined operating models, where asset managers are consolidating providers while maintaining flexibility across regions.

First Sentier Group chief operating officer Amanda Gazal said: "This mandate extends our longstanding relationship with Northern Trust and supports the continued alignment of our global operating model."

"As we grow across markets and fund structures, maintaining a consistent and scalable servicing framework remains a priority. This appointment supports our focus on operational resilience and efficiency while retaining the flexibility required to support local market and investor requirements."

On the Singapore mandate, Gazal said: "The Singapore transition marks an important milestone in the ongoing evolution of our operating framework, designed to deliver scalable and resilient support for our clients and investors."

The move represents an expansion of a broader global relationship between the firms which began in 2006.

Northern Trust Ireland country head Melíosa O'Caoimh said the continued work with First Sentier Group reflected the importance of consistent support across jurisdictions as clients expand their fund ranges.

"In Ireland, we combine local expertise with a global operating model, helping clients manage complexity while maintaining flexibility across structures, markets and investor requirements," O'Caoimh said.

Northern Trust Singapore country head Yen Leng Ong said the expanded mandate strengthens its fund administration support for retail investors in the region.

"It also represents an important milestone for our Singapore operations and a significant step in the evolution of our local transfer agency capability," Leng Ong said.

The strong performance led to an increase of underlying earnings per share to 20.3 cents per share on the previously corresponding period when excluding large net asset realisations.

Including the large net asset realisations of $15.5 million in net gains, the underlying earnings per share was up by 96%, MA Financial said.

AUM revenue was up 32% to $121.3 million, driven by improved transaction and performance fees, while a record high 72% of underlying revenue (excluding large notable items) came from sources that were recurring in nature, the group noted.

The expansion of its asset management business into New Zealand has also started to deliver with New Zealand AUM surpassing NZ$100 million ($83m) post balance date.

Meanwhile, underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) was $68.2 million, up 43% on 1H25, but expenses also edged higher by 27%, reflecting the addition of IP Generation last year.

Additionally, MA Financial declared a fully franked interim dividend increase of 33% to 8 cents per share.

The company also believes FY26's earnings will be materially higher than FY25, with seasonal earnings skewed towards the current half-year.

Across the six months to December end, it is expecting approximately $500 million of real estate to be exchanged or progressed through advanced due diligence, while a further $500 million of hospitality assets are due to settle in the period from its Redcape Hospitality business.

Fund flow momentum continues to build with an additional $449 million of gross fund inflows (net inflows $166 million) achieved in the first six weeks post June 30.

Speaking to Financial Standard, joint chief executive Chris Wyke explained the delay of transactions is a result of the cadence of transaction in corporate advisory generally does not "fall neatly" in a half-year period.

"It just so happened that announcements and final deal terms were reached a handful of weeks after the balance date," he said.

"I don't think it's necessarily reflective of any specific market conditions. In fact, market conditions for deal doing are becoming more stable and certain in what has been a disruptive global environment over the last year or so.

"We're starting to see transactions firm up, but the delay over the period is the natural cadence of deal doing timetables."

Although corporate advisory and equity fees were down 5% on 1H25 due to "lengthened" deal execution timelines pushing a number of transactions into the second half. MA Financial said since June 30, the momentum has been strong, with $25 million anticipated of fees on already announced transactions.

Further, residential mortgages also provided "strong growth" for the business, with an upgraded guidance now available for MA Money, anticipated to deliver around $25-$30 million in net profit after tax (NPAT) in FY26, while the mortgage aggregation platform Finsure grew managed loans to $193 billion.

Lending and technology revenue grew 56% to $67.5 million, reflecting accelerated growth in MA Money's and Finsure's loan books.

Wyke said the growth in the residential market came a little bit as a "surprise", pointing to several headwinds against the market but remained satisfied with how the performance turned out.

The business benefitted from its scale and highly diversified revenue streams to deliver underlying earnings per share growth of 96% on 1H25, or 45% growth when allowing for the exclusion of large notable items that related to asset sales in the period.

Joint chief executive Julian Biggins said the overall results were aligned with expectations and reflected the perks of being a diversified business.

"The contributors [for the business] have been stronger. Some had some headwinds, but overall, the business delivered a great result, and that's the strength of the diversified business," he said.

He also shed some lights on the new three-year strategic targets for the firm.

"[The new three-year strategy targets] were a refresh of the targets for another three years on the same basis," Biggins explained.

"We like to set a medium or a long-term view around how to build the business, and we like to talk in that language to the market and set our goals... It shows that there is still a significant growth opportunity within the business divisions that we have and if you roll that forward, there will also be significant upside for all stakeholders."