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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Under the arrangement, Channel Capital will oversee the responsibilities for the Coller Private Equity Secondaries Fund and Coller Private Credit Secondaries Fund.

The Coller Private Equity Secondaries Fund was made available to local investors in October 2024, aiming to provide exposure to private equity assets through the acquisition of interests in existing private equity funds and portfolios.

Meanwhile, the Coller Private Credit Secondaries Fund invests in private credit portfolios and transactions, providing access to seasoned credit exposures and the potential for income and diversification. The strategy was launched in February 2025.

The partnership will expand access to specialist private equity and private credit secondaries strategies for Australian wholesale investors, supporting growing demand for sophisticated private markets solutions, the parties said.

With global secondaries transaction volumes reaching a record $322 billion (US$226bn) in 2025, the asset class is playing an increasingly important role in helping investors manage diversification, liquidity profiles and provide access to mature underlying assets.

Coller EQT currently oversees approximately $78 billion (US$55bn) across private equity, private credit and other private market strategies globally as at 31 March 2026.

Commenting, Channel Capital co-head of distribution Luke Mandekic said private markets are becoming a more important asset class for diversification.

"Many of the advisers we work with are adopting a more sophisticated approach to private markets, combining complementary strategies to build more diversified portfolios for clients," Mandekic said.

"Coller EQT brings one of the most established secondaries platforms globally, with deep expertise across both private equity and private credit. These strategies offer access to mature private market exposures that can complement traditional allocations and support more deliberate portfolio construction."

The news follows EQT's acquisition of Coller Capital in the beginning of the year.

EQT head of global wealth solutions, Asia Pacific Sueann Yeo explained the rationale behind selecting Channel Capital.

"Globally, we're witnessing growing recognition of the role secondaries can play alongside traditional private market investments," Yeo said.

"Channel's strong position in the Australian market makes it a valued partner to help bring greater awareness and support education, access and long-term adoption of secondaries strategies."

EQT global wealth solutions Asia Pacific director David Hallifax added: "One of the most significant shifts we are seeing is the growing alignment between institutional and wealth portfolios," added David Hallifax, Director, Global Wealth Solutions Asia Pacific at EQT."

"Advisers are increasingly seeking the same diversification benefits that have made secondaries a valuable tool for institutional investors, providing exposure across assets, vintages, sectors and geographies. As private markets allocations increase, we expect interest in secondaries to grow alongside them."

The partnership reflects both firms shared commitment to helping investors access a broader range of private market solutions as the industry continues to evolve.

The new investment bond is designed for long-term wealth accumulation and transfer, with potential applications including education funding, estate planning and supporting future generations.

Acenda said earnings within the bond are taxed at a maximum rate of 30%, offering an alternative to investing through superannuation for customers seeking a tax-effective structure outside the retirement system.

Acenda Life product officer Dean Mulheron said the launch responded to demand for accessible investment solutions that offered flexibility across different financial goals.

"Australians are looking for investment options that are easy to understand and use," Mulheron said.

"The Acenda Life Investment Growth Bond offers a simple and tax-effective way to invest over the long-term, whether that means building wealth, supporting family or planning how wealth is passed on to the next generation."

The launch comes alongside enhancements to the insurers Fixed Term Annuity, including the features intended to simplify the experience for advisers and provide greater flexibility for customers seeking predictable returns.

Mulheron said the two products were designed to help advisers and clients balance growth opportunities with greater certainty within an investment portfolio.

"Together, these solutions provide advisers and their clients with more options to balance growth, flexibility and certainty within their investment portfolio," he said.

The product developments follow broader changes at the group as it continues to shape its Australian wealth, insurance and retirement businesses.

This follows Acenda Life's most recent appointment of Ross Miller as chief commercial officer, overseeing its Australian commercial teams across insurance, wealth and retirement solutions. Miller joined the group in February after more than 25 years at Westpac Group, where he held leadership roles in distribution and channel delivery.

Total assets under management (AUM) in the asset management business fell 5.5% over the quarter to $212 billion on September 30, down from $224.4 billion as at June 30. Outflows, adverse currency movements and negative market performance contributed to the decline.

Perpetual chief executive and managing director Bernard Reilly said the quarter demonstrated the differing performance of the group's businesses, with Corporate Trust growth offset by Asset Management outflows.

Redemptions were concentrated in US and global equity strategies, including Barrow Hanley's US Large Cap Value and Non-US Value offerings, which recorded outflows of $4.6 billion and $1.1 billion respectively.

Despite the broader withdrawals, Perpetual reported inflows in Barrow Hanely's emerging markets strategies, J O Hambro Capital Management's global and international opportunity strategies, and Australian fixed income strategies.

"We also saw lower outflows in J O Hambro's global and international select strategies relative to preceding quarters," Reilly said.

Corporate Trust funds under administration rose 2.8% to $1.4 trillion, including $300 billion in custody. Debt Market Services benefited from new issuance, higher transaction volumes and new client wins, while Managed Funds Services grew through new and existing relationships.

Digital and Markets also recorded growth in it's Perpetual Intelligence and fixed income products, alongside the addition of assets under administration following the acquisition of Interfi Systems.

Meanwhile, Wealth Management funds under advice remained stable at $22.1 billion as Perpetual continued preparations for the sale of the business to Bain Capital.

The transaction is expected to complete in the final quarter of calendar 2026, subject to remaining conditions, including regulatory and court approvals.

Looking ahead Reilly marks the important milestone of the company since its establishment.

"This quarter also marks 140 years since Perpetual was founded in 1886, an important milestone in the company's history," he said.

"As we mark the anniversary, our focus remains on our clients and the work ahead across our business," he said.

"The practical reality is that gas is likely to play a transitional role for decades rather than years," he said.

In UniSuper's ninth and final Climate Report, Pearce noted energy security and a fragmented global climate policy is reshaping the global energy and climate landscape.

"Governments are increasingly prioritising reliability and affordability alongside, and in some cases ahead of, decarbonisation objectives," Pearce said.

"Geopolitical instability, cost-of-living pressures, and the rapidly growing energy demands of industries such as artificial intelligence and data centres have fundamentally reshaped policy priorities."

The divergence between European Union which continues to strengthen climate framework and the United States going the opposite direction has created additional complexity and uncertainty, he said.

With gas playing an increasingly important role, Pearce said, companies are adjusting accordingly.

"Across industries, net-zero commitments that once reflected ambitious aspirations are being revised to align more closely with what organisations believe can be credibly delivered," he said.

"Industry alliances are experiencing declining membership and, in many cases, adopting more measured language and commitments."

This context is highly relevant for a diversified investment fund such as UniSuper, he added, whose investments ultimately represent ownership interests and debt exposures across a wide range of underlying companies.

"Changes in government policy and corporate commitments inevitably influence the pace and scale of the transition that companies can realistically undertake," Pearce said.

"Nevertheless, our commitment to engaging constructively with investee companies remains unchanged."

For the 2027 financial year and onwards, UniSuper will be reporting under Australia's new mandatory climate reporting standard (AASB S2), which will be incorporated into the annual report and financial statements.

UniSuper will move away from reporting climate emissions data for individual investment options and will now provide whole-of-fund figures as it prepares for mandatory climate reporting.

"Under AASB S2, UniSuper will be required to disclose its absolute gross greenhouse gas emissions, expressed in metric tonnes of CO₂ equivalent, for the reporting period ending 30 June 2027," Pearce said.

"In preparation for this requirement, our climate-related metrics are now presented at the whole-of-fund level rather than by individual investment option, as was the case in previous years."

Further, UniSuper has reduced its assessment of investee companies' Scope 3 emissions this year.

The $175 billion super fund said one notable pattern it observed with the early climate reporting was the uptake of transitional relief for Scope 3 emissions, with two-third electing to apply for the relief.

"As reporting of Scope 3 emissions was not mandatory during the transition period, many companies elected not to disclose this information. The resulting data gaps have limited both the comparability and usefulness of this metric," Pearce said.

UniSuper reported 19.9 tonnes of CO₂-equivalent per year for every $1 million invested, as of 30 June 2026, across 75% of its portfolio.

In comparison, the ASX 300 sits at 43.5 tonnes and the MSCI World Index at 17.1 tonnes.

From October 26, the Platinum International Health Sciences Fund will be renamed the East Rocky Health Sciences Fund, which will be managed by East Rocky Asset Management, as previously announced by L1 Group in September.

East Rocky Biotech Asset Management is a corporate authorised representative of L1 Capital, and will provide distribution, operational, compliance and administrative support to the fund.

East Rocky Asset Management was founded by portfolio manager Tom Tang in 2022, specialising in the biotechnology and health sciences sectors. Before East Rocky, Tang founded Moose Hill Capital in 2016. Earlier in his career, he held investment roles at BAM Capital, Kazazian Asset Management, Prospector Partners and Jennison Associates.

Under the change, investors in Class P and Class C will continue to have their units invested in the fund in their respective classes, with no changes to the fees applicable to the existing units. The fund will continue to require an initial investment of $10,000, with no minimum additional investments thereafter.

However, from the effective date, any additional investment, other than through the distribution reinvestment plan (DRP), will be made into a new monthly class, incurring a total management fees and costs of 2% p.a. of the net asset value. Its performance fee will be 20.5% of the amount exceeding the benchmark - of which 50% is allocated to the SPDR S&P Biotech ETF (XBI) and the other half in iShares Biotechnology ETF (IBB). This is rebalanced monthly in USD.

The fund has an investment horizon of five or more years.

A new product disclosure statement (PDS) has been issued and will take effect on the commencement date. Under the PDS, the maximum anticipated leverage will increase from 150% to 200% of the net asset value of the fund, Platinum said.

The fund was incepted in November 2003 and returned 23.8% over the 12 months to September-end for C Class investors and 24.1% for P Class investors.

Last week, Equity Trustees acquired Platinum Investment Management from L1 Group to expand its responsible entity business. The transaction is part of L1 Group's cost reduction strategy after the group was formed last year with the merger of L1 Capital and Platinum Asset Management.

The bourse sought clarification on how Clime Capital came to value its unlisted unit trusts of $36,205,754 and pay management fees and performance fees. This comes off the back of KPMG saying Clime could not provide "sufficient evidence," such as reliable financial information, recent independent valuations of secured properties or other reliable information to value the unit trusts, whose net assets were deemed to be valued at $36,205,754 at the end of June 30.

"The insufficiency of the audit evidence also relates to these unlisted unit trusts comprising $27,900,000 as at 30 June 2025," KPMG said.

"Further, the fair value of these unlisted unit trusts at 30 June 2026 is a key input in determining the performance fee expense of $2,244,643 and management fee expense of $1,549,017 under the Company's agreement with its investment manager."

Clime Capital booked performance fees of $2.2 million in FY26 because it "significantly outperformed the benchmark".

Some of its unlisted assets are held in trusts managed by Securities Bailment Solutions (SBS), namely SBS Mortgage, SBS Mortgage4 and SBS Mortgage5.

Others include the Southern Cross Poultry Fund Investment Trust, Elanor Hotel Accommodation Fund and Bluewater Square Syndicate.

Clime Capital was suspended from the ASX for failing to submit its FY26 annual report by the deadline, with the delay caused by KPMG raising concerns over the unlisted assets' valuations.

The ASX is now weighing in. Shortly after Clime Capital submitted its annual report on October 5 and was reinstated to the ASX the day after, it asked if the valuations it provided to the auditor comply with the requirements of the accounting standards and gave a true and fair view of its financial performance and position.

In response, Clime Capital chair John Abernethy said directors formed their opinion based on the financial information and underlying investment documentation available to the board at the time the financial statements were approved.

"This included confirmation from the external investment manager of the unlisted unit trusts valued at $36,205,754 (the "relevant unlisted trusts") that no impairment, write-down or provision in respect of the assets of any trust was applicable at 30 June 2026, and independent appraisals/valuations in respect of some of the relevant unit trusts received by CAM's investment manager up to the date of approving the financial statements."

The ASX also pressed on why directors were unable to provide sufficient evidence, such as reliable financial information, to enable its auditor to test the net asset value of the unlisted unit trusts.

Abernethy pointed to ASIC's June 2026 guidance concerning private credit valuations, and that KPMG "requested a significant amount of new and additional information including recent valuations for all unlisted assets."

"The time required to obtain recent valuations, complete year-end reporting and verify security arrangements for some relevant unlisted unit trusts meant that the relevant external investment manager was not able to provide all the evidence requested by the company's auditor within the FY26 audit timetable," Abernethy said.

Ahead of the 2027 half-year reporting round, Abernethy said a detailed review of the valuations and reporting relating to its unlisted investments will complete in November 2026, "subject to receiving the outstanding independent valuations and supporting information."

The group has also engaged an external firm to complete an independent review of its private debt portfolio.

"The brief for this review includes making recommendations on processes relating to valuations, security arrangements, unit trust structures, documentation, governance and risk management practices," he said, adding that this review and the implementation of any recommendations is intended to ensure that Clime Capital is able to obtain an unmodified review conclusion for its financial statements for the half-year ended 31 December 2026.

Flows have now held near the $4 billion mark for three consecutive quarters, after peaking at $5.6 billion in the December 2025 quarter.

"In the context of the subdued macroeconomic environment, these net inflows represent a strong start to FY27, reflecting our innovative market-leading solutions, client service excellence, and the strength of our customer relationships," HUB24 said.

Total platform funds under administration (FUA) came in at $143.7 billion for the quarter, up 3% over the quarter.

Superannuation net inflows were resilient with gross inflows increasing from the same period last year. Gross outflows in superannuation and Investor Directed Portfolio Services (IDPS) were both broadly stable year-on-year as a percentage of average platform FUA.

"The recent and proposed tax changes further reinforce the need for professional advice and increase the attractiveness of superannuation for Australians saving for their retirement," HUB24 said.

"These changes are expected to underpin growth in superannuation over the long term."

HUB24 said the macroeconomic environment, including tax changes, can impact inflows in the short term as advisers and investors refine their investment strategies.

HUB24 saw 211 new advisers join the platform, taking total active advisers count to 5860 as of September end. It also signed 45 new licensee agreements during the quarter.

"Structural drivers including shifting demographics, strong demand for financial advice, and the ongoing transformation of the advice industry, continue to create growth opportunities for HUB24," HUB24 said.

It recently appointed Justine Marquet as head of technical services, a role she held with Allianz Retire+ for the past three years. At HUB24, she will work to increase adviser knowledge, engagement and strategy adoption, while developing digital tools to enhance advice strategies.

Flexible choices can drive higher retirement balances.

Modelling from the 2026 Intergenerational Report (IGR) released in September predicts that by 2065-66, the number of Australians aged 85 or older will triple to 1.9 million - a huge cohort that will seek retirement advice.

For financial advisers to meet this opportunity, they need to scale their advice offering and have more tools in their kit bag to serve different types of clients.

Thanks to new technology, regulatory reforms and innovative products on the market, they are in the 'sweet spot' of history to do exactly that.

Know members better

Andrew Lowe, head of technical services at Challenger, says the 'Best Practice Principles for Superannuation Retirement Income Solutions', released by the Federal Government in February this year, lay new foundations for existing and prospective advice clients.

For many Australians, superannuation is a large component of their retirement income, and according to the new best-practice principles, they deserve better solutions from their super fund at the product level.

"The principles are specifically calling out that best practice for retirement income is not just an account-based pension," said Lowe.

"But instead, it is the combination of a lifetime income stream beyond the Age Pension; an account-based income stream; and flexible access to sums over a lifetime," he says.

That's a three-pronged wish list that needs the right products and the right technical expertise.

On the latter, Challenger is known to many in the advice industry for having one of the most comprehensive, enduring and forward-facing technical support platforms for retirement advice specialists.

The group's tried-and-tested Challenger Retirement Illustrator, and supporting tools have helped many advisers show clients the benefits of a lifetime income stream strategy.

Separately, advisers are gaining fresh support from the launch of Iress' WealthSolver Retirement Income Solution via Xplan.

"This solution puts in the hands of advisers a tool which they can use within the Xplan environment to not only compare a lifetime income solution but to produce a Statement of Advice within the same environment," says Lowe.

On ways to drive better outcomes

On products, Challenger has built a strong reputation around its lifetime guaranteed annuities (see case study below), but Lowe said that beyond product type, advisers often evaluate four components before delivering a solution to each client.

"I'd suggest starting with how income payments compare, both initially and over time."

"At one end of the spectrum, we've got lifetime payments that are simply fixed ... this gives clients certainty, higher income up front, but it doesn't help protect against the increasing cost of living in retirement," he explained.

"I'll contrast that with something like guaranteed CPI lifetime income payments. We won't know what payments will be in nominal terms in future years, but we do know that the purchasing power of the income payments will be protected."

These days, lifetime income payments can also be linked to different investment markets or options.

"The proposition of an investment-linked lifetime income stream is the certainty that income payments will last for life but with exposure to investment markets and the potential for income growth over timeas well as income volatility."

Then there are the three other considerations, namely: what proportion of the income payments is guaranteed; what costs are associated with the income streams and whether they are explicitly stated; and what withdrawal and/or death benefits are tied to the product.

Confidence in higher balances

It's through planning the best mix of these four components that clients can flex their spending muscle more confidently, not just at the start, but throughout their retirement.

Lowe cites a case study of a 67-year-old client couple who own their home, with $1 million in retirement savings in super and modest assets outside super. In the absence of advice, they might choose to draw the 5% minimum from their super and live on about $50,000 in drawings from their account-based income streams, plus a modest few thousand dollars from the age pension.

With $1 million in retirement savings, the couple might therefore be living on around $55,000 a year and maintaining a relatively modest lifestyle.

By contrast, Lowe said that with some relatively straightforward modelling, the couple could live on $75,000 a year, a higher sum that translates to a better lifestyle.

But here's where the couple can truly benefit from a well-considered plan.

Lowe says that if they were to allocate, say, 30% of their retirement savings to a guaranteed lifetime income stream, such as a guaranteed lifetime annuity, they could potentially be able to:

Increase their total income over life expectancy by more than $180,000 in today's dollars.^

Increase their estate value at life expectancy by more than $130,000 in today's dollars.^

All of that is to say that the couple now have a solution that meets their income and lifetyle goals.

Demand for retirement advice

Australia boasts a world-class retirement system, but there's a nuance to that label that has become more apparent lately.

Global custody giant J.P. Morgan released a report in September stating that Australia has built a world-class accumulation system "but has yet to develop a decumulation system to match".

Because of this, "the underlying problem holding back retiree lifestyles is the confidence-to-spend gap, not the size of balances".

Challenger's Retirement Happiness Index 2026, released in April, points to a similar conclusion. Around 46% of Australians surveyed feared running out of money in retirement as cost-of-living pressures persist, highlighting a disconnect between these concerns and the retirement strategies available to address them.

Financial education and access to professional financial advice can help bridge this confidence gap, with Challenger bringing its solutions and technical knowledge to the table.

"Every day, I speak to advisers who are looking to maximise the outcomes that are important to a particular individual client," says Lowe.

The clock is ticking. Based on government data, around 1.5 million Australians are projected to turn 65 over the next five years, highlighting the growing demand for retirement advice.

"Advisers leveraging technology to provide more advice to more clients is a step in the right direction," he says.

Technology provides the scale, regulatory reforms provide the impetus, and innovative products can drive better outcomes.

And with that, retirement confidence is no longer just a matter of mindset, but the result of a well-laid plan. FS

^Source: Challenger Retirement Illustrator (01/09/2026).  67-year-old male/female client couple.  $500,000 each super. Non-financial assets of $20,000.  $75,000 p.a. desired income.  Amounts shown are in today's dollars. CPI of 2.5% p.a. See Challenger Retirement Illustrator for all assumptions. Reference number: RIC261007000474.

Disclaimer

The information in this document is designed for professional Financial Adviser use only and contains general information only about our financial products. It is not intended to constitute financial product advice. Investors should consider the relevant Target Market Determination (TMD) and Product Disclosure Statement (PDS) and the Statement of Advice prepared by their financial adviser before making an investment decision. Any examples shown in this document are for illustrative purposes only and are not a prediction or guarantee of any particular outcome.

Brought to you by Challenger.

Robeco's Enhanced Indexing strategy for equities is benchmarked against the S&P/ASX 300.

The strategy blends active and passive investment management that aims to generate alpha without taking on excessive benchmark-relative risk.

The strategy is offered as a mandate rather than a pooled fund. This means institutional investors can define risk budgets, exclusions, sustainability preferences, and implementation requirements at the outset, rather than adopting a one-size-fits-all product.

"While Australia is a concentrated market, it is broad and liquid enough to support a diversified systematic approach - where quantitative stock selection combined with disciplined risk control offers an alternative to relying on passive exposure alone," Netherlands-based Robeco head of core quant equity and head of quant portfolio management Wilma de Groot said.

"We're giving investors a way to stay close to a benchmark while managing a concentration problem that passive exposure alone doesn't solve."

The Australian strategy holds about 150 positions. It is managed by Robeco's quantitative portfolio management team in the Netherlands with support from Hong Kong-based Joshua Crabb, the head of APAC fundamental. Robeco client portfolio manager Michael Lin provides support from Sydney.

Stephen Dennis, the head of Robeco for Australia and New Zealand, said the Your Future, Your Super performance test has sharpened the focus among superannuation funds on benchmark-relative outcomes, which has increased pressure on core allocations to perform predictably and consistently, rather than relying on a small number of high-conviction stock calls.

"Australian institutional investors have been telling us they want a core equity solution that can navigate the concentration of the local market without taking on the swings that come with high-conviction active management," Dennis said.

"Bringing our globally established Enhanced Indexing capability to Australian equities is a direct response to that. It gives superannuation funds and other institutions a research-led option that stays close to the benchmark, manages risk deliberately, and can be tailored to their own requirements."

Robeco manages about $60 billion of assets in Australia. Globally, it has $450 billion in total assets under management.

From December 1, Jamieson Coote Asset Management and Schroders Investment Management will no longer be part of the investment bench for the Mercer Australian Sovereign Bond Fund Class 1.

The strategy has nearly $2 billion in funds under management.

Mercer said it is changing the appointed external fund managers as a result of finalising a review that also included updating the fund's investment strategy, buy and sell spreads, and management fees.

Challenger Life and Macquarie Investment Management will oversee the new investment strategy, which will mean providing an exposure to Australian sovereign bond returns using an enhanced index, multi-manager approach. Previously, the fund provided exposure to Australian sovereign bond returns using a partially active, multi-manager approach.

It previously could use swap arrangements or other derivatives with one or more of the appointed investment managers. Moving forward, the fund will predominantly invest in funds or strategies incorporating swap arrangements or other derivatives to deliver these returns.

Management fees will fall from 0.35% p.a. to 0.28% p.a. The buy and sell spread will go from 0.02% and 0.03% respectively to 0.03% and 0.04% respectively.

Also from December, the fund's name will change to the Mercer Australian Sovereign Bond Fund Index Plus.

The restructure will include a change of name of the Bloomberg AusBond Treasury 0+ Yr Index (All Maturities) to the Bloomberg AusBond Treasury 0+ Yr Index.

The Class 1 fund requires a minimum initial investment of $500,000.

The latest announcement forms part of Mercer's sweeping changes across its strategies and fund manager lineup, which have included changes to its Global Listed Property Fund as well as Australian equities and small-cap mandates.

Earlier this year, Mercer culled numerous fund managers overseeing its international shares strategies following a strategic review that included retaining Schroders Investment Management and awarding mandates to two new fund managers.

That restructure affected the Mercer International Shares Fund and Advance International Shares Fund.

The offer is for TAL to acquire the remaining 79.5% of ordinary shares it does not already own in Challenger for $11.80 per share via a scheme of arrangement - valuing the deal at around $7.8 billion.

"No binding agreement has been reached. The proposal is non-binding and any transaction would be subject to, amongst other things, satisfactory exclusive due diligence, negotiation and agreement of final terms, and the receipt of all required regulatory approvals," TAL Daiichi Life said.

The Challenger board confirmed it had received the offer and said it was considering it.

"Challenger shareholders do not need to take any action in response to the indicative offer and there is no certainty the proposal will result in a binding offer or that any transaction will eventuate," Challenger said.

"Challenger will continue to keep the market informed in accordance with its continuous disclosure obligations."

The offer coincided with Challenger reporting a strong start to FY27, with total sales rising 52% to $4.4 billion as demand for guaranteed retirement income and fixed-term annuities lifted.

The retirement income provider's asset under management (AUM) increased 5% over the September quarter to $31.9 billion, while net annuity flows reached $1.1 billion, representing annuity book growth of 6.3%.

Annuity sales climbed 72% to $2.8 billion, driven by fixed-term products and offshore reinsurance. Fixed-term sales more than doubled to $2.2 billion, supported by demand for longer-dated annuities and the launch of Challenger's Annuity-Backed Notes (CABN) funding program.

Challenger managing director and chief executive Nick Hamilton said the business had a strong start to the financial year, supported by customer demand, new distribution channels and execution of its growth strategy.

"Sales momentum was strong across both domestic and offshore annuities, supported by demand for guaranteed income solutions in Australia and Japan," Hamilton said.

"Our strategy has seen us expand the channels across which we distribute, enlarging our addressable market and supporting faster growth. Our capital position, unique capabilities and growing demand for yield is shifting our growth trajectory."

Hamilton added the proposed merger of Fidante and Channel Capital was progressing and the transaction is expected to be completed in the first half of the financial year.

"This will create a scaled investment management platform and a more focused Challenger centred on retirement income," he said.

"With APRA's new capital standards for insurers of longevity products coming into effect 1 July 2026, Challenger is not a more resilient and capital-efficient business, capturing the significant opportunity for guaranteed income."

Under the deal, SG Fleet Management - a mobility solutions provider owned and controlled by PEP - will acquire 100% of the fully paid ordinary shares of FleetPartners for a cash consideration of $5.30 per share.

The deal values the company at $1.13 billion and represents an 87.3% premium to FleetPartners' last closing price of $2.83 on July 31, being the last trading day prior to the initial offer from SG Fleet.

FleetPartners shareholders will also benefit from the franking credits attached to any FY26 final dividend and any special dividend, FleetPartners said.

"The FleetPartners board unanimously recommends that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding that the scheme is in the best interests of FleetPartners shareholders," the board said.

FleetPartners chair Gail Pemberton said: "Following a comprehensive and competitive process, the board is pleased to have reached a binding agreement with SG Fleet at an attractive value for FleetPartners shareholders."

"We believe the transaction appropriately recognises the strength of FleetPartners' business, including the quality of its team and customer relationships, and the long-term growth opportunities that are inherent in our business."

FleetPartners chief executive Damien Berrell said he was pleased with the offer and also believes it reflects the strength of the business.

"Over many years, we have established a strong position in a growing market through an unwavering focus on customer service and disciplined execution of out strategy. We are excited about the prospect of working with SG Fleet to build on that foundation and continue delivering value for our customers, our people and out partners."

EQT will pay $3.095 in cash for each share, a premium of 32.1% to the closing price of Cleanaway on August 12, the last trading day when Cleanaway informed the markets on the takeover offer.

EQT Infrastructure managing director Sam Franklin said: "Cleanaway has built an exceptional national platform providing services to Australians every day."

EQT highlighted Cleanaway's integrated national infrastructure network, longstanding customer relationships and operating capabilities in Australia.

Franklin said EQT saw significant opportunity to build on Cleanaway's strong foundations by investing in the infrastructure needed to meet Australia's evolving waste management and resource recovery needs.

"[We aim] to support Cleanaway's management team as they enhance the performance of its integrated network and strengthen outcomes for customers and communities," he said.

EQT already has a portfolio global waste and environmental services firms include Urbaser, ReWorld, Encyclis and Arcwood. It intends to partner with Cleanaway to focus on long-term growth, operational excellence and supporting Australia's circular economy.

EQT Infrastructure partner Tobias Küng said: "We look forward to partnering with Cleanaway's management team, combining their deep local expertise with EQT's global experience in waste and environmental services and disciplined, long-term investment approach to support the company's next chapter of growth."

The Cleanaway board unanimously recommended shareholders to vote in favour of the takeover in the absence of a superior proposal as well as the independent expert concluding it is in the best interests of Cleanaway shareholders.

"The board has carefully assessed EQT's proposal against the value of Cleanaway on a standalone basis, including the opportunities ahead of us under Blueprint 2030 2.0 and the investment and execution required to deliver them," Cleanaway chair Samantha Hogg said.

"Following a disciplined process and engagement with EQT, the board is unanimous in its view that the scheme delivers strong and certain cash value to shareholders, at a significant premium to Cleanaway's undisturbed share price."

Under the agreement, Cleanaway is permitted to declare and pay a fully franked special dividend of up to $0.19 per share prior to the implementation of the deal. The board expects the dividends to be in the range of $0.145 to $0.19 per share in aggregate.

Implementation will be subject regulatory approval including from Foreign Investment Review Board, the Australian Competition, the Federal Court of Australia and Consumer Commission and the competition authorities of Kuwait and Saudi Arabia.

The deal is expected to complete by the end of March 2027.

The super fund completed the acquisition of the combined 9.14% interest in Perth Airport from Australian Retirement Trust's (ART) and Macquarie Asset Management (MAM) via The Infrastructure Fund (TIF). Both had a shareholding of 1.95% and 7.19%, respectively.

TIF has been an investor in Perth Airport since 2001 and has been supporting its development since late 2018 to work on its long-term projects, including agreements with Qantas, increased services to select international locations, and the delivery of its multi-billion-dollar One Airport capital program.

After the transaction, AustralianSuper has the second largest stake in Perth Airport behind Future Fund which has a 30.01% stake.

They are followed by Utilities of Australia through its Utility Trust of Australia (23.26%) and ATF Perth Airport Property Fund (17.34%).

MAM also supported Perth Airport's sustainability agenda and long-term value creation. In 2026, Perth Airport retained a GRESB score of 100 points for the fifth consecutive year, maintaining both its five-star rating.

MAM co-head of infrastructure, Asia Pacific Ani Satchcroft is proud of TIF's achievements prior to the exit.

"Drawing on more than two decades of experience investing in airports, MAM has leveraged its global expertise to support Perth Airport's continued growth and development, while delivering strong returns for TIF investors," Satchcroft said.

"Over the course of our involvement, and alongside TIF's co-shareholders, Perth Airport strengthened its position as a leading aviation gateway, expanded connectivity, and delivered enduring benefits for Western Australian businesses and communities."

ART general manager, mid risk assets Michael Weaver added: "ART regularly reviews its investment portfolio to buy or sell assets in order to support members' long-term retirement outcomes."

"Perth Airport has made a significant contribution to support jobs, economic activity, and essential services in Australia. ART will continue to invest in local assets when it is in members' best financial interests."

Meanwhile, AustralianSuper acting head of real assets Carl Astorri was pleased to increase the stake in the main hub of the state.

"Perth Airport is a high-quality aviation hub that has performed strongly over the long term, and the additional investment represents very good value for members," he said.

"The airport has a compelling long-term growth outlook which is supported by its connection to major markets in Asia and Europe and its significant expansion program.

"The projected long-term passenger growth for the airport, supported by WA's very positive economic outlook, made Perth Airport a very strong case for further investment."

He also noted the hub will see a new runway and terminal as well as significant property development works in its surroundings via the capital program.

Meanwhile, Perth Airport chief executive Jason Waters said AustralianSuper's increased investment is a pledge of confidence in the state's long-term growth.

"The decision reflects the continued confidence of Perth Airport's existing shareholders and supports the airport's future expansion and investment plans," Waters said.

"Perth Airport remains focused on delivering a significant aviation infrastructure investment program that will increase capacity, strengthen connectivity and support the State's economic growth for decades to come.

"The Perth Airport team looks forward to continuing to work constructively with all shareholders to realise this vision."

Speaking to Financial Standard, Matthews Asia portfolio manager Tiffany Hsiao said China is facing "structural" challenges, but also presenting enormous investment opportunities, across the themes of the ageing population, healthcare, and geopolitics.

Hsiao believes the next wave of opportunities will emerge from innovation to solve these challenges, and there are signs where authority is already drawing more capital into those areas to revitalise its economy and to better steer its future.

GDP at risk

China, like many other economies including Australia, has an ageing population. In line with the trend, the government worries it will slow productivity growth, in turn, reducing its gross domestic production (GDP).

Hsiao said this is also partly due to a poor immigration policy, and if no productivity enhancements are implemented sooner, the ageing workforce can cause a drastic decline in GDP.

In fact, China's GDP is projected to be 4.5% for 2026, down from 5% from the previous year.

Hsiao said the metric can be improved with innovation implemented in productivity. On the physical front, automation and robotics will be vital and China remains "very supportive" of entrepreneurs in those areas.

Meanwhile, the other part is the intellectual property of the human brain, and to enhance productivity in this area, Hsiao said artificial intelligence (AI) will be key.

"[The solution] used to be software, but in China, that industry never took off because all the best software engineering talents went to e-commerce companies," she explained.

"But now... e-commerce is already a mature industry. So, the government is directing traffic and pointing people where it wants talent to go, and ultimately a lot of these industries are successful because China has an immense amount of sheer talent.

"So ageing population opportunities are for AI for intellectual property productivity, as well as robotics and automation for physical productivity."

Keeping the vitals in check

Meanwhile, healthcare is significantly tied to the thematics playing out in ageing dynamics. Hsiao said healthcare is an "acute" problem because the nation operates in a 'single payer' system, meaning that the government pays for everyone's healthcare.

"The government debt levels are already very high, they really can't afford for everyone to get sick at the same time and have the hospital and medical bills to [blown out of proportion]," she said.

"What they need is, again, innovation. Instead of providing more drugs, the authority needs more effective prescriptions... they will adopt things like robotic wet labs to develop next generation molecules, AI drug discovery.

"The healthcare workers are also ageing, so China will have a shortage of surgeons, doctors and nursing staff. A lot of the robotics, like surgical robot development in China, is really world class and these are areas that we see a lot of opportunity.

"If you look at global first-in-class drugs, meaning not copycats, and first in the world, China went from less than 10% global market share just five years ago to procuring almost a third of the global brand new first-in-class drugs now."

Taming sticky macro issues

Separately, China also faces immense economic shocks and geopolitics issues, but the portfolio manager said the opportunity is now for those that can provide meaningful solutions against those elements.

These include the recent Middle East conflict, reflecting the important need to become more "self-sufficient" at times where commodities may not be available.

"In the sense that whether a country, a company, or an individual, will constantly want to be more self-sufficient whenever those a geopolitical event flare up. It's never linear," she said.

"You want to have a good, solid 'plan B' during those times."

Hsiao said the allocation to 'problem-solving' companies will be the winner in this segment.

The lesson from property, consumption

Additionally, Hsiao noted the Chinese government is actively avoiding repeating the mistake they previously made with the property market.

In a recent visit to China, Hsiao assessed the city of Wuxi, located in southern Jiangsu, China. Although Wuxi possesses an abundant of biotech and semiconductor companies, the city itself lacks traffic and residents, presenting an oversupplied property market, and it's a phenomenon emerging from a lot of places, she said.

"[The Chinese government is] moving capital away from industries that are being oversupplied, because they don't want the same thing that's happened to property to repeat in other industries," Hsiao said.

"We continue to see doom and gloom in property and consumption... they've overbuilt [in some areas]... On the consumption side, the patterns are changing - people do not want many physical goods, but China has a lot of local consumption that is based around retail, so there's a mismatch there."

"Overall, consumers are quite weak, but I do think the government is focused on the right things because you need to make people feel confident about their own income growth. You can't force people to spend money - you must give them confidence and if you pivot to the right sectors that are growing, you will have income growth.

"The government is trying hard to kind of point people to which sectors they think may have more growth over the longer run."

Matthews Asia's products with exposure to China continue to perform strongly. For example, Matthews China Innovators Fund returned 19.33% in the 12 months to September 30, outperforming its benchmark - the MSCI China All Shares Index (-11.46%) - over the same period.

Meanwhile, its flagship Matthews Pacific Tiger Fund, which invests into multiple Asian jurisdictions including China, returned 28.9%.

However, echoing Hsiao's statement above, Matthews China Fund, which seeks companies benefiting from China's domestic consumption, faced a lacklustre year, returning -7.78% in the year to September end.

Hsiao is the portfolio manager of the Matthews Asia Innovators Fund and the Matthews China Innovators Fund.

The ethical fund manager said wholesale redemptions outweighed the inflows from new products and client wins.

Net flows into the superannuation business, however, rose to $130 million for the quarter, up on the corresponding period last year.

The total funds under management (FUM) came to $14.43 billion in the quarter, a drop of $70 million from the $14.5 billion it reported at the end of FY26.

"The first quarter demonstrated the continued momentum and resilience of our business," Australian Ethical managing director John McMurdo said.

"While challenging investment markets and some wholesale redemptions affected headline FUM, these factors do not change our confidence in the long-term growth opportunity."

In its annual report, Australian Ethical said middle-market inflows had provided some resilience against higher-than-usual redemptions in its advised and direct channels during FY26, with further middle-market clients expected to land in early FY27.

It recently launched the Australian Ethical Balanced Income Fund for wholesale investors, including foundations and not-for-profits. This is supported by the Reichstein Foundation as a founding investor.

Australian Ethical said positive flows in the super business and its expansion in the middle market channel with the launch of such products demonstrated continued underlying momentum of the business.

"We welcomed more members to our super fund, increased superannuation net flows compared to the corresponding quarter last year and launched a new middle market product with the support of a founding investor," McMurdo said.

"We remain focused on attracting and retaining super members, expanding our reach in the middle market and delivering long-term value for customers and shareholders."

In the annual report, chief investment officer Ludovic Theau highlighted the growth in its private markets business, saying the firm's scale gave it a structural advantage in targeting transactions in the $25 million to $75 million range that larger funds tend to overlook.

"Investment performance during the quarter reflected a challenging market environment with inflationary pressures, higher interest rates and geopolitical uncertainty weighing on Australian equities," Australian Ethical said.

"This was offset by stronger performance from international equities and private markets. Australian Ethical remains focused on its long-term investment approach and continues to identify opportunities where market volatility and valuations create attractive entry points."

The Perennial Marquee Fund, structured as an open-end investment, provides wholesale investors with an actively managed global portfolio of 20 to 30 private companies, targeting a 15%+ p.a. return over a full cycle, before fees.

The fund will incur a management fee of 2% per annum on net asset value, as well as a performance fee of 20% of the fund's return above the hurdle - which is 6.5% p.a. net, with high water mark, the firm said.

The fund has opened for applications from wholesale investors, targeting $200 million in the first close scheduled on 11 December 2026. It will also have a two-year lock-up period since the first close.

Redemption will occur every quarter, up to 5% of units on issue.

Perennial said the launch is to provide access to a professionally managed, direct-access, diversified pre-IPO fund focused on high-growth US and global companies for family offices and high-net-worth investors where traditionally, there had been a limited supply.

"The fund will invest in late-stage private companies close to a liquidity event, targeting the current strong IPO window in the US and globally," it said.

"Perennial has built proprietary networks with US, Asia Pacific and global counterparties - this provides direct deal access, co-investments, and private broker desks for two-way liquidity."

The launch in the back of the recent acquisition of 4D Infrastructure last month. Simultaneously, the firm has announced that it is winding up three responsible investment funds that fell short of reaching scale and achieving their investment objectives.

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.

Market movements also contributed $0.8 billion to FUA during the quarter, lifting the total FUA to a record $139.2 billion, Netwealth said.

The company said its custodial inflows were strong at $7.8 billion, where net flows for FUA stood at $3.6 billion.

Total FUM increased to $36.6 billion, up 24% on the prior corresponding period, with net flows reaching a quarterly record of $2.4 billion - including $2.2 billion across managed accounts.

The platform also saw continued growth in accounts (up 3822) and financial intermediary relationships (up 21), increasing total accounts to 186,098 and financial intermediaries to 4226.

Super inflows, excluding self-managed super funds, increased 16.8% on the previously corresponding period to $2.7 billion, supported by the commencement of Payday Super.

Meanwhile, the period also saw the platform expanding into stockbroking and private wealth with the launch of Individual HIN service and Netwealth Private, a wholesale offer for sophisticated investors.

Netwealth also snapped up Paradino during the quarter, and the transaction is expected to complete by the end of the month.

"Following completion, Paradino is expected to contribute an EBITDA loss of approximately $3 million in FY27. Netwealth will invest a further $10 million into Paradino over the next two years to accelerate its product roadmap delivery and support adviser growth," Netwealth said.

"Paradino's financial performance and the additional investment will be reported separately from Netwealth's underlying results."

Netwealth remains confident in its future, stating its EBITDA margin is strong and highly profitable, as well as strong cash generation with low capital expenditure resulting in a strong balance sheet.

It also noted it is defending a class action against its subsidiaries Netwealth Investments and Netwealth Superannuation Services in relation to investments in First Guardian Master Fund, which follows another class action against Macquarie Investment Management on a similar basis.

The company compensated more than 1000 victims from the collapsed managed investment scheme late last year, repaying $101 million to investors.

AMP's wrap platform North saw inflows of $3.1 billion and outflows of $1.6 billion during the quarter.

"Our focus in the third quarter has remained on driving growth in our wealth businesses," AMP chief executive Blair Vernon said.

"In platforms, our growing cashflows reflect that more advisers continue to choose North. The new North Interactive Wealth Portal is helping to further support adviser efficiency, while our new AI Implement tool is currently in pilot phase."

The tool is expected to roll out in the fourth quarter of the year.

The superannuation and investment business saw net cash outflows of $138 million during the period, an improvement from net cash outflows of $241 million in 3Q 25.

"Our super and investments business third quarter result reflected the seasonality we typically experience in the second half," Vernon said.

Assets under management for the arm grew to $62.7 billion, reflecting positive market movements partly offset by net cash outflows and pension payments.

During the period, AMP won an employer super mandate and expects to begin implementation in the first quarter of 2027.  AMP said this is an important signal of AMP Super's  offer in employer super, including its member service, retirement proposition and investment returns.

"AMP Super was recently awarded an Epic Retirement Tick by Chant West, recognising the strength of its products, advice, services and support for members approaching and living in retirement. The launch of the new AMP Super app, earlier this month, will further improve the digital experience for members," Vernon said.

The ASX Australian Investor Study 2026, based on a survey of 4495 Australian adults, found investors accounted for 54% of the population, up from 10.2 million in 2023. Around 2.5 million Australians have entered the investor population since 2020.

ASX managing director and chief executive Anthony Attia said broader participation was helping households build wealth while providing capital to Australian businesses.

"When Australians invest, they are not only building their own financial futures, they are also helping provide the capital that enables businesses to innovate, grow and create jobs," Attia said.

Shares remain the most held investment, while ETF ownership has more than doubled since 2020 to an estimated 2.82 million Australians. Cryptocurrency participation also remains significant, with 2.79 million people holding or having traded digital assets in the past year.

The study found 950,000 non-investors intended to enter the market within 12 months, including a growing number if women and younger Australians. Women accounted for 62% of prospective new investors, while people aged 18 to 29 represented almost four in 10.

Demand for guidance is also increasing, with 37% of investors planning to seek financial advice over the next year, compared with 32% in 2023. Among younger investors, that proportion rose to 46%.

Stockbrokers and Investment Advisers Association (SIAA) chief executive Maria Lykouras said knowledge and confidence remained barriers to participation, reinforcing the need for accessible professional advice and investor education.

"The study also highlights the growing role technology is playing in how Australians engage with investing. AI and other digital tools have the potential to improve financial literacy, support advisers and reduce the cost of delivering advice," Lykouras  said.

"Technology should complement professional advice, not replace it. As innovation continues, policymakers must ensure that consumers can benefit from technological advances while still receiving appropriate protections and safeguards."

Separately, CFA Institute research found modest allocations to private assets could improve risk-adjusted performance in defined contribution retirement portfolios. Private equity and venture capital produced the highest risk-adjusted returns among the asset classes examined.

CFA Society Australia chief executive Lisa Carroll said allocations needed to account for fees, liquidity, governance and portfolio construction, with contribution levels and investment time horizons remaining central to retirement outcomes.

Under the agreement, Totality will provide execution, custody, settlement, financing and reporting services for listed equity funds.

The partnership is already being utilised by the Lumina Equity Fund, with the Carrara Global Opportunities Fund currently transitioning to the new arrangement. Both funds operate with SILC as trustee and Totality as prime broker.

SILC group managing director Koby Jones said the partnership significantly enhances the firm's ability to provide a turnkey solution for listed equity strategies.

"Partnering with Totality gives our equity fund manager clients access to institutional-grade prime brokerage, custody and execution capabilities through a scalable and efficient model," Jones said.

"We believe this will be particularly attractive to fund managers seeking an experienced, owner-led trustee partner combined with sophisticated trading infrastructure, efficient administration and institutional-quality service."

The partnership enables the firm to provide equity managers with access to institutional trading, custody and settlement infrastructure without the need to establish their own brokerage relationships, SILC said.

Totality chief executive Rasmus Korfits said the partnership aligns with the firm's commitment to support Australia's growing community of boutique and specialist fund managers.

"We are delighted to partner with The SILC Group. By bringing together SILC's governance and trustee expertise with Totality's institutional execution, custody and prime brokerage capabilities, we are delivering an efficient and highly scalable solution for equity fund managers," he said.

SILC delivers governance, compliance, fiduciary oversight and investor protection, while appointed investment managers retain responsibility for portfolio construction and investment decision-making.

The group recently helped introduce a Denver-based investment manager to the local wholesale market with a new global equities fund. Felix Global Investment Management partnered with SILC to launch the Felix Global Partners Fund.

The Janus Henderson Global Research-Engineered Active ETF (ASX: JGBL) has been listed on the ASX, offering investors access to a strategy that seeks to outperform the MSCI World Index while keeping overall market, country and sector exposures broadly aligned with the benchmark.

Rather than replicate index weightings, the strategy uses fundamental research to determine which companies to overweight or underweight, targeting tracking error of about 1.5%. the approach concentrates active risk in individual stock selection rather than broader macroeconomic or sector positions.

Janus Henderson portfolio manager Josh Cummings said the ETF was intended for investors seeking active management within a core global equities allocation.

"We believe that deep fundamental research can meaningfully enhance investment outcomes. The newly available ETF gives Australian investors with benchmark-constrained global equity allocations access to Janus Henderson's high-quality research in an ETF format," Cummings said.

"While demand for ETFs remains strong, many investors are looking beyond passive exposure, and this latest ETF is designed to meet that need."

The strategy is managed by Cummings alongside John Jordan, and Jeremy Tjaden, who collectively oversee about $58 billion across research-led investment strategies.

The launch builds on the teams existing Australian presence through the Janus Henderson Global Research Equity (Core) managed fund, which applies the same investment philosophy and has a 15-year track record in the local market. The firm said the strategy delivered double-digits annualised returns over three, five and 10 years to the latest reporting period, although no end date was specified.

Janus Henderson head of Australia Matt Gaden said investors and advisers were seeking greater choice in how they construct global equity portfolios.

"Many want to retain broad market exposure and disciplined risk characteristics but also want the opportunity for fundamental research and active stock selection to add value," Gaden said.

JGBL takes Janus Henderson's Australian active ETF range to five products, joining strategies covering Australian fixed income, sustainable equities, sustainable credit and tactical income.

First Sentier said PWER invests in a portfolio of high-quality global infrastructure companies that own or operate the essential assets that communities rely on. These include airports, toll roads, railways, utilities, waste management, energy and digital infrastructure.

The fund aims to deliver inflation-protected income and steady capital growth over the long term through a globally diversified portfolio of infrastructure securities.

PWER is managed by First Sentier Investors' Global Listed Infrastructure team.

First Sentier Investors head of global listed infrastructure Peter Meany said infrastructure remains a compelling asset class.

"These assets can offer inflation-resilient revenues and relatively stable cash flows, while providing exposure to long-term structural growth themes including electrification, decarbonisation, and digital connectivity. In addition, significant investment in ageing infrastructure networks is expected to support growth in the sector," Meany said.

"As infrastructure continues to play a key role in supporting economic growth and enabling the energy transition, we see a broad range of opportunities across traditional and emerging infrastructure sectors globally. We believe these assets can play a valuable role in a broader portfolio, offering the potential for long-term capital growth and inflation-linked income."

Meany added active management is particularly important in infrastructure investing, where company fundamentals, valuations and regulation can vary significantly across markets and sectors.

"Our focus is on identifying high-quality and mispriced businesses, selectively capturing opportunities that may not be reflected in passive approaches," he said.

The listing is part of a suite of ETFs available from First Sentier Group, including the First Sentier Geared Australian Share Fund Complex ETF (ASX: LEVR), the First Sentier ex-20 Australian Share Fund Active ETF (ASX: XX20) and the First Sentier Active Cash Fund Active ETF (ASX: FSCF).

The Longwave Australian Small Companies Fund- Active ETF (ASX: WAVE) began trading today, converting the investment strategy, which has operated as an unlisted unit trust since October 2019, into an exchange traded format.

The fund returned 8.2% annually after fees to 31 August 2026, outperforming the S&P/ASX Small Ordinaries Accumulation Index by 2.6 percentage points a year, according to Longwave.

Longwave co-founder and chief investment officer David Wanis said smaller companies offered greater scope for active managers to identify mispriced opportunities, given comparatively limited analyst coverage.

"Small caps are the one part of the Australian equity market where the case for active management is unambiguous," Wanis said.

The fund holds around 100 to 120 ASX-listed companies across sectors, seeking to balance diversification with exposure to business capable of funding their own growth.

Longwave co-founder and portfolio manager Melinda White said the strategy aimed to capture growth while avoiding speculative or financially fragile businesses.

"Our process keeps the portfolio in the stage of the corporate lifecycle where returns are earned - companies that are growing quickly, are profitable or close to it, and fund that growth from their own cash flow rather than debt or new equity," White said.

Longwave co-founder and portfolio manager Jai Beathe said the investment process combines systematic assessments of company quality with the research team's fundamental analysis.

"We construct the portfolio by combining a systematic quality engine, which applies our definition of quality consistently and without bias to every company in the universe, with the human insights of our specialist small cap investment team," Beathe said.

The launch comes as Australian small caps trade at a significant valuation discount to larger companies. Longwave said the Small Ordinaries Index had a forward price to earnings multiple of about 15.5 times on September 30, compared with just over 17 times for the S&P/ASX 100.

WAVE will use a scale-based management fee that declines as funds under management grow and will not charge a performance fee.

The Pre-IPO Perpetual Futures allow investors to take long or short positions on the implied valuation of private companies, with up to 10x leverage and trading available. It also expands the range of global markets available to Australian investors through its platform.

Following an eligible company's public listing, its pre-IPO perp will transition into a standard futures contract, providing continuity for traders.

Importantly, investors do not acquire ownership of underlying private equity, voting rights, dividends, or IPO allocations at any time, as perps are derivative contracts and do not represent shares or ownership in the underlying company.

Initial contract availability includes exposure referencing OpenAI, Anthropic, and Moonshot.

OKX Australia chief executive Shane Chandra said the new offering provides an alternative avenue to capitalise in a previously inaccessible environment.

"Historically, even where there is a great deal of interest, there have been limited ways for investors to express a view on valuations before an IPO. Traditional methods were available exclusively to a small segment of high-net-worth investors," Chandra said.

"Pre-IPO perps change that. Eligible wholesale clients can take a long position if they believe a company is undervalued or go short if they think expectations have moved too far.

"It can also function as a powerful tool for investors who have a fixed allocation, who would like to hedge or increase exposure. Since our product trades around the clock, investors always have options to manage their exposure."

He also noted the company plans to expand its pre-IPO suite over time, and the launch reflects OKX Australia's broader strategy to expand the range of sophisticated trading products in Australia.

"Australia now has strong regulatory clarity around digital assets, creating an environment where global platforms can bring new products to market within a well-established financial regulatory regime," Chandra said.

"Our focus is on combining OKX's global technology, liquidity and product capabilities with a strong local regulatory foundation. Pre-IPO perps are another example of how we can give sophisticated Australian investors access to markets and products that historically have been difficult to reach."

Thie product is offered under OKX's Australian financial services licence (AFSL).

It comes as ASIC's sector-wide no-action period for digital asset-related financial product and service providers ended on September 30, meaning firms that need a licence to operate but have not yet met the condition will now face civil and criminal penalties for breaching financial services law.

This includes potential fines reaching up to 10% of annual turnover, the regulator said.

ASIC is also keeping a close eye on the product, noting that it is "aware of speculative, high-risk derivatives known as perpetual futures, or perps, being offered to Australian retail investors."

Coinbase recently began offering perps to local wholesale investors, with three different options ranging from cryptocurrency, equity, and commodity assets.

The firm said the domestic crypto market is maturing, and investors are constantly on the lookout for alternative investment methodologies other than 'spot buying', stating the launch will provide locally licenced perpetual trading capabilities for crypto, equity and commodity assets.

According to Betashares' September 2026 ETF Review, industry assets increased by $5.9 billion over the month despite negative market movements of $1.1 billion. The market now comprises 508 ETFs, with the industry on track to surpass $400 billion in assets before the end of the year.

International equities led inflows with $3.2 billion, accounting for almost half of September's total. Australian equities rebounded to $1.7 billion, their strongest monthly intake since June, while fixed income attracted $1.3 billion as investors sought yields through bond ETFs.

Betashares said index and factor strategies continued to drive industry growth, with investors increasingly considering the tax efficiency of index-based investments following proposed changes to capital gains tax rules. Falling Australian house prices were also prompting some investors to consider listed alternatives across shares, bonds and commodities.

Betashares investment strategist Tom Wickenden said the current IPO pipeline differs from previous listing cycles, with a small number of companies accounting for a significant share of capital being raised.

"While there have been periods of higher IPO activity, such as in 2021, the current wave is unique in how concentrated the raises are in a small number of companies," Wickenden said.

"We are watching investor demand and how markets absorb this supply. These listings draw on investor capital, and their entry into public markets could reshape market indices in the years to come."

Separate data from Global X ETFs shows the industry attracted a record $21 billion in net inflows during the September quarter, surpassing the previous quarterly high of $16 billion recorded in the September quarter of 2025. Global X senior ETF strategist Marc Jocum said the result reflected ETFs becoming a core component of Australian portfolios, with calendar-year inflows reaching $50 billion by the end of September.

Australian fixed-income ETFs attracted a record $1 billion in September as investors sought to capitalise on elevated bond yields. Jocum said investors were increasingly combining bonds, covered call strategies and infrastructure to diversify income sources, with infrastructure ETFs attracting more than $1.2 billion during the quarter and gold ETFs recording $682 million in inflows.

"Investors are increasingly combining bonds, covered call strategies and infrastructure rather than relying on dividends from a small group of Australian companies," Jocum said.

"Covered call ETFs can generate additional income from equity exposures while helping to moderate volatility, while infrastructure can provide access to essential assets with potentially defensive and income-producing characteristics."

The reports come as Dimensional Fund Advisors announced its Australian ETF business had surpassed $1 billion in assets across six ASX-listed funds, less than three years after launching its first local ETF.

Dimensional Australia chief executive Bhanu Singh said the milestone reflected growing confidence in the firm's investment approach.

"We've spent decades applying financial science to real-world portfolios, and our ETF offering gives financial professionals another way to access that approach, combining broad diversification and low costs with flexible implementation," Singh said.

This is part of its cost reduction strategy after the group was formed last year with the merger of L1 Capital and Platinum Asset Management.

It said the model replicates the operations already in place for the existing unlisted funds within the L1 Group, including L1 Capital Long Short Fund, L1 Capital International (Unhedged) Active ETF and L1 Capital Catalyst Fund, for which Equity Trustees acts as a responsible entity.

Before the completion of the deal, L1 Group will transfer the investment management role to Platinum Investment Management for all the funds including Platinum International Fund Complex ETF, Platinum Asia Fund Complex ETF and other unlisted Platinum funds.

L1 Group said the investment strategy and investment personnel for the funds will not change as part of the deal, and it will update the Product Disclosure Statements (PDS) for the funds to reflect these changes.

"The sale of PIML to EQT forms part of the ongoing integration work following the merger of Platinum Asset Management and L1 Capital, which completed on 1 October 2025," L1 Group said.

"The transaction is expected to contribute to the cost synergies identified at the time of the merger."

Following completion, Platinum Investment Management will become part of the EQT Group and continue to act as responsible entity for the funds before transitioning that role to another licenced EQT entity.

Any change of responsible entity will be subject to regulatory requirements, L1 Group said, with investors being notified before any change takes effect.

EQT managing director and chief executive Mick O'Brien said: "This transaction reinforces EQT's position as one of Australia's leading responsible entity providers and reflects the confidence managers place in EQT's governance, compliance and fiduciary capabilities."

Announced on October 9, the mandate forms part of the Monetary Authority of Singapore's Equity Market Development Programme (EQDP), which seeks to support the long-term development of Singapore-listed equities.

The mandate will be managed by the Singapore-based equity team of Ostrum Asset Management, a Natixis IM affiliate with more than 40 years of experience in fundamental research across global and Asian markets.

Natixis IM Singapore chief executive Dora Seow said the appointment would allow the group to contribute to Singapore's efforts to strengthen its domestic equity market.

"Singapore has set out a clear ambition to strengthen its equities market and broaden the base of investors participating in it," Seow said.

"We look forward to playing our part in that long-term effort, bringing Ostrum's fundamentals-driven approach and our global distribution network to support greater international interest in Singapore-listed companies."

The appointment comes as Natixis IM continues to highlight investor concerns around long-term financial security, including in Australia, where its recent retirement research found many people remained uncertain about their ability to fund retirement despite the country's comparatively strong superannuation system.

The firm's 2026 Global Retirement Index ranked Australia sixth among 44 countries, down one place from the previous year. Its research found that 53% of Australians surveyed did not expect to save enough to reach their desired retirement balance, while one in three anticipated using an inheritance to substantially fund retirement.

Natixis IM Australia and New Zealand country head Danny King said accessible professional Australians make informed decisions throughout retirement.

The Singapore mandate adds to Natixis IM's regional activity, with the group bringing its investment research capabilities and international distribution network to a programme designed to support the development of local equities.

Wanigasekera told Financial Standard IFM's private debt business lends more to renewables and associated infrastructure in North America and Europe than in Australia at the moment.

"This is a very debt perspective, but that is driven by some of the fundamental characteristics of the localised market...we see the risk trade-off as being superior in those markets relative to here, and the way the market functions," Wanigasekera said.

IFM Investors is also looking at more of these investment opportunities in Asia.

"Asia probably drives a much better return outcome for us on a comparative basis. So, it's interesting for us to look at these investments there," he said.

"You get the best of both worlds... you're able to actually have that positive outcome through investing in renewable energy and energy transition, but you're also getting well compensated in terms of return as well.

"The risk-to-return trade-off may be superior in certain markets versus others, and that sort of drives capital, or drives more interest from us in that way."

IFM opened a Singapore office for its credit strategies team just over six months ago, extending the non-bank lending it has done in Australia for nearly 30 years into Asia, with a focus on South and Southeast Asia.

Wanigasekera said early opportunities in the region include digital infrastructure and telecommunications, healthcare, and the energy transition, mainly solar and wind, with some biofuel-driven power generation emerging.

"The process we run in terms of investing is a little bit different in Asia compared to what we do here. There are certain things in a developed market environment that we may tackle at a very late stage through our investment process, that in an [emerging market] environment you've got to actually deal with very early on," Wanigasekera said.

"It's not a change in what we do. It's just the sequencing of when we do things that has had to be changed... paying much more attention to legal risk, jurisdictional risk, enforcement risk as a lender going into [emerging] markets needs to be addressed upfront.

"Whereas in developed markets, there's a broad understanding that there's a set system, it works. We don't need to deal with that as an early step."

Wanigasekera added the biggest roadblock is a lack of understanding of these markets among Australian investors.

"Asia-Pac is a combination of countries that all sort of don't move in concert... you can have very localised situations that may, at a point in time, make a certain country a more difficult investment story. But at the same time, the neighbouring country is on a completely different trend," he said.

"A good example right now is Indonesia, Vietnam and the Philippines... Indonesia, because of some local governance and political issues there, is a slightly more difficult jurisdiction to invest in, while Vietnam has sort of gone through that phase and is now emerging on the other side, and is actually becoming more attractive.

"The Philippines has been moving in a more steady state for an extended period of time and makes investing a slightly easier story."

Wanigasekera will be speaking at the IGCC Summit 2026 on the panel discussing what's driving and blocking Australian investment at scale.

FS Sustainability is a media partner of the IGCC Summit 2026 to be held on the 24-25 November at Ilumina Sydney. To register, click here.

The manager's latest funds under management (FUM) update showed total asset remained at $213.45 billion (US$149.2bn) on 30 September, unchanged from the end of August as investment gains offset withdrawals.

Investment performance contributed $3.43 billion (US$2.4bn) during September, while net flows were negative across all four strategies: international, emerging markets, global and US.

Emerging markets experienced the largest outflows at $1.43 billion (US$1bn), followed by international and global strategies, each recording $715.3 million (US$500m) in net withdrawals. The US strategy recorded outflows of $429.2 million (US$300m).

The figures follow a challenging period for GQG, which reported $6.15 billion (US$4.3bn) in net outflows during August amid weaker relative performance. Earlier in the year, the manager also disclosed $21.6 billion (US$15.1bn) in net withdrawals during the first half of 2026, with investment performance partly offsetting the pressure.

Year to date, GQG has recorded $37.48 billion (US$26.2bn) in net outflows, while positive investment performance contributed $16.6 billion (US$11.6bn). FUM has fallen from $234.48 billion (US$163.9bn) at the end of December 2025 to $213.45 billion (US$149.2bn).

Despite the withdrawals, GQG said its four primary strategies delivered positive absolute and relative returns during September and the third quarter.

Over the three years to 30 September 2026, the strategies generated double-digit annualised net returns, consistent with the firms investment objectives, the update said.

The manager added it continues to review portfolio positioning daily, with a focus on compounding client capital over a full market cycle while maintaining disciplined attention to downside risk.

GQG's latest figures come after its removal from the S&P/ASX 200 following the index's September quarterly review, adding to the challenges facing the investment manager as it seeks to stabilise flows and rebuild investor confidence.

AUSIEX analysis found trading activity intensified during the period of volatility, despite the S&P/ASX 200 falling 3.1% over the month.

Woodside Energy was the platform's most traded stock by volume, although it recorded a sell skew, with a buy/sell ratio of 0.38. Westpac also saw more selling than buying, with a ratio of 0.45.

AUSIEX national director of distribution Chris Hill said investors remained active as uncertainty weighed on markets.

"September's market weakness encouraged investors to act rather than retreat. The ASX 200 fell 3.1% across the month, yet periods of heightened uncertainty produced some of the strongest activity on the AUSIEX platform," Hill said.

On September 11, rising oil prices, bond yields and geopolitical concerns contributed to a 0.9% fall in the ASX 200, during one of the index's weakest weeks in six months.

Trading volumes peaked on September 17, when the market gained 0.4% despite a weaker lead from Wall Street and a US rate increase.

Hill said the session demonstrated investors' willingness to respond when market movements presented potential opportunities.

Across the 10 most actively traded stocks, Xero recorded the strongest buying bias, with a buy/sell ratio of 0.83. WiseTech Global and Fortescue followed at 0.69, while Commonwealth Bank recorded 0.63. ZIP Co, PLS Group, Linqto and BHP also featured among stocks with a buying skew.

Among advised investors, selling was concentrated in Ramsay Health Care, BHP and Woodside Energy, while Dyno Nobel, Sims and Xero attracted stronger buying.

ETFs also featured in advisers' activity. Betashares Australian Quality ETF recorded a buy/sell ratio of 0.95, while Vanguard's Australian Shares High Yield ETF reached 0.80, pointing to demand for quality-focused and income-orientated exposure.

AUSIEX, which represents about one-third of Australia's wholesale trading market, based its analysis on a large sample of platform trading data from September 1 to September 30.

Firmus provides cloud services to AI companies. The float would have raised about $7 billion, giving the company a market value of $44 billion.

The firm withdrew its application to list on the ASX, saying the listing is not in the best interests of the company and its shareholders. It will now seek capital from private markets and consider other public and private market options.

"We think that Firmus indeed has a compelling story. It just doesn't have a compelling valuation," Pearce said.

"At the current valuation, it's priced to perfection. So much has to go right to justify the valuation. Furthermore, we're quite concerned that Firmus will have to keep coming back to the market for a lot more debt and more equity to fund its expansion plans."

Pearce also commented on the recent upheaval in Australia's private credit market, with the collapse of Bathla Group and Metrics' valuation concerns.

"In Australia, private credit is dominated by lending to commercial real estate and that is seeing signs of stress, and it has a flow-on effect to private credit funds. You would have seen the news about companies like Bathla, a construction company, Metrics, a private credit financier, making the headlines for the wrong reasons," he said.

"In terms of UniSuper's position, we much prefer private credit exposure outside of Australia. In fact, 90% of our investment is in global private credit, where we can get much better sector diversification and country diversification.

"And that 10% that is invested in Australia, we actually avoid commercial real estate so we're pretty comfortable with our position in private credit."

Morphic AM was integrated into Ellerston Capital in 2019 and has been the investment manager of the fund since March 2017.

The fund told the ASX it was "considering the appropriate corporate actions following receipt of the notice of intention to terminate", with further updates to be provided to the market.

Under the agreement, termination by the manager requires six months' written notice, during which Morphic will continue to perform its obligations.

In its August 2026 monthly performance report, the fund had returned -3.7% versus the MSCI All Countries World Daily Return Net Index which returned 0.6% over the same period.

In 2021 Ellerston Capital terminated the Morphic Global Opportunities Fund as a result of dwindling funds under management.

Ellerston acquired a controlling stake in Morphic Asset Management in June 2019, with Morphic becoming a subsidiary of Ellerston.

According to Ellerston, the Morphic Ethical Equities Fund was the only remaining Morphic Asset Management fund under its umbrella.

The Morphic Ethical Equities Fund excluded direct investments in entities involved in environmental destruction, including coal and uranium mining, oil and gas, intensive animal farming and aquaculture, tobacco and alcohol, armaments, gambling and rainforest and old growth logging.

It also donated 2.5% of management fees Bush Heritage.

RQI did not name the Australian super fund. Financial Standard has reached out for comment.

The RQI Emerging Markets Diversified Alpha Fund draws on the firm's 15-year emerging markets track record and uses a range of data sources to identify investment opportunities while maintaining a focus on risk management.

The strategy targets long-term capital growth and income, with an objective of outperforming the MSCI Emerging Markets Index by 2% a year over the long-term at similar levels of risk.

The launch adds to RQI's Diversified Alpha suite, which also includes the recently launched Global Diversified Alpha Fund, and follows several new mandates awarded to the manager globally this year.

RQI Investors chief executive Andrew Francis said the backing from a major client reflected growing confidence in the firm's systematic investment approach.

"The decision by a major client to seed our Emerging Markets Diversified Alpha strategy, together with the award of new mandates, are strong endorsements of our investment capabilities and reflect growing recognition of the value that quantitative investing can bring to client portfolios," Francis said.

He said demand across markets and client segments was creating opportunities to develop strategies around investor needs while maintaining focus on performance.

RQI has also expanded its team to 25 professionals with four new hires across investment, research and client capabilities.

John Conomos joins as investment director from Macquarie Group, where he was head of global quantitative research. Chang Hwan Sung has joined as senior quantitative portfolio manager, while having previously held roles at Invesco, BlackRock and Samsung Asset Management.

Sam Machen joins as quantitative research developer from Jacobi, while James Sutherland joins as quantitative researcher from Tibra Capital.

Francis said the appointments would strengthen RQI's research and investment capabilities as the business grows.

"These appointments deepen our investment and research capabilities, and reflect our continued commitment to innovation, strategy development and strong client outcomes," he said.

The appointments follow a year of new mandates and product expansion for RQI, with the manager positioning its systematic approach for further growth in Australia and overseas.

Established in February 1993, the fund is one of Australia's long-standing listed property securities strategies, providing actively managed exposure to Australian listed real estate securities.

The fund is managed by CBRE Investment Management Listed Real Assets, the listed real asset solution within CBRE Investment Management.

With the appointment of the CBRE Australian Property Securities Fund, CIML is now Responsible Entity for all four CBRE IM Real Assets funds offered in Australia.

It has acted as Responsible Entity for the CBRE Global Real Assets Fund since December 2023, with the relationship expanding in December 2024 to include the CBRE Global Property Securities Fund and the CBRE Global Infrastructure Securities Fund.

Channel also provides distribution, marketing, operations, and client services for the range.

Channel co-head of distribution Luke Mandekic said Channel was pleased to have the relationship expanded.

"Advisers are increasingly seeking specialist real assets capabilities from trusted global managers, and this appointment further strengthens our ability to support them with access to high-quality property and infrastructure strategies through a consistent and well-supported platform," Mandekic said.

"The CBRE Australian Property Securities Fund is independently rated 'Highly Recommended' by both Lonsec and Zenith Investment Partners, reflecting the strength of its investment process, experienced management team, and robust track record."

CBRE IM Listed Real Assets portfolio manager Justin Pica added: "Listed real estate continues to offer investors access to high-quality real assets, attractive income characteristics and portfolio diversification benefits. We are pleased to partner with Channel to broaden access to this capability and support investors seeking long-term opportunities within the listed property sector."

"This appointment builds on our successful partnership with Channel and reflects the confidence we have in their governance and operational capabilities. For investors, it means continuity through the same investment team, the same strategy and the same commitment to strong client outcomes."

State Street's 2026 Digital Assets Study shows APAC investors are leading the way in digital asset investment, with an emphasis on increased focus on trust, cybersecurity, regulation and market infrastructure as global adoption accelerates.

More than half (56%) of APAC respondents expect on-chain digital asset investment to become mainstream within five years, compared with 51% globally. In addition, 32% expect at least a quarter of their assets to be tokenised over the same period, compared with 28% globally.

The sentiment is leading alongside better operational readiness, with 33% of APAC respondents already managing or distributing digital assets, while another 39% have the provider relationships and infrastructure in place to respond to client demand, compared with 35% and 28%, respectively, globally.

It also found ETFs have become the "leading" vehicle for digital assets - with APAC leading all regions in current ETF use, State Street found.

Cost reduction and efficiency were identified by 55% of APAC respondents as the greatest expected benefit of shifting to digital assets, followed by revenue growth (25%) and investment returns (20%).

Still, in Australia, first-mover costs are seemingly the top barrier for any investors moving forward with the asset class, a separate report from BlockchainAPAC showed.

Commenting, State Street head of digital asset solutions Angus Fletcher highlighted what stood out in the region.

"What stands out in APAC is the combination of growing confidence and operational readiness. Five years ago, most institutions were still deciding whether digital assets mattered," Fletcher said.

He added greater regulatory guidance and clarity are supporting optimistic sentiment for mainstream adoption.

"With conversations now focused on infrastructure, operations, regulation and risk. That tells us the market is maturing," he said.

"People often focus on tokenised securities, but settlement still requires a trusted form of money.

"Digital cash preparedness currently trails broader digital asset readiness, but the institutions we surveyed are focusing on it, with most expecting to develop these capabilities within the next one to two years."

Further, institutional investors remain the "primary target" for APAC asset managers distributing digital assets, with close to four in five (79%) identifying institutional investors as main client base, compared with 45% targeting digitally native retail investors.

"As digital asset markets mature, long-term success will depend not on speed, but on resilience, interoperability, compliance and trust. To capture the opportunities ahead, APAC institutional investors need to build the foundations now, with institutional-grade controls and future-ready technology ahead of large-scale allocation shifts," Fletcher added.

Frankfurt-based Rantum specialises in private market solutions for small- and mid-sized companies across Germany, Austria and Switzerland, known as the DACG region. The firm will become part of Janus Henderson's expanding private markets platform, strengthening its presence in an important institutional market.

Janus Henderson chief executive Ali Dibadj said the deal would help the firm respond to growing demand for private market strategies.

"We are delighted to welcome the Rantum team to Janus Henderson," Dibadj said.

"The completion of this acquisition strengthens our private markets capabilities and enhances our ability to meet growing client demand for private credit and private equity solutions in a strategically important market."

Rantum was founded in 2013 and has raised around $2 billion (€1.2bn) across its private market strategies. Its capabilities include private debt and private equity financing for family and entrepreneur-owned businesses across the DACH region.

Rantum co-founder and managing director Dirk Northeis said the combination would bring together the manager's regional expertise with Janus Henderson's international distribution and resources.

"Everyone at Rantum is excited to be part of Janus Henderson," Northeis said.

"We share a strong entrepreneurial culture and commitment to clients, and by combining our local private markets expertise with Janus Henderson's global reach, we believe we are well positioned to create long-term value for investors across Europe."

The acquisition follows Janus Henderson's recent expansion of its private markets platform through acquisitions and partnerships including Privacore, Victory Park Capital and NBK Capital Partners.

The firm said the expanded capabilities, alongside its established fixed income business, would allow it to provide investors with greater access to opportunities across public and private markets.

The transaction was first announced in June, with financial terms not disclosed.

The ASA Equal Living Social Infrastructure Fund is raising $50 million of initial equity, and ASA Real Estate Partners together with Equal Living Group will co-invest up to 10% of the equity in it.

The assets provide 'step down' healthcare accommodation for Australians with life-changing injuries - those who cannot live long term in hospital but equally need care such that they can't live at home.

The initial portfolio will comprise three newly completed assets in metropolitan Melbourne, 100% leased to the Equal Living Group on 20-year triple net leases indexed to annual inflation.

The assets are operated by Equal Living Group and are designed for long term government funding programs including the National Disability Insurance Scheme (NDIS).

ASA Real Estate Partners managing partner Tim Slattery said: "We really like alternate real asset sectors where the fundamentals of underlying occupier demand and clean cash flow are key value drivers."

The fund is targeting a distribution yield of 7% per annum and an 18% total return across the real estate as well as the equity participation in the Equal Living Group.

ASA said people being cared for include members of community who have suffered strokes, acquired brain injuries, motor neurone disease, multiple sclerosis and major physical trauma including quadriplegia and paraplegia.

Industry estimates indicate a significant shortage of high-quality accommodation with a further 10,000 beds required by 2033.

"Here we see the potential for the asset class which is emerging and not yet supported or priced by institutional capital - we see a distinct parallel to healthcare real estate coming out of the global financial crisis in 2010 which was a very profitable investment. Great assets, profitable tenants and priced without significant competitive tension," Slattery said.

"The structure of the investment gives us ownership of the hard assets as well as upside equity participation of up to 30% in our partner and tenant, an established business with over 150 staff, a proven and profitable operational track record and over 25 years of relevant experience."

ASA said private sector delivery of these assets and services is highly cost effective compared to relevant alternatives. The private sector can build and run this accommodation at up to 70% less than the equivalent nightly cost to government of an acute hospital bed, it added.

"The NDIS, at its core, was designed to provide critical support and essential accommodation for vulnerable members of the community," Slattery said.

"These assets do that in a very cost-effective manner for the government - as evidenced by the fact that only about 1% of the annual NDIS budget is utilised to care for these people who need lifelong support."

The Lumina Equity Fund is managed by Dalton Investments, which is a Los Angeles-based, employee-owned investment manager with approximately $9.5 billion in funds under management as at June 30.

Dalton Investments has seeded the fund with its own capital, demonstrating its commitment to the strategy and alignment with investors, it said.

The SILC Group has been selected as the trustee to provide governance, regulatory oversight, tax reporting and operational support, while fund administration which includes operations, investor onboarding and accounting, is provided by Fenix Funds Administration.

It will invest in a concentrated portfolio of around 20 to 40 international companies that combine traditional value investing with AI-enhanced research capabilities across international markets.

The strategy will utilise AI research tools to expand information gathering, identify potential investment opportunities and improve research efficiency, with Dalton remaining responsible for investment decisions, the firm said.

The fund is available for wholesale investors.

Lumina Equity Fund portfolio manager Craig Mercer said AI is playing an important role in investment research and can strengthen traditional investment disciplines.

"AI is transforming how investment teams access and process information, but successful investing still depends on judgment, experience and disciplined decision-making," he said.

"The Lumina Equity Fund combines Dalton's long-established value investment philosophy with an AI-enhanced research platform that helps us analyse more companies, identify opportunities more efficiently and spend more time evaluating investment quality, portfolio construction and risk."

Meanwhile, The SILC Group managing director Koby Jones highlighted a growing demand from investors for stronger governance and operational infrastructure across innovative investment strategies.

"Dalton Investments has a long track record of global investing, and SILC is pleased to help launch its first Australian fund and support its growth in the local market," Jones said.

"Our role is to provide the governance, oversight and operational framework that allows investment managers to focus on delivering outcomes for investors while maintaining the highest standards of compliance and accountability."

The trustee service provider also helped another US-based investment manager to introduce its global equity fund in August, as well as welcoming its inaugural head of trustee and responsible entity solutions last month.

GSFM will distribute the fund to New Zealand wholesale and retail investors.

The strategy will provide long-term exposure to 20 to50 listed equities across global markets, with a focus on identifying structural growth trends underappreciated and mispriced, Munro said.

It aims to achieve a greater return than against the MSCI World Index Total Return Net NZD before fees over a rolling five-year period and will be managed by Munro Partners chief investment officer Nick Griffin and portfolio manager Kieran Moore.

It is the second fund that Munro and GSFM have brought to New Zealand, following the launch of the Munro Global Growth Climate Leaders PIE Fund in April 2025, which was expanded to retail investors in June this year.

Munro, which manages close to $9 billion in assets, acquired GSFM in August to strengthen its distribution capabilities across the Tasman Sea.

Commenting, Munro Partners chief executive Ronald Calvert said the launch reflects the firm's commitment to New Zealand.

"We have seen strong interest in our existing PIE fund in the past 18 months and believe now is the ideal time to expand our offering in the New Zealand market," Calvert said.

"Our investment process focuses on identifying and investing in global companies that have the potential to grow at a faster rate and a more sustainable basis than the overall market.

"We group companies into defined areas of Interest, which represent long term structural growth changes affecting the world. This allows us to identify companies positioned to benefit from strong growth."

Munro defines a structural growth trend as a durable, long term structural change that results in growth investment opportunities, for example from businesses that derive a competitive advantage from big data or high-performance computing including AI.

Meanwhile, Griffin noted despite recent market volatility, there are a number of powerful tailwinds supporting global markets.

"Company earnings have been improving while valuations in some areas have become more attractive. This creates opportunities for investors in global equities who are prepared to look beyond the obvious market leaders and who stay exposed to structural growth opportunities," he said.

"For example, we continue to see significant opportunities in the AI build-out but also in areas such as decarbonisation, healthcare innovation, security and infrastructure. Our focus is on businesses where earnings remain strong and with the potential for further upside."

The funding will be directed to the 400-megawatt (MW)/1600 megawatt-hour (MWh) Teebar Battery Energy Storage System (BESS) in Queensland and the 470MW Parron Maam Marang Wind Farm in Western Australia.

The investment will be managed by Igneo Infrastructure Partners, as equity funding for both projects will be provided by existing Igneo managed funds and clients - including Cbus and MLC.

The Teebar BESS will provide four hours of energy storage and will store electricity when supply is abundant and dispatch it when demand is higher, helping to support reliability and make more effective use of renewable generation, while the Parron Maam Marang wind farm will supply renewable electricity under a long-term power purchase agreement with Synergy, a WA electricity retailer.

Atmos will retain ownership of Teebar BESS and Parron Maam Marang through construction and operate both projects once complete. They are the next phase of a national portfolio that already includes over 1.5GW of operating and in-construction wind, solar and storage capacity, Atmos said.

Both projects are supported by the government's Capacity Investment Scheme (CIS), and together with the 100MW/400MWh Merredin BESS - which reached the same milestone in June 2025 - Atmos has now taken 970MW of CIS-backed capacity through financial close.

Atmos Renewables chief executive Nigel Baker said the financial close demonstrated Atmos' ability to progress major renewable energy and storage projects from development through to construction and ultimately operations.

"The CIS provides important long-term revenue support, but an award is only one step. Projects still need to secure financing, grid access, wider commercial arrangements and a credible delivery pathway," Baker said.

"Teebar BESS and Parron Maam Marang Farm meet market needs for the firming and generation capacity required in Australia as electricity demand grows and ageing generation retires.

"Reaching this point has required sustained collaboration across state and federal governments, lenders, network businesses, commercial partners and delivery partners."

Igneo Infrastructure Partners partner and head of Australia and New Zealand Danny Latham added the almost 1GW of CIS-backed capacity highlights the attractiveness of the opportunity ahead.

"These major milestones demonstrate Atmos' ability to develop, finance and deliver large-scale renewable energy infrastructure that supports Australia's energy transition while generating long-term value for our investors," Latham said.

"Supported by the long-term commitment of Igneo investors including MLC and Cbus, we continue to see significant opportunity to invest in renewable generation and storage capacity."

Researchers from the Australian National University found that mountain ash also possesses the  world's highest biomass carbon density. This is something worth boasting about because it means more of this gas is contained in the plants and locks in greenhouse gases (GHG) that would otherwise infiltrate the atmosphere.

The researchers, though, urge that as a national priority, mountain ash's ability to maintain and increase its carbon storage capacity should be protected as they are at grave risk of collapse within half a century. Industrial logging is the  mountain ash's major source of destruction, particularly from clearfell harvesting, in which most of the plants are  cut down in one fell swoop.

Brendan Wintle, the lead councillor of the Biodiversity Council, describes these as the "lungs" and source of freshwater generation for the city of Melbourne.

What we're now seeing is that because of changing climate conditions and historical forest management practices, these ecosystems are burning more frequently.

"What happens when a mountain ash stand burns inside for 20 years is that the trees haven't grown old enough to reach sexual maturity, to set seed and create the next generation of alpine or mountain ash trees," he explained at the recent Responsible Investment Association Australasia (RIAA) Conference.

"We have too many fires in this landscape, we see a slip from an amazing mountain ash forest to essentially an acacia-dominated woodland that cannot store anything like the carbon that tends to burn really fast. This is a dramatic ecosystem change."

Australia also takes the crown as the country with the highest rate of biodiversity decline of any developed nation, according to the Threatened Species Index.

A 2021 government study also found Australia has lost more mammal species than any other continent and continues to have one of the highest rates of species decline among countries in OECD nations. At the time, more than 1900 native species and ecological communities were reported to be threatened or at risk of extinction.

Fast forward to 2026 and many of Australia's ecosystems are in clear and present danger.

What does ecosystem collapse mean? Wintle explains that it means the loss of the ecological functions and species that form the fabric of those ecosystems.

"Australia has an extraordinary environmental [and] remarkable legacy. Nature is an important part of our national identity, which is why its decline is such a significant challenge," he says.

Another challenge is trying to define the type of risk that has befallen Australia. Is it nature-related risk or climate-related risk? Or perhaps a bit of both?

Climate risk is defined as the potential for climate hazards to cause harmful consequences to human lives, economic and ecological systems, as well as social and cultural assets and investments, such as bushfires, droughts or floods.

"Fundamentally, nature risk is the risk associated with the loss of biodiversity, deforestation, the availability or non-availability of water, and all of those risks that are related to nature," the Australian Council of Superannuation Investors (ACSI) chief executive Louise Davidson explains.

"Like climate change, nature or biodiversity risk is something investors can't diversify away from. It's so pervasive across the whole economy, and we're so dependent on nature for so many parts of our lives, whether it's food, health, productivity and so on. So, it has the potential to have a really wide-reaching impact on companies and investors."

When nature underpins the very basis of humanity, Davidson stresses that investors must be cognisant of its endemic and non-diversifiable or systematic risk.

While investors have yet  to diversify from nature risks by, say, moving to Mars, the next-best option is to choose not to invest in particular sectors based on an ethical approach, whether that's fossil fuel exclusions or controversial weapons exclusions.

"You can't really have a nature-risk exclusion. Yet, nature risk has so many impacts on companies in different ways," Davidson says.

An analysis of top ASX-listed companies in the Biodiversity Council's 2026 report, Cracking the code, reveals that nature risk is highly concentrated among select industries.

Utilities, energy, materials, industrials and consumer staples pose the greatest risk to biodiversity loss, highlighting growing financial and operational risks for investors and companies alike. Greenhouse gas emissions, water consumption and land use pressures were identified as the primary drivers.

While utilities recorded the highest median biodiversity impact, the sector contains relatively few ASX200 companies, all of which showed consistently high impacts across assessment methodologies.

However, six of the 10 companies with the largest nature-related impacts were found in the materials sector, reflecting the significant influence of large-scale mining and resources businesses on Australia's environmental footprint.

In the economic world, mining is as synonymous with Australia as Vegemite and kangaroos are with its national identity.

According to the government's Office of the Chief Economist, the resources and energy sectors contributed around 11.4% of the nation's GDP in the 2025 financial year, making them the top exports by a large margin.

The mining industry is also one of the top contributors to the workforce, employing 241,000 people in FY25, the Australian Bureau of Statistics estimates.

While the country depends on the mining and resources sectors to provide jobs and top up its coffers with billions in revenue, a dark economic underbelly exists: the environmental impacts can be devastating, leading to deforestation and the loss of wildlife habitats and degraded biodiversity.  Even when operations shutter or mines are decommissioned, they cause lingering environmental damage via toxic metals and soil contaminants entering water systems.

Commenting on the findings, Wintle says it comes as no surprise that the major mining and energy companies rank among those with the largest direct impacts on nature, including water consumption, greenhouse gas emissions, land disturbance and land clearing.

Beyond the direct impact, consumer staples in the form of major retailers and financial institutions emerge as having substantial impacts because of their supply chains and downstream influence.

"Retailers, for example, influence waste generation and supply chain practices.  Financial institutions influence outcomes through the businesses they finance and lend to," he says.

"It's a very important shift in perspective. What we're seeing is a substantial difference between direct impacts and indirect impacts, and it's something we need to take very seriously."

Data digestion

The reality is that nature is complex and multifaceted. Measuring nature-related risks is tall order even when grasping the concept itself has been challenging. Geospatial tools are a credible contender in helping bridge that gap.

Josh Gilbert, the head of geospatial strategy at ISS STOXX, says geospatial analytics can help thanks to the abundance of data generated over the last decade from a range of sources, not just in the form of satellite data and Earth observation, but also sensors, corporate disclosures and other channels.

"I think the foundational problem remains the same. We don't have a data-starvation problem. We have a data-digestion problem," he told the recent Greener Way Podcast.

For investors in this age of data abundance, the challenge is asking, 'How do we take all these different pieces of information and put them together?'

"First, it's about unpacking a very complex puzzle. Second, and perhaps more importantly for investors, it's about taking data that is geospatial or spatio-temporal in nature, meaning data across space and time, and translating it into the world of financial information," he says.

This article is featured in Financial Standard's fortnightly newspaper Volume 24 Number 18. To keep reading click here. To subscribe, sign up here.

Operating in more than 40 markets, the firm has a significant presence in the US, UK, Europe and Asia-Pacific.

"Our landmark combination gives us a once-in-a-lifetime opportunity to reshape our industry and to deliver a proposition to clients that hasn't previously existed," Nuveen chief executive William Huffman said.

"Together, we'll create a platform with leading investment performance across every major capital market with the flexibility to tailor solutions to meet clients' specific goals. We'll deliver investment excellence and worldwide breadth, backed by the credibility of decades of on-the-ground presence around the world."

Nuveen said the combined firm will continue to grow and innovate through further investment in capabilities, people and client propositions and with the continued support of TIAA, a patient shareholder that invests alongside clients and has supported the long-term priorities of Nuveen across market cycles.

"Nuveen is essential to our delivery of lifetime income and financial security to millions of people," TIAA chief executive Thasunda Brown Duckett said.

"Completing this acquisition creates one of the largest active global asset managers in the world with the reach, talent and capabilities to compete and win in every major market. This combination accelerates our strategy and strengthens the investment capabilities that power our retirement and annuity products, deepening our ability to deliver on our lifetime income mission for generations to come."

Huffman said over the next 12 to 18 months, Schroders will continue to operate separately within Nuveen, led by Schroders group chief executive Richard Oldfield, who will report to Huffman.

"Today's milestone is an extraordinary moment for our clients and our business," Oldfield said.

"At a time when the world is changing rapidly, we believe active management is more relevant than ever, helping clients navigate uncertainty and achieve the outcomes they need. By bringing together our complementary strengths in active investment, we will offer more to our clients and have more opportunities for growth, underpinned by a shared investment-led culture, long-term perspective and deep heritage."

Nuveen added it intends to establish a unified investment platform with the full breadth of public and private market capabilities, led by Saira Malik who will serve as chief investment officer, also reporting to Huffman.

Johanna Kyrklund will become the combined firm's chief investment officer of public markets and solutions with responsibility for equities, fixed income, multi-asset and solutions, eventually reporting to Malik.

The firm intends to organise its combined $400 billion private markets platform by asset class, reflecting a commitment to broadening the firm's offering to clients.

Nuveen and Schroders intend to maintain their existing investment teams across both asset and wealth management for at least 12 to 18 months post-completion as integration planning takes place.

Nuveen and Schroders will also build on the presence and market positioning of Schroders' wealth management businesses, including Cazenove Capital, which are key strategic elements of the combined firm's strategy.

The acquisition of the newly developed, Coles-anchored centre is QIC's second convenience retrial purchase in less than 12 months, following its acquisition of The Albany in Sydney's Crows Nest in December 2025.

Opened in September 2025 by Frasers Property Australia, Mambourin Marketplace spans 7500 square metres and comprises a full-line Coles supermarket, 25 specialty stores and a medical precinct.

QIC Retail Estate Core Plus Strategies fund manager Charles Occhino said the purchase represented a further step in the group's everyday retail strategy, with capital redeployed following recent industrial divestments.

"We have remained selective on deployment with a clear focus on opportunities where pricing, asset quality and long-term fundamentals align with our disciplined portfolio growth strategy," Occhino said.

The centre is positioned to benefit from residential development across Melbourne's west, with its main trade area forecast to exceed 90,000 residents by 2036. It also forms the first stage of a broader town centre precinct.

Occhino said the centre's supermarket anchored income and growing catchment aligned with QIC's focus on essential retail, particularly as higher interest rates place pressure on discretionary spending.

"As consumers become more deliberate about discretionary spending, demand for everyday essentials remains resilient as we're seeing across our portfolio" he said.

The acquisition builds on QIC's existing convenience retail holdings, which include Pittwater Place in Sydney, Big Top Shopping Centre on the Sunshine Coast, Kippa-Ring Shopping Centre and Nerang Mall in Queensland.

QIC said it would continue to pursue further convenience retail opportunities while maintaining a disciplined approach to pricing, as it seeks to grow its portfolio and capture potential income growth from expanding communities.

The strategy will lend across a range of sectors including equipment leasing, transportation, consumer, real estate and infrastructure.

The fund attracted a globally diversified base of institutional investors, including US public pension plans and sovereign wealth funds.

"As the private asset-backed market grows, its sheer variety across sectors, structures and risk/return makes the market difficult to navigate," Oaktree managing director and portfolio manager Brendan Beer said.

"We see that as opportunity, giving us real freedom to pursue the best relative value. Our approach is simple: survey a very broad market for less-crowded lending opportunities, and subject them to Oaktree's critical eye."

Across the broader asset-backed finance platform, Oaktree has invested more than US$19 billion.

Beer added the partnership with Brookfield has supercharged Oaktree's proprietary sourcing and added differentiated perspectives to investment decisions.

The two firms first partnered in 2019, when Brookfield paid about $6.8 billion for a 62% stake in Oaktree. Last year, Brookfield became the owner of Oaktree after scooping up the remaining 26% stake in the credit fund manager for US$3 billion.

"The Asset-Backed Financial Fund's final close builds on Brookfield's longstanding partnership with Oaktree, which dates back to 2019," Oaktree said.

"Now as an integrated business, the strategy benefits from deeper sourcing and underwriting expertise, harnessing Brookfield's global scale and extensive operating platform."

The fund is complementary to Brookfield's broader asset-based finance platform, which totals more than US$60 billion and provides access to opportunities including specialty finance, residential non-qualified mortgages, aviation lending, music royalties, fund finance and digital infrastructure leases.