Industry prepares for Abbott's first budget

ASIC is again putting up roadblocks to Sequoia Financial Group's attempt to revoke the deed of cross guarantee with InterPrac Financial Planning, asking more questions and requesting more information before the group rids itself of all liabilities arising from the Shield and First Guardian disaster.

MLC Super has created two new roles of general manager of portfolio delivery and general manager of employer superannuation.

Robeco has launched a new systematic strategy for institutional investors, designed to manage the Australian index's overconcentration in banks and miners.

Mercer Australia has halved the number of fixed income fund managers in its sovereign bond fund strategy, retaining just Challenger Life and Macquarie Investment Management.