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$3m super tax edges closer to reality

MATTHEW WAI  |  THURSDAY, 10 OCT 2024
The $3 million superannuation tax passed the lower house yesterday afternoon with a majority vote count of 52:9, however attempts to see the tax indexed were shot down. The Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other ...

ASIC bans adviser who misled TPB

JAMIE WILLIAMSON  |  WEDNESDAY, 9 OCT 2024
... Richmond Partners in North Sydney, is banned from provided financial services for two years. He was registered with the TPB for close to eight years before having his registration revoked in March 2023 due to no longer meeting requirements. ASIC said ...

Ares buys GCP International in $5.5bn deal

JAMIE WILLIAMSON  |  WEDNESDAY, 9 OCT 2024
... alternatives manager. Following the deal, Ares Real Estate will be one of the largest global vertically integrated platforms with close to double its current AUM to approximately $142 billion (US$96bn) across the US, Europe, Asia, and Latin America. ...

Global X launches defence technology ETF

ANDREW MCKEAN  |  WEDNESDAY, 9 OCT 2024
Global X has launched a defence technology exchange-traded fund (ETF) which offers targeted exposure to sectors "driving the future of defence." The Global X Defence Tech ETF (ASX: DTEC) will afford investors access to global companies, such as those ...

Market has priced in 'too many' rate cuts

ELIZA BAVIN  |  WEDNESDAY, 9 OCT 2024
Investors are betting on several interest rate cuts from the US Federal Reserve before the year comes to a close. T. Rowe Price head of investment grade and portfolio manager in the fixed income division Steve Boothe said the market is pricing in several ...

'Challenging period' for active managers

ELIZA BAVIN  |  WEDNESDAY, 9 OCT 2024
... Index. "Actively managed domestic equity funds in South Africa and Mexico also performed relatively well, with beat rates close to or above 50%." Other "bright spots" for active performance were in the fixed income space. The report found that lower-credit ...

AFCA consults on revised superannuation death benefits

MATTHEW WAI  |  TUESDAY, 8 OCT 2024
The Australian Financial Complaints Authority (AFCA) is seeking feedback on how it approaches superannuation death benefits in hopes to reduce disputes and misunderstandings when processing such complaints. This follows on from another consultation ...

CFMG Capital raises for $26m Brisbane project

MATTHEW WAI  |  WEDNESDAY, 2 OCT 2024
... with prices starting from $900,000, CFMG said. It is expected to hit the market in early 2026. It is targeting a return of close to 20% over a set term. CFMG Capital Group general manager Andrew Thomson said this is the third site in the area following ...

Hamilton Lane adds SCOPE to product lineup

ELIZA BAVIN  |  WEDNESDAY, 2 OCT 2024
... and yield. The fund has been available for qualified investors in Canada, Europe, Latin America, and Southeast Asia for close to two years, and will now be open to investors, including certain high-net-worth investors in Australia. SCOPE is structured ...

ASIC crackdown: Action taken against 13 SMSF auditors

ELIZA BAVIN  |  WEDNESDAY, 2 OCT 2024
During the first half of 2024, ASIC acted against the registration of 13 approved self-managed superannuation fund (SMSF) auditors. ASIC's concerns covered a range of topics, including breaches of auditing and assurance standards, independence requirements ...