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NAB further delays offloading MLC

ELIZABETH MCARTHUR  |  THURSDAY, 13 FEB 2020
National Australia Bank in its quarterly update flagged another delay to the separation of MLC Wealth. NAB said that due to a challenging business environment, the separation of MLC Wealth may be delayed beyond financial year 2020. "Work on operational ...

Chief economist update: Australians not confident enough

BENJAMIN ONG  |  THURSDAY, 13 FEB 2020
Latest surveys show an improvement in Australian consumer and business confidence despite concerns over the impact of the bushfires, floods and the coronavirus. The Westpac-Melbourne Institute Index of Consumer Sentiment rose 2.3% to 95.5 in February ...

Problems persist with PYSP communication: ASIC

ELIZA BAVIN  |  WEDNESDAY, 12 FEB 2020
... targeted by the PYSP reforms, are not engaged with their super - it is unclear which piece of communication a member may read," Press said. "So it is all the more important for trustees to get their communications right. They must ensure that their members ...

Chief economist update: It's the US consumer, stupid me

BENJAMIN ONG  |  WEDNESDAY, 12 FEB 2020
Uh-oh, I may have to put the letters "W" and "R" in front of my last name (Ong) cause that's what my last prognosis for the US economy and the Fed's response is turning out to be. I've been among those pencilling in a recession when the ...

ACCC denies impropriety

ELIZA BAVIN  |  TUESDAY, 11 FEB 2020
... without obtaining the appropriate clearance, Taylor insisted he had acted properly. "I don't know if the meeting occurred. I've read the email. I honestly don't know," Taylor told the court. "I would not ever act with impropriety. I would never ever ...

Global fund enters private equity

ELIZA BAVIN  |  FRIDAY, 7 FEB 2020
A $6 trillion global investment manager has entered a strategic partnership to provide investors access to private equity. Vanguard has announced the partnership with HarbourVest to enter the private equity market in the hopes of providing investors ...

Macquarie suit to lead Challenger joint venture

KANIKA SOOD  |  THURSDAY, 6 FEB 2020
Challenger and an American fund manager have hired from Macquarie's Sydney offices, as they appoint an Australia head for their joint venture which is readying a credit fund. Ares Australia Management was set up in October last year as a joint venture ...

Calls for review of advice regulation

HARRISON WORLEY  |  THURSDAY, 6 FEB 2020
CPA Australia is campaigning government for a state funded review into the regulatory frameworks overseeing financial advice, which it believes alienate consumers and small business from the sector. In its pre-budget submission the peak body for certified ...

Pro-bono advice program for bushfire affected launches

ELIZABETH MCARTHUR  |  THURSDAY, 6 FEB 2020
Financial advisers wishing to lend a helping hand to those impacted by the ongoing bushfire crisis can now sign up to be a part of the Financial Planning Association of Australia and Association of Financial Advisers joint pro-bono advice program. The ...

Bonds not out of the game

ELIZA BAVIN  |  TUESDAY, 4 FEB 2020
Bond managers appear to be taking a more active approach to investing in the current low-volatility environment, according to Bank of China's head of fixed income Mark Todd. Looking into the performance of the major bond funds form the last 12 months ...