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Macquarie flags asset management challenges

CASSANDRA BALDINI  |  THURSDAY, 7 SEP 2023
Macquarie Group posted a 3% drop in its private markets assets under management (AUM) to $326.8 billion and said its asset management business will face economic challenges over the short term. In an investor presentation, the group said the drop was ...

RBA holds cash rate at 4.1%

CASSANDRA BALDINI  |  WEDNESDAY, 6 SEP 2023
... economists who predicted the hold following a drop in consumer spending and the ease of inflation. Speaking to Financial Standard, independent economist Nicki Hutley affirmed she is 99% certain that the RBA is done and dusted with hikes. "It's reasonable ...

Government passes FAR legislation

KARREN VERGARA  |  WEDNESDAY, 6 SEP 2023
The Financial Accountability Regime (FAR) passed the upper and lower houses of parliament yesterday, more than four years after it was first introduced. The Financial Accountability Regime Bill 2023 will apply to the banking industry six months after ...

Saxo APAC asset management lead exits

KARREN VERGARA  |  MONDAY, 4 SEP 2023
... oversaw the introduction of the SaxoSelect managed portfolios in Australia in March 2023. At the time Prasad told Financial Standard that the new products offered seven managed portfolios with actively managed and index-based strategies. Three offerings ...

Most trustees pass Canva valuation test: APRA

KARREN VERGARA  |  MONDAY, 4 SEP 2023
... follows APRA's broader initiative to impose more stringent rules on how funds value unlisted assets under Prudential Standard SPS 530 Investment Governance launched in late 2021, which was sparked by COVID-19 testing their ability or lack thereof to ...

Government consults on superannuation objective laws

ANDREW MCKEAN  |  FRIDAY, 1 SEP 2023
... our world-class superannuation system is delivering strong retirement outcomes." As previously reported by Financial Standard, several industry bodies like Association of Superannuation Funds Australia (ASFA) strongly endorsed the government's proposed ...

Government must do more after product failures: FSC, SCA

JAMIE WILLIAMSON, RACHEL ALEMBAKIS  |  FRIDAY, 1 SEP 2023
As the likes of Crescent Wealth and Insignia Financial respond to the 2023 superannuation performance test results, the Financial Services Council (FSC) and Super Consumers Australia have said the government must still do more to ensure members in underperforming ...

Ninety-seven super products fail performance test

JAMIE WILLIAMSON  |  THURSDAY, 31 AUG 2023
... fund Citibank Australia Staff Superannuation Fund copped one fail, for its Bonds Plus option. As reported by Financial Standard this week, Citi has opted to terminate its staff super offering from next month. APRA also found that on-platform trustee-directed ...

How to warm up for a 50-degree day

RACHEL ALEMBAKIS  |  WEDNESDAY, 30 AUG 2023
... about preparing them for what they need to do from a regulatory perspective and an asset owner perspective." Financial Standard is the official media partner of the Australian Institute of Superannuation Trustees' 2023 ASI Conference. You can subscribe ...

Midwinter partners for paraplanning solution

CHLOE WALKER  |  WEDNESDAY, 30 AUG 2023
... are confident that this partnership will shape a promising and transformative future for our business, setting a new standard of excellence in the financial planning sector," Gassner said. Meanwhile, TNW Solutions director Esha Khosla concurred: "We ...