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Insignia Financial finds buyer for Millennium3

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
WT Financial Group (WTL) will acquire Millennium3 Financial Services (M3) from Insignia Financial for $2 million. Under the deal, M3's 140 wealth and personal risk insurance advisers, operating in more than 75 privately owned practices across the ...

Robo-adviser reaches US$50bn milestone

KARREN VERGARA  |  MONDAY, 20 NOV 2023
... "mutually agreed" upon to terminate the deal. Wealthfront had about US$27 billion ($41bn) in AUM at the time. Wealthfront's close rival Betterment had over US$40 billion ($61bn) in AUM and some 800,000 investors at the end of August. Also a major player ...

Stockland recruits AMP Capital real estate lead

CHLOE WALKER  |  MONDAY, 20 NOV 2023
... executive, development. He currently serves as Stockland's chief executive, communities and has worked at the group for close to 16 years. Under the changes, Louise Mason will depart the property development giant after six years as chief executive ...

Bell Financial Group welcomes group head of sales

CASSANDRA BALDINI  |  MONDAY, 20 NOV 2023
... Davenport becoming co-chief executives. The news followed the retirement of Bell FG chair Alastair Provan, who left after close to four years in the role and over four decades with the group.

Advisers turning to cash, fixed income: Data

CHLOE WALKER  |  FRIDAY, 17 NOV 2023
Financial advisers are increasingly leaning towards cash and fixed income, making up 15% of new client inflows this year, according to Investment Trends. The 2023 Adviser Product and Marketing Needs report revealed that one in four advisers recognise ...

Super funds missing out on rich returns from Aussie agriculture

ANDREW MCKEAN  |  FRIDAY, 17 NOV 2023
Global pension funds are increasing investments in Australian agriculture, the nation's second-largest real estate sector, prompting Warakirri Asset Management managing director Jim McKay to question the relative absence of superannuation funds. Warakirri ...

Wages growth reaches unsustainable level: Mousina

CASSANDRA BALDINI  |  THURSDAY, 16 NOV 2023
The quarterly Wage Price Index (WPI) jumped by 1.3% to 4% in September, beating inflation, but AMP deputy chief economist Diana Mousina says it's not economically sustainable. According to the Australian Bureau of Statistics (ABS), September's ...

CQS sold to Manulife Investment Management

CASSANDRA BALDINI  |  THURSDAY, 16 NOV 2023
... multi-billion-dollar asset management firm to Canadian giant Manulife Investment Management. Under the acquisition, expected to close in early 2024, Manulife will own London-based CQS's US$13.5 billion credit platform and its brand for an undisclosed ...

Currency hedging solution launched for managed accounts

JAMIE WILLIAMSON  |  WEDNESDAY, 15 NOV 2023
Rochford Group launched a hedging solution for managed accounts that hold USD assets, to meet the growing need to simplify the management of AUD/USD currency exposures. Rochford Group has appointed Equity Trustees as responsible entity of its new fund ...

ASIC to crack down on superannuation misconduct

ANDREW MCKEAN  |  WEDNESDAY, 15 NOV 2023
ASIC has announced plans for strong, targeted enforcement action in the superannuation sector, focusing on member outcomes in 2024. Baring its teeth in an enforcement and regulatory update released today, the corporate regulator signalled that tackling ...