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Singapore to be millionaire capital by 2030: Report

CASSANDRA BALDINI  |  MONDAY, 22 AUG 2022
It's estimated that Singapore will have the highest adult population of millionaires by 2030, overtaking Australia by 7%. HSBC has issued The rise of Asian wealth and revealed roughly 13.4% of Singapore's adult population will be millionaires ...

Assets under custody take a hit: ACSA

JAMIE WILLIAMSON  |  MONDAY, 22 AUG 2022
Total assets under custody in Australia dropped by more than 8% in the six months to June end, with some custodians seeing declines of more than 10%. The latest data from the Australian Custodial Services Association shows total assets under custody ...

Calls to pay super on parental leave grow

JAMIE WILLIAMSON  |  MONDAY, 22 AUG 2022
HESTA has joined calls for superannuation to be paid on Commonwealth Paid Parental Leave entitlements, saying modelling shows it could see a mother of two retire with $14,000 more in her account. The super fund has joined a coalition of 18 organisations ...

Iress records 29% jump in profit

CASSANDRA BALDINI  |  THURSDAY, 18 AUG 2022
Iress has reported a 29% increase to its underlying net profit after tax (NPAT), coming in at $31.8 million, as it looks to strengthen its position with superannuation funds. The increase comes in its half-year results (H1 22) which also showed revenues ...

Strong wage growth lags inflation

ANDREW MCKEAN  |  THURSDAY, 18 AUG 2022
Treasurer Jim Chalmers and employment minister Tony Burke said they are pleased to see strong wages growth but noted it's still well short of inflation. Australian Bureau of Statistics (ABS) data shows the Wage Price Index rose 2.6% in the year to June ...

Females, millennials lead the way in SMSFs: Class

CHLOE WALKER  |  WEDNESDAY, 17 AUG 2022
According to Class's 2022 Annual Benchmark Report, female SMSF balances are rising faster than males and most new SMSFs are being established by millennials. Over the past three years, millennials have become the largest cohort of all the age groups ...

Rainmaker unveils managed fund flow winners

ANDREW MCKEAN  |  WEDNESDAY, 17 AUG 2022
Rainmaker Information has published the Wholesale Managed Funds Net Flow report, measuring the growth or decline of wholesale managed funds. Providing market intelligence on the use of wholesale managed funds, both open unlisted unit trusts and ETFs ...

MLC Life Insurance launches wellbeing service

CASSANDRA BALDINI  |  TUESDAY, 16 AUG 2022
MLC Life Insurance has launched its Vivo health, wellness and recovery service to support its customers wanting to improve wellbeing throughout all life stages. All customers insured by MLC Life Insurance will be supported by Vivo under one brand. It's ...

Lutheran Super merger imminent

JAMIE WILLIAMSON  |  TUESDAY, 16 AUG 2022
After significant delays, Lutheran Super is expected to confirm its merger partner later this month. In January, Lutheran Super said it had identified a preferred merger partner, having reviewed a shortlist of three funds. At the time, the fund anticipated ...

Most retirees want pension support through super: Report

CASSANDRA BALDINI  |  TUESDAY, 16 AUG 2022
New data shows that 70% of retirees want Age Pension support from their super fund. Link Group's Retirement Reality: Advice and the Age Pension whitepaper reveals that 74% of women and 67% of men want more support when it comes to the Age Pension ...