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MLC Life appoints chief investment officer

KARREN VERGARA  |  TUESDAY, 2 MAY 2023
... manager of investment risk management. MLC Life chief executive Kent Griffin said the appointment is "a sign of the critical, close working relationship between Nippon Life Insurance and MLC Life Insurance, and the commitment Nippon Life has to the success ...

JPMorgan acquires First Republic Bank

CASSANDRA BALDINI  |  TUESDAY, 2 MAY 2023
The embattled bank was closed by US regulators and sold to JPMorgan Chase, which will assume all its deposits and most of its assets. Californian authorities, alongside the Federal Deposit Insurance Corporation (FDIC), closed the doors to First Republic ...

LongView launches shared equity fund

KARREN VERGARA  |  MONDAY, 1 MAY 2023
LongView has launched a new fund that aims to help solve Australia's housing affordability crisis by co-investing alongside homebuyers. The LongView Shared Equity Fund co-invests with would-be homeowners via shared equity in which LongView also helps ...

Lazard to reduce workforce by 10%

JAMIE WILLIAMSON  |  MONDAY, 1 MAY 2023
... all businesses, with the decision made "in light of the current environment," it said. As of December 2022, Lazard employs close to 3500 globally. "The first quarter was marked by economic uncertainty and market turmoil, particularly in the financial ...

Lumiant acquires longevity app

KARREN VERGARA  |  FRIDAY, 28 APR 2023
Lumiant has acquired an app that helps financial advisers monitor clients' health, longevity and aged care risks that could impact retirement. Chicago-based Genivity, deemed a health analysis and longevity optimiser (HALO), will integrate into Lumiant's ...

Infrastructure an asset class for all seasons: IFM

CHLOE WALKER  |  FRIDAY, 28 APR 2023
The role of infrastructure in portfolios will continue to be a prominent theme for asset allocators this year, as will increased consideration of social factors, according to new report by IFM Investors. The report, titled Infrastructure Outlook 2023 ...

YFYS sanctions don't help existing members: ISA

CHLOE WALKER  |  THURSDAY, 27 APR 2023
On the back of yesterday's heatmaps from APRA, Industry Super Australia (ISA) has said it's clear that closing funds to new members is a Choice sector business model, not a punishment. The Choice heatmaps revealed two thirds of products that are closed ...

Perpetual progresses Pendal integration

JAMIE WILLIAMSON  |  THURSDAY, 27 APR 2023
... since 31 December 2022. They now sit at $210 billion. The Australian asset management business accounts for $63.9 billion, close to $40 billion of which was acquired through the Pendal transaction. Net inflows of $0.5 billion were split across Pendal's ...

Equity Trustees, OnePath dominate choice heatmap failure

KARREN VERGARA  |  WEDNESDAY, 26 APR 2023
A host of Equity Trustees and OnePath options once again dominated the worst-performing and most expensive Choice products in APRA's newly published heatmap results. Of the 407 options with an eight-year return history APRA analysed, 182 or 45% ...

Former adviser jailed for nine years

KARREN VERGARA  |  MONDAY, 24 APR 2023
... "Often, as here, these types of offences involve a grave breach of trust and are only able to be committed because of the close personal relationship that exists between an offender and his or her victim," Justice O'Brien said. "In respect of most ...