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ASIC finds shortcomings in wholesale market practices

ANDREW MCKEAN  |  WEDNESDAY, 26 OCT 2022
ASIC has released two reports on better and poorer practices in wholesale financial markets, encouraging participants in these markets to benchmark themselves against industry standards. Report 741 Conduct risk in wholesale fixed income markets (REP ...

CommSec, AUSIEX to pay $27m penalty

JAMIE WILLIAMSON  |  WEDNESDAY, 26 OCT 2022
... a variety of ways and on multiple occasions. The breaches include CommSec customers being overcharged brokerage fees on close to 121,000 occasions and to the tune of more than $4.3 million; failure by both companies to comply with client money reconciliation ...

RBA downplays exchange rate inflationary impacts

ANDREW MCKEAN  |  TUESDAY, 25 OCT 2022
... years after mining investment had peaked for the real Australia trade-weighted index of the exchange rate (TWI) to return close to its pre-mining boom level. But, while slower wages contributed only gradually to adjustments in the real exchange rate ...

Andrew Hagger leaves Tattarang

JAMIE WILLIAMSON  |  TUESDAY, 25 OCT 2022
... executive of Minderoo. A spokesperson for Tattarang confirmed he will also remain as investment lead. "I have enjoyed such a close, trusting relationship with Andrew for the past four years, and that will continue," Forrest commented. Meanwhile, Minderoo ...

Fidelity bolsters institutional team

CHLOE WALKER  |  MONDAY, 24 OCT 2022
Melbourne-based Satoko Asai has been appointed as Fidelity International's new director, institutional business. Satoko has an accomplished global financial services career spanning over 17 years, and joins Fidelity from U Ethical where she worked ...

Charter Hall hires REIT vet

CHLOE WALKER  |  FRIDAY, 21 OCT 2022
Mark Ferguson has been appointed as head of the Charter Hall Maxim Property Securities business (Maxim), bringing 30 years of listed property securities experience to the role. Ferguson joins the property investment company from Macquarie as its head ...

Austbrokers Life, Australian Unity partner

CASSANDRA BALDINI  |  THURSDAY, 20 OCT 2022
... quality advice and financial solutions that support the well-being of Australian households," he said. Austbrokers Life has close to 9000 clients, manages 180 claims, and has provided over $37 million in payments over the last financial year, it said. ...

Perpetual takeover of Pendal progresses

ANDREW MCKEAN  |  WEDNESDAY, 19 OCT 2022
In Perpetual's first quarter business update, it said that progress has been made across the key conditions to the Pendal Group takeover, including client consents and regulatory approvals. Perpetual chief executive and managing director Rob Adams ...

Partners Group expands Australian team

CASSANDRA BALDINI  |  WEDNESDAY, 19 OCT 2022
... managing director, client solutions and senior member of management Jonathan Abraham. Partners Group reported it's raised close to $20 billion since opening the Australian business.

Fortnum expands engagement, growth team

CASSANDRA BALDINI  |  WEDNESDAY, 19 OCT 2022
Fortnum Private Wealth welcomed Jason Gapps to the role of practice engagement and growth manager. Gapps will officially start in November and report to Fortnum's head of practice engagement and growth Rob Skinner. He joins from Madison Financial Group ...