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Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... caseworker resources to assist in managing our increased volumes and one of our seven case management teams in superannuation is now specialising in delaying claim handling cases. If trustees improve the number of cases resolved in its IDR process, it ...

L1 Capital joint MD takes leave of absence

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... of the best performers for the month. "In addition, the portfolio was well positioned to benefit from the tailwinds we are now starting to see in the copper, energy and gold markets," L1 said. Over the year however, the fund returned 11.7% compared to ...

Income AM bolsters sales function

ELIZABETH FRY  |  FRIDAY, 5 APR 2024
... FIIG. Bruce joins as executive director and head of Western Australia for IAM. He was the state manager for WA at FIIG and is now tasked with spearheading the firm's entry into the state. Labib said Bruce brings over 20 years of experience working ...

JANA appoints new investment trusts leads

ELIZA BAVIN  |  THURSDAY, 4 APR 2024
... portfolios, investment trusts. Claire Simpson will take on the role of head of investments, investment trusts and David Schnell is now head of diversified portfolios, investment trusts. Both were internal appointments. JANA said Simpson's and Schnell's ...

Citi scores $13bn custody, admin mandate

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2024
Citi Securities Services added an ASX-listed investment manager and advice group to its client book. Citi is now custodian, fund administration and registry services provider for Fiducian Group, having completed the migration of over 1300 assets, thousands ...

Powell confirms rate cuts likely 'at some point' this year

ELIZA BAVIN  |  THURSDAY, 4 APR 2024
... Reserve as investors patiently await interest rate cuts, with the US central bank indicating they should arrive this year. Now US Federal Reserve chair Jerome Powell has confirmed the bank is targeting a rate cut "at some point this year". "Powell reiterated ...

Macquarie executive to become chief product officer at BT

JAMIE WILLIAMSON  |  WEDNESDAY, 3 APR 2024
... enhance the adviser and investor experience." Since Vincent's departure, Kathryn Cosentino has been acting in the role. She will now revert to head of platforms product management, the role she took on in May 2022 after more than 22 years at MLC.

Perennial renews contract with SS&C

KARREN VERGARA  |  WEDNESDAY, 3 APR 2024
... services for its exchange-traded funds (ETFs), unlisted and dual-listed funds, and private equity offerings. Perennial has now expanded SS&C's mandate to include all fund types and to include transaction and distribution processing, AML/KYC, regulatory ...

Former adviser slapped with 12 charges

KARREN VERGARA  |  WEDNESDAY, 3 APR 2024
... that the forms were not genuine between, 23 July 2019 and 15 January 2020. During this time, he was a representative of the now-defunct Nextgen Financial Group, where he joined in September 2013 and left in September 2021. After that, he was licensed ...

Aware Super chair named governor-general

ELIZA BAVIN  |  WEDNESDAY, 3 APR 2024
... their retirement outcomes and improving equity in the superannuation system, particularly for women." Aware Super said it has now commenced the search for a new independent chair. The Association of Superannuation Funds of Australia (ASFA) also welcomed ...