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Aware Super restructures executive team

ANDREW MCKEAN  |  WEDNESDAY, 7 FEB 2024
... Acquisition, Connect and Grow, and Retire teams. Aware Super's Corporate Development team - responsible for fund mergers - will now report to Travis in the new executive structure, focusing on enhancing the value to merger partners. Aware Super chief ...

Cash rate unchanged at 4.35%

KARREN VERGARA  |  WEDNESDAY, 7 FEB 2024
... cost of services, however, remains high. Economists unanimously predicted that the RBA would leave the base rate as is for now. "While there are encouraging signs, the economic outlook is uncertain and the board remains highly attentive to inflation ...

SMSF scammers charged with criminal offences

KARREN VERGARA  |  WEDNESDAY, 7 FEB 2024
... disqualification of five auditors - Stephen Bray, Kerpal Harnam, Terence Murphy, Johann Preller, and David Sidhu. ASIC has now placed them on its public banned and disqualified register. They are not eligible to reapply for registration. Murphy requested ...

Online investor participation declines

ANDREW MCKEAN  |  TUESDAY, 6 FEB 2024
... the past year, mitigating the decline in investor numbers. The report highlighted that 29% of reactivated online investors now include international shares in their portfolios, an increase from 25% in May 2023 and 23% in November 2022. Investment Trends ...

iExtend finds interim arrangement to operate

KARREN VERGARA  |  TUESDAY, 6 FEB 2024
After being rebuked by ASIC for operating without an AFS Licence, iExtend is now running under a Corporate Authorised Representative (CAR) arrangement for the interim. A CAR enables iExtend to act as an agent of an AFS Licensee, meaning it is authorised ...

BlackRock iShares adds to factor ETFs

JAMIE WILLIAMSON  |  MONDAY, 5 FEB 2024
... Meanwhile, Tamara Stats, iShares ETF and index investments specialist, BlackRock Australasia said financial advisers and investors now have a broad selection of style 'tilts' available through the iShares Factor ETF suite which will enable them to be ...

Scarcity buys stake in asset manager

KARREN VERGARA  |  MONDAY, 5 FEB 2024
... with private wealth firms to build investment portfolios, specifically separately managed accounts (SMA). Founded in 2018, it now has 24 staff members based in Sydney, Melbourne, Brisbane, and New York. Evidentia founder and chief executive Peter Smith ...

ASIC to tighten grip on super fund misdemeanours

ANDREW MCKEAN  |  FRIDAY, 2 FEB 2024
ASIC deputy chair Sarah Court has reaffirmed that the corporate regulator is targeting member service failures, greenwashing, and inappropriate fees and charges, cautioning the superannuation industry to lift its game. At an industry event, Court said ...

Pinnacle affiliates push FUM to $100bn

KARREN VERGARA  |  FRIDAY, 2 FEB 2024
... million to NPAT. Pinnacle also announced that it wrote down $3.4 million for its stake in OpenInvest. The current valuation is now only about $200,000. In 2021, Pinnacle made a $3 million cornerstone investment in OpenInvest. Last December, Tayside Group ...

PGIM names institutional client group lead

ELIZABETH FRY  |  FRIDAY, 2 FEB 2024
... fiduciaries. Even though PGIM stressed that Australia remains a key part of its global growth strategy, the market grew antsy. But now, investors know what's what. Briant previously worked at Morgan Stanley Investment Management, joining its subsidiary ...