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Australia's 1% just keep getting richer: Study

CHLOE WALKER  |  TUESDAY, 17 JAN 2023
... high-flying chief executives and millionaires," Spinks said. "Staggeringly, just 42 Australians now have a combined wealth of close to $236 billion. "Cutting taxes for high income earners will make our system less fair, overwhelmingly benefiting the ...

JPMorgan says fintech was a fraud, closes business

JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2023
JPMorgan has shuttered the financial planning fintech it acquired in 2021 and is suing its founder, claiming most of its users were fake accounts created to inflate the business' value. In September 2021, JPMorgan Chase acquired Frank, a platform that ...

BlackRock rethinks fundamental equities, PMs depart

JAMIE WILLIAMSON  |  MONDAY, 16 JAN 2023
... High Conviction Australian Long Short Fund and the BlackRock High Conviction Australian Future Companies Fund will both close. Meanwhile, the $249 million BlackRock High Conviction Australian Equity Fund will be aligned to Pendal Group's 'Focus' strategy ...

CBRE Investment Management appoints APAC research lead

CHLOE WALKER  |  FRIDAY, 13 JAN 2023
CBRE Investment Management has welcomed Melbourne-based Sandy Padilla to the role of APAC head of research. Padilla recently served as senior director within the APAC research team, with a focus on Pacific markets. She joined CBRE Investment Management ...

Berkshire Hathaway, IAG restructure agreement

CASSANDRA BALDINI  |  THURSDAY, 12 JAN 2023
... ownership. The renewed terms with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway, will continue for close to seven years, valid from January 2023 to December 2029, and consist of 20% quota share. IAG chief financial officer Michelle ...

Court approves Pendal takeover

JAMIE WILLIAMSON  |  WEDNESDAY, 11 JAN 2023
... lodging a copy of the orders with ASIC. As such, Pendal will also request quotation of its shares on the ASX be suspended from close of trading tomorrow. The final terms of the scheme will see Pendal shareholders receive $1.65 cash per share, less the ...

ASIC takes action against more greenwashing

RACHEL ALEMBAKIS  |  TUESDAY, 10 JAN 2023
ASIC has continued its crackdown on greenwashing, having recently fined two more entities over alleged false or misleading statements. Earlier this month, ASIC announced it fined superannuation trustee Diversa Trustees $13,320. Diversa is the issuer ...

BlackRock appoints APAC head of wealth

CASSANDRA BALDINI  |  TUESDAY, 10 JAN 2023
BlackRock has named veteran James Raby as its APAC head of wealth, based in Hong Kong. He will report into BlackRock chair and head of APAC Rachel Lord and replaces Guilherme Lima. With more than 15 years of experience at the firm, Raby has held various ...

Perpetual promotes Anthony Aboud

ELIZABETH FRY  |  WEDNESDAY, 21 DEC 2022
Perpetual has appointed a new deputy head of equities within the asset management business following Vince Pezzullo's recent promotion to head of equities. Longtime portfolio manager Anthony Aboud will take up the new role continuing to work closely ...

What you read in 2022

CASSANDRA BALDINI  |  FRIDAY, 16 DEC 2022
Amid a year of economic turbulence and soaring inflation, Financial Standard's most read stories reveal attention was once again focused on the evolving superannuation sector. The worst performing super products and funds underscore the majority ...