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Super fund gets ahead of CIPR obscurity

KARREN VERGARA  |  TUESDAY, 15 SEP 2020
An industry superannuation fund is raising the bar on managing longevity risk and taking the initiative to get ahead of the retirement income review gridlock. Chris Drew, the investment manager for public markets at the Australian Catholic Superannuation ...

Banks lose US$635 billion

ELIZA BAVIN  |  TUESDAY, 15 SEP 2020
Global banks have cumulatively lost around US$635.33 billion in market capitilisation between December 2019 and August 2020, according to research from Buy Shares. The data indicated that 14 of the world's largest major global banks have suffered ...

Citi names global chief executive

KARREN VERGARA  |  MONDAY, 14 SEP 2020
Citi has appointed Jane Fraser to the role of chief executive as the incumbent retires after nearly four decades with the firm. Michael Corbat has been at the helm for the last eight years and will step down from official duties in February of 2021. ...

UBS makes private wealth strategy shift

ALLY SELBY  |  MONDAY, 14 SEP 2020
UBS has announced a shift within its $3.6 trillion (US$2.6 trillion) global wealth management business, set to see the wealth manager advise private clients to invest in sustainable assets over more traditional solutions. UBS claims it is the first ...

Legalsuper appoints executive, increases premiums

JAMIE WILLIAMSON  |  MONDAY, 14 SEP 2020
The $4 billion industry super fund has welcomed a new executive manager of member experience formerly of Cbus. It comes as the fund prepares to also increase insurance premiums for its almost 40,000-strong membership. Carrie Norman has joined legalsuper ...

ERS applications flat line

ELIZA BAVIN  |  MONDAY, 14 SEP 2020
There appears to be an end in sight for the withdrawal of Australian's retirement savings, with the latest APRA figures showing the amount of applications has flat lined at around three million. Over the week to September 6, only 49,000 applications ...

Chief economist update: Global healing?

BENJAMIN ONG  |  MONDAY, 14 SEP 2020
"You're Marines now. You adapt. You overcome. You improvise." - Heartbreak Ridge The coronavirus pandemic has been likened to a war. US president Trump called it "the invisible enemy", French head of state Macron declared that France was "at war" ...

CFS partnership to sustain advice industry

ANNABELLE DICKSON  |  FRIDAY, 11 SEP 2020
Colonial First State has entered into a partnership with graduate coaching provider Striver in order to drive graduates into the financial advice industry. The partnership will see CFS assisting university graduates with support through education, mentoring ...

Chief economist update: ECB keeps it steady

BENJAMIN ONG  |  FRIDAY, 11 SEP 2020
... positive tweak in the latest ECB staff macroeconomic projections for the single currency region. The September forecasts show Eurozone GDP contracting by 8% in 2020 - better than the 8.7% slump predicted in June. Growth projections for the year 2021 ...

Aussie small caps outperform

KARREN VERGARA  |  THURSDAY, 10 SEP 2020
... securities produce higher yield than highly rated government bonds. So long as there is not a credit crunch the fund will show a higher return than the benchmark. This is not skill, it is gaming the system," Rainmaker said. In the large-cap international ...