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All MySuper products pass super performance test

KARREN VERGARA  |  FRIDAY, 30 AUG 2024
... platform being among the lowest in the market, we are disappointed that a small subset of investment options on the platform did not pass," she said. AMP has been vocal about the shortcomings of the test, saying that the options are not trustee directed ...

Generation Development Group profit jumps

ANDREW MCKEAN  |  THURSDAY, 29 AUG 2024
Generation Development Group's (GDG) underlying net profit after tax rose 55% to $11.2 million in FY24. Its subsidiary, Generation Life, chief executive Grant Hackett said FY24 proved to be another year of outperformance for the company, "surpassing ...

NGS Super names new chair

JAMIE WILLIAMSON  |  THURSDAY, 29 AUG 2024
Following a revision of its constitution, NGS Super will welcome its first independent chair in 2025. The industry fund, which caters to education professionals, has revised its constitution to allow for the inclusion of independent directors on its ...

WAM Active returns 30%, beats indices

KARREN VERGARA  |  WEDNESDAY, 28 AUG 2024
Listed investment company (LIC) WAM Active (WAA) returned nearly 30% p.a. to unitholders, trumping its benchmarks in the last financial year. WAA beat its reference indices S&P/ASX All Ordinaries Accumulation Index by 13.3% and the Bloomberg AusBond ...

Inflation eases in July

ELIZA BAVIN  |  WEDNESDAY, 28 AUG 2024
... July." Betashares chief economist David Bassanese said that while the further slowing in annual inflation is welcome, it may not mean an interest rate cut is on the cards. "Today's July CPI report showed a welcome further slowing in annual inflation ...

NGS Super to cut insurance premiums

ANDREW MCKEAN  |  TUESDAY, 27 AUG 2024
NGS Super will adjust its insurance costs, resulting in lower premiums for more than 97% of its members, from October 1. The super fund noted, however, that a "small group of members" will experience an increase in costs. On average, its members will ...

Former adviser cops 12 years' imprisonment

KARREN VERGARA  |  TUESDAY, 27 AUG 2024
... for former clients. Judge Moynihan said Jayaweera's conduct was "brazen, gross, and callous" and that his actions "were not only criminal but evil, demonstrating no remorse". Judge Moynihan found evidence of gross breach of trust and that the victims ...

Sequoia ends FY24 with 350 advisers

KARREN VERGARA  |  TUESDAY, 27 AUG 2024
... grappling with a string of matters related to "the provision of financial services to its retail clients" with AFCA but did not disclose what they relate to and how much they will potentially cost. Complaints which there is a probable likelihood of restitution ...

ISPT, IFM Investors merger advances

KARREN VERGARA  |  TUESDAY, 27 AUG 2024
The merger of IFM Investors and ISPT has moved forward as the latter's shareholders agree on the conditions of the deal. ISPT's board has notified IFM Investors that it "has elected to support a binding offer made to ISPT and their unit holders." ...

Economists hit back at RBA guidance

ELIZA BAVIN  |  TUESDAY, 27 AUG 2024
The Reserve Bank of Australia (RBA) has indicated that there will not be any short-term cutting of interest rates, but the market is pricing in a cut before the end of the year. RBA governor Michele Bullock pushed back against the market pricing, stating ...