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Australia in China's shadow

BENJAMIN ONG  |  WEDNESDAY, 16 DEC 2020
... Department of Foreign Affairs and Trade data shows that Beijing accounts for 35.3% of total exports in 2019/20, much more than our next five biggest export markets combined - Japan (11.8%), South Korea (5.8%), USA (5.8%), UK (4.4%), and India (3.9%). ...

ETF industry revenues revealed

KANIKA SOOD  |  TUESDAY, 15 DEC 2020
... at the revenue numbers, Rainmaker calculated the end-of-month MER revenue for each manager with an ETF listed on the ASX. Next on the list were global giants BlackRock and Vanguard with $38.3 million and $34 million in revenue from ETFs for the period. ...

New chief executive at Fitzpatricks Group

KANIKA SOOD  |  TUESDAY, 15 DEC 2020
... take on this new role and confident I leave the group CEO role in the very capable hands of Jodie, who will help build the next part of our journey as a national advisory and wealth firm."

Cbus, Media Super merger progresses

JAMIE WILLIAMSON  |  TUESDAY, 15 DEC 2020
The two industry superannuation funds will move on to the next phase of merger preparations, as the smaller of the two confirms the closure of numerous investment options. Cbus and Media Super have announced they are commencing work on a merger plan ...

Chief economist update: An extra mile for a deal

BENJAMIN ONG  |  MONDAY, 14 DEC 2020
... to 8%. Other forecasts are similarly gloomy. The independent Office of Budget Responsibility reckons that no-deal will cut next year's GDP by an additional 2%, on top of the costs from shifting to an FTA." In addition, Factset reports that: "A few ...

How far are we from a trillion-dollar super fund?

KANIKA SOOD  |  FRIDAY, 11 DEC 2020
... AustralianSuper could be at $500 billion by 2027 and a trillion dollars in 10 to 15 years from now," Dunnin said. Which fund is next? The next super fund to cross $200 billion will be Aware Super, which Dunnin said it could happen by 2024. Three years ...

Financial services' biggest tax bills revealed

ANNABELLE DICKSON  |  FRIDAY, 11 DEC 2020
... outside the big four banks with the highest tax bill $727 million in 2018/19. Macquarie Group followed behind at $493 million. Next up were the ASX at $282 million and the Future Fund at $231 million. Magellan Financial Group led the fund managers with ...

Key advice reforms tabled

KARREN VERGARA  |  THURSDAY, 10 DEC 2020
... provide clients a fee disclosure statement outlining what is being charged and the services they are entitled to over the next 12 months. This also seeks permission to renew all annual ongoing fee arrangements. Written consent must also be obtained before ...

Citi appoints head of fund services for Australian product

KANIKA SOOD  |  WEDNESDAY, 9 DEC 2020
... support our expanded client base." In September, Citi said it expects to add over 20 custody clients and employees in the next 12 months, as the RBC client transfer agreement with Citi comes into effect, as it announced Netwealth signed up with it for ...

Chief economist update: Japan's five minutes of sunshine

BENJAMIN ONG  |  WEDNESDAY, 9 DEC 2020
... candidate has been hit by manufacturing delays." If it's the same for Japan, it wouldn't be until the second half of next year when the sun fully rises on its economy.