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Taper rates need revamp

KANIKA SOOD  |  THURSDAY, 4 JUN 2020
... enough," Boal said. "If the retiree draws down and spends the minimum amount each year, the annual taper rate would need to be close to $39 for the retiree to receive total additional retirement payments higher than the accumulated reduction in the person's ...

Charities call for further stimulus

ALLY SELBY  |  WEDNESDAY, 3 JUN 2020
... charities would immediately be making an operating loss, while 17% would be at a high risk of becoming unviable - needing to close their doors within six months. Already facing funding issues prior to the COVID-19 crisis, SVA chief executive Suzie Riddell ...

Madison sale confirmed

JAMIE WILLIAMSON, KANIKA SOOD  |  WEDNESDAY, 3 JUN 2020
Madison Financial Group is set to be owned by Clime Investment Management, after a share sale deed was signed yesterday, as first reported by Financial Standard early this morning. OneVue this morning said the sale includes Madison Financial Group ...

GDP figures reveal start of COVID-19 impact

ELIZA BAVIN  |  WEDNESDAY, 3 JUN 2020
The Australian Gross Domestic Product fell 0.3%, seasonally adjusted, in the March quarter and growth slowed to 1.4% through the year, according to figures released by the Australian Bureau of Statistics. ABS chief economist Bruce Hockman said this ...

Clime buys Madison Financial Group

KANIKA SOOD, JAMIE WILLIAMSON  |  WEDNESDAY, 3 JUN 2020
The much-anticipated sale of Madison Financial Group was finalised Tuesday evening, with the buyer paying $4.5 million to $5 million, Financial Standard understands. Clime Investment Management will be the new owner of Madison Financial Group, which ...

AMP Foundation offers $2m for COVID-19 recovery

KANIKA SOOD  |  TUESDAY, 2 JUN 2020
... purposes, including salaries, equipment, training and technology, AMP said. Eligible non-profits can apply on AMP's website by close of business on June 18. "The Foundation has been so impressed by the agile response of so many non-profit organisations ...

FASEA boycott sparks in-fighting

ELIZABETH MCARTHUR  |  TUESDAY, 2 JUN 2020
... with the UFAA. Schroeder was director, chief executive, responsible manager and a key person for Spectrum - once home to close to 100 advisers. ASIC surveillance identified serious concerns about the licensee's compliance with its obligations as ...

UniSuper stares down job crisis

ELIZABETH MCARTHUR  |  TUESDAY, 2 JUN 2020
The industry superannuation fund for universities is the only defined benefit fund still open to new members in Australia, now it is grappling with how the sector has been decimated by COVID-19. The travel bans put in place around the world to curb ...

Clearstream rebrands Australian acquisition

ALLY SELBY  |  MONDAY, 1 JUN 2020
... "With the planned link to Vestima, Australian investors will have access to more than 190,000 investment funds domiciled in close to 50 jurisdictions."

IRESS advances surprise bid for OneVue

KANIKA SOOD  |  MONDAY, 1 JUN 2020
... due to be finalised in May. This morning OVH said the sale terms have been agreed in principal and documentation is very close to finalisation. "Execution of the sale agreement is expected to occur imminently. Completion of the sale should occur within ...