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Nikko executive departs

ELIZA BAVIN  |  MONDAY, 23 MAR 2020
... Management has confirmed its Australian head of product and strategy is leaving the firm. Hendrie Koster has held the role for close to three years, which saw him responsible for the overall product function, development and management. In a statement ...

Australia to lean on super

HARRISON WORLEY  |  MONDAY, 23 MAR 2020
The superannuation sector has been called on to act as a key pillar in Australia's response to the COVID-19 pandemic, with the early release of super a central tenet of the government's new policy initiatives. The government's latest suite ...

Perpetual exits MySuper

JAMIE WILLIAMSON  |  FRIDAY, 20 MAR 2020
... Perpetual said. In terms of member dynamics, analysis shows 54% of Perpetual MySuper members are male while 46% are female; close to half of which (42%) are millennials. The fund has an average balance of $30,000 but about 70% of accounts hold less than ...

Frontier warns super fund clients of recession

KANIKA SOOD  |  FRIDAY, 20 MAR 2020
... in an 'extended' scenario, local growth will slow down to -6% for this year. "The model would suggest that we are close to entering a recession, and it could be very large," said Philip Naylor, one of the consultants who worked on the modeling. ...

ClearView rated stable

HARRISON WORLEY  |  FRIDAY, 20 MAR 2020
... platform. The deal will see ClearView migrate $1 billion from its WealthSolutions platform to HUB24, however the firm will not close the offering. It will transition to HUB24, rather than operate a fully-outsourced CV-issued platform. As part of the ...

Chief economist update: Cash splash

BENJAMIN ONG  |  FRIDAY, 20 MAR 2020
"Whatever it takes and for however long it takes!" This is the collective battle cry of governments and central banks the world over as they try to calm nerves and get ahead of the coronavirus that's paralysed economic activity. Fiscal and monetary ...

NYSE closes trading floor

ELIZA BAVIN  |  THURSDAY, 19 MAR 2020
The New York Stock Exchange (NYSE) has made all trading electronic, temporarily closing its symbolic trading floor. NYSE president Stacey Cunningham announced the move after two people tested positive for COVID-19, but said the closure will only be ...

Coronavirus puts rocket under shorting ETFs

KANIKA SOOD  |  WEDNESDAY, 18 MAR 2020
... assets since start of the year. The ASX 200 and S&P 500 had both lost over 20% from the start of the year to yesterday's close, as COVID-19 and economic slowdown sweeps through the world. The market inflows have translated into juicy inflows for ...

Ellerston, Morphic look to oust Perpetual

KANIKA SOOD  |  WEDNESDAY, 18 MAR 2020
Ellerston Capital wants to take over as the responsible entity of a $75 million fund managed by Morphic Asset Management, saying it can offer investors a better deal on the fees. The Morphic Global Opportunities Fund invests in global equities and is ...

Prodigy folds, two boutiques to shut

KANIKA SOOD  |  WEDNESDAY, 18 MAR 2020
... responsible entity, Equity Trustees, is considering alternative arrangements for Flinders. Prodigy's two offices will close as well. Prodigy's first boutique was Dalton Street Capital, set up in 2016, by former Credit Suisse heads Alan Sheen ...