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Chief economist update: Coronavirus causes equity market correction

BENJAMIN ONG  |  MONDAY, 2 MAR 2020
... doomiest headline of them all. But it's working. The CBOE VIX index - the fear gauge - jumped to a reading of 40.1 at the close of last Friday's trading - the highest since 2011. Most global equity markets are now in correction, and rightfully ...

Retirement review goes off the rails

HARRISON WORLEY  |  FRIDAY, 28 FEB 2020
Superannuation experts are concerned the retirement income review may be getting out of hand, evidenced by numerous stakeholder submissions straying from the consultation guidelines by proposing a complete transformation of the super system. At the ...

Evans Dixon slashes staff

ALLY SELBY  |  THURSDAY, 27 FEB 2020
Embattled wealth manager Evans Dixon has revealed it fired 20% of its staff, as it reports its underlying earnings were down 22% for the half-year to $20.8 million. The firm cut 14% of its staff in its wealth advice business, 5% of its E&P business ...

Chief economist update: Wall Street sneezes

BENJAMIN ONG  |  THURSDAY, 27 FEB 2020
It may have started in China and is infecting its way around the planet but the coronavirus hadn't had much impact on equity markets until it hit investor sentiment on Wall Street. Five straight down days have taken returns on the S&P 500 index ...

Three ETFs axed by Morningstar

KANIKA SOOD  |  TUESDAY, 25 FEB 2020
... and despite Morningstar dropping coverage, BetaShares plans to continue running it. "Yes, absolutely we have no plans [to close it]. Each research firm is making an assessment of which funds are in demand from their clients. Different types of clients ...

Higher super contributions make Aussies feel safer

HARRISON WORLEY  |  TUESDAY, 25 FEB 2020
... accessibility and relevance of content," Choi said. It is crucial that relevant retirement information is easy to find, as close to 90% of those who successfully find the information they need are likely to take further action, he said. "The actions ...

Consumers trust Google over advisers: NobleOak

ALLY SELBY  |  TUESDAY, 25 FEB 2020
New research by independent life insurer NobleOak has found close to half of all consumers are turning to the internet over advisers for guidance on their financial goals and needs. It points to the digital revolution and fallout from the Royal Commission ...

First State hires from CBA

ELIZA BAVIN  |  TUESDAY, 25 FEB 2020
First State Super has announced the appointment of a new C-suite executive, hiring from Commonwealth Bank. Jane Couchman has been named as the $105 billion super fund's new chief risk officer, having previously been responsible for leading CBA's ...

Tribeca portfolio manager quits

KANIKA SOOD  |  MONDAY, 24 FEB 2020
Craig Evans has resigned as the co-portfolio manager for Tribeca's global natural resources strategy, which returned -32% in the year to January. Evans's resignation was effective last week and leaves co-portfolio manager Ben Cleary in charge. ...

Wells Fargo coughs up $4.5 billion

ALLY SELBY  |  MONDAY, 24 FEB 2020
... compensation programs, leadership and governance. "While today's announcement is a significant step in bringing this chapter to a close, there's still more work we must do to rebuild the trust we lost. "We are committing all necessary resources to ensure ...