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Super fund deputy chief departs

ELIZA BAVIN  |  THURSDAY, 20 AUG 2020
... role is not being replaced and we are not expecting any new executive announcements when our brand changes to Aware Super next month." First State said Arnott had signalled his intention to leave at the conclusion of his contract back in April. Arnott ...

Perpetual profits plummet

ALLY SELBY  |  THURSDAY, 20 AUG 2020
... million, which the investment giant says will have a "material impact" on the group's revenue and expense profile over the next financial year. Trillium now represents 20% of Perpetual Investment's FUM. Perpetual chief executive and managing director ...

Netwealth reports $43.8m in FY20 profits

KANIKA SOOD  |  TUESDAY, 18 AUG 2020
... Netwealth swelled underlying net profit after tax by 21.7% in FY20; as it flags increased IT and infrastructure spend for the next year and a new mobile app for clients. The ASX-listed platform business grew total funds under advice by 35% to $31.5 billion. ...

Sunsuper announces investment, insurance changes

ELIZA BAVIN  |  TUESDAY, 18 AUG 2020
... performance benchmark by 0.25%p.a. over a rolling five-year period, which has now been reduced to three-years. As of January 1 next year, Sunsuper will close its Capital Guaranteed Investment option. It will also change the name of its Hedge Funds and ...

Take your CAPE ratio with a grain of salt

ALLY SELBY  |  MONDAY, 17 AUG 2020
... even though the CAPE ratio may have surpassed 31 that doesn't mean the market's going to come crashing down in the next six months or even in the next year." Similarly, other industry leaders argue the ratio's new high should be taken with ...

Wealthy Aussies panic buy life insurance

ANNABELLE DICKSON  |  MONDAY, 17 AUG 2020
... he said. In addition, 61.5% of Australian believed that the COVID-19 situation will get 'a bit' or 'a lot worse' over the next month. This compares to only 28.7%, who expected the situation to deteriorate at the beginning of May. van den Hoevel said ...

Chief economist update: COVID-19 cycle

BENJAMIN ONG  |  MONDAY, 17 AUG 2020
... further by shutting its borders with New South Wales (NSW) and the Australian Capital Territory (ACT). The cycle hit our next-door neighbour New Zealand as well. Just a few days after the world was celebrating and praising New Zealanders for recording ...

SG increase will impact wage growth: Lowe

ELIZA BAVIN  |  FRIDAY, 14 AUG 2020
... potential to be politically controversial. Additionally, Lowe said wage growth would remain low, averaging around 1.5% over the next two years. Lowe said despite the negative effects of the COVID-19 pandemic the Australian economy is suffering the worst ...

Praemium shows growth in crisis

ELIZA BAVIN  |  FRIDAY, 14 AUG 2020
... introduced in 2019 began to deliver results in 2020. Having launched a highly competitive full-service platform, we took the next logical step with a significant uplift in sales and marketing," Ohanessian said. "While still early, having a larger sales ...

Embattled AMP sees wealth earnings dive

ELIZA BAVIN  |  THURSDAY, 13 AUG 2020
... positioned AMP for the future. De Ferrari said the AMP Life sale was a major milestone and opens the path to accelerate the next stage of the company's strategy. "The proceeds have strengthened our capital position, enabling us to return to $544 ...