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Count Financial treads new path

JAMIE WILLIAMSON  |  THURSDAY, 20 FEB 2020
... to 281. Count said this was anticipated due to regulatory reform and changes to pricing models. However, the decision to close Total Financial Solutions saw 45 of its 78 advisers transition to the Count licence, bringing its total advisers to 326. Despite ...

OneVue recoups $4.36m from Sargon

KANIKA SOOD  |  THURSDAY, 20 FEB 2020
OneVue Holdings has sold Sequoia shares which it took control of earlier this month from a Sargon subsidiary. Now, it's scouting buyers for Madison Financial Group. The Sequoia shares fetched OneVue net proceeds of $4.36 million (or about 18 cents a ...

Westpac forks out $80m for AUSTRAC scandal

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
Westpac said it expects $80 million in additional expenses in FY20 as parts of its response plan in relation to the AUSTRAC scandal. The bank provided a company update to the ASX, in which it outlined its progress on its response plan for the AUSTRAC ...

HSBC to cut 35,000 jobs

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
... employees over the next three years. The bank said it will cut US$100 billion in assets, shrink its investment bank and close a third of its US branches as it shifts focus to Asia and the Middle East. Interim chief executive Noel Quinn said the changes ...

Focus to acquire stake in MEDIQ

KANIKA SOOD  |  WEDNESDAY, 19 FEB 2020
... Agarwal said. Agarwal declined to comment on Focus's exact stake and the sale price. The transaction is expected to close in the second quarter of 2020, subject to regulatory approval and other customary closing conditions. Agarwal comes from a family ...

The sick short: Banking big on the coronavirus

ALLY SELBY  |  WEDNESDAY, 19 FEB 2020
With the coronavirus, now dubbed COVID-19, impacting not only many lives, but now also the bottom line of some of the world's biggest companies, investors are chasing shorting opportunities to bank big on the pandemic. According to the World Health ...

Bennelong announces executive hires

ELIZA BAVIN  |  WEDNESDAY, 19 FEB 2020
Bennelong Funds Management (BFM) has announced two senior appointments in its UK and Australian businesses, including naming the new chief executive of BennBridge. In the UK Doug Stewart has been named chief executive of BennBridge, in the newly-created ...

Franklin Templeton to acquire Legg Mason

JAMIE WILLIAMSON  |  WEDNESDAY, 19 FEB 2020
... combined business and in addition to previously announced savings, over the next two years. Legg Mason had its best day in close to five years following the announcement as shares jumped more than 24%, while Franklin Resources rose just shy of 7%. Legg ...

Netwealth leads the platform pack

ALLY SELBY  |  TUESDAY, 18 FEB 2020
Investment Trends has released the 16th edition of its Platform Benchmarking and Competitive Analysis Report, with Netwealth taking out the top gong. The wealth management platform led the pack for overall platform functionality, followed closely by ...

Natixis hires insto sales director, opens Melbourne office

ALLY SELBY  |  TUESDAY, 18 FEB 2020
The global multi-asset fund manager has appointed a new director of institutional sales. At the same time, it has established its second Australian office. Natixis Investment Managers has appointment former Stone Harbor relationship manager, Danny King ...