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CFS trims corporate super distribution team

KANIKA SOOD  |  MONDAY, 12 AUG 2019
Colonial First State (CFS) has handed redundancies to about seven distribution staff working on its corporate superannuation offering as inflows into FirstChoice Employer stall. The departures - all business development managers - come as FirstChoice ...

Renewed calls for risk-adjusted returns

KARREN VERGARA  |  MONDAY, 12 AUG 2019
The endemic use of headline returns to pit a superannuation fund's performance against another has renewed calls for a fairer, like-for-like comparison that focuses on risk as the key metric. The propensity for research houses, the media - and even ...

Chief economist update: The UK is not OK

BENJAMIN ONG  |  MONDAY, 12 AUG 2019
... out, the BOE's "no growth" forecast was still optimistic. The Office for National Statistics (ONS) preliminary estimate show UK GDP contracted by 0.2% in the second quarter - the first quarterly rate of decline since the December quarter of 2012 ...

Advisers to bear brunt of AMP failings

JAMIE WILLIAMSON  |  FRIDAY, 9 AUG 2019
AMP advisers planning to exercise their Buyer of Last Resort (BOLR) arrangements look set to have their business valuations slashed as part of the institution's new strategy. AMP chief executive Francesco De Ferrari said the group will look to recalculate ...

Short-seller knife twist for YouTube fundie

ELIZABETH MCARTHUR  |  FRIDAY, 9 AUG 2019
Activist short-seller Muddy Waters is shorting Burford Capital, YouTube fundie Neil Woodford's second largest holding in his embattled fund. Burford Capital is a lawsuit financier; Muddy Waters says it is taking a short position on Burford because ...

FASEA exam results spark debate

ELIZABETH MCARTHUR  |  FRIDAY, 9 AUG 2019
Financial advisers have taken to social media to vent about the Financial Adviser Standards and Ethics Authority exam results. While many posted screenshots of the FASEA certificate saying that they passed the exam, some advisers had questions. Financial ...

Chief economist update: Bonds do the limbo rock

BENJAMIN ONG  |  FRIDAY, 9 AUG 2019
How low can they go? Be afraid, be very afraid. A great number of investors are buying into the relative safety of long-term government bonds despite their dwindling yields, and in the case of the Japanese and Eurozone 10-year government bonds, negative ...

Westpac fined over reporting failure

ELIZABETH MCARTHUR  |  THURSDAY, 8 AUG 2019
... were between nine and 28 days late filing quarterly reports with APRA too. Those reports were due on 10 May 2019. APRA sent show cause notice to the entities on 22 July, indicating its intention to serve infringement notices and seeking responses. After ...

Gender wealth gap down to 11%: Roy Morgan

KRISTI CHENG  |  THURSDAY, 8 AUG 2019
... women has almost halved in the last 12 years, according to the latest Roy Morgan Wealth Report. Statistics from the report show the average net wealth for women today sits at 89% that of men - $400,000, to men's $449,000. This is compared to the 20% ...

Platinum funds leak over $100m

KANIKA SOOD  |  THURSDAY, 8 AUG 2019
Platinum Asset Management reported $108 million in net outflows in July, including $54 million net that flowed out of its trust funds during the month. Platinum now has $25.1 billion across all its funds which are focused on international equities ...