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Calls for better drawdown rules

ELIZA BAVIN  |  WEDNESDAY, 25 SEP 2019
Over the next decade the number of retired Australians over 65 is projected to grow from four million to seven million, sparking calls from Willis Towers Watson for better drawdown rules to ensure retirees aren't being too conservative with their ...

Chief economist update: RBA cuts official cash rate to 0.75%

BENJAMIN ONG  |  WEDNESDAY, 25 SEP 2019
... governor Philip Lowe practically confirmed widespread market expectations that this would come to pass. "At our board meeting next week, we will again take stock of the evidence. It is nevertheless likely that an extended period of low interest rates ...

AMP launches fee calculator

KRISTI CHENG  |  TUESDAY, 24 SEP 2019
... platform fees against what is currently available on the market. "We expect to launch a new version of the fee calculator next month, which will provide more detailed fee breakdowns," Finch said. Other administrative, design and efficiency enhancements ...

Growing uncertainty sees more advisers outsourcing

ELIZABETH MCARTHUR  |  MONDAY, 23 SEP 2019
... extending its lead this year. Vanguard is now preferred by 62% of advisers surveyed, up from 55% in 2018. Magellan was the next most popular at 54% followed by Platinum (44%), Fidelity (36%) and PIMCO (36%). Tellingly for sentiment, the average adviser ...

Brett Himbury's next innings

KANIKA SOOD  |  FRIDAY, 20 SEP 2019
IFM Investors chief executive will only be 57 when he retires in December next year, but he says the time is right. The company announced Himbury's intention to retire yesterday morning, after 10 years at the industry-fund-owned manager which has ...

IFM Investors boss to retire

KANIKA SOOD  |  THURSDAY, 19 SEP 2019
... Himbury has spent close to four decades in executive roles. He led Tyndall Investment Management before joining IFM. For the next innings of his career, he will move to non-executive roles. "I look forward to my next era as a non-executive and to contributing ...

Chief economist update: Future path of fed funds rate

BENJAMIN ONG  |  THURSDAY, 19 SEP 2019
... growing at 2.0% in 2020. The unemployment rate is predicted to be at 3.7% (from 3.6% forecast in June) this year and the next. PCE price inflation forecasts were untouched at 1.5% and 1.9% in 2019 and 2020, respectively. These were, more or less, the ...

CommSec responds to sale rumours

ELIZABETH MCARTHUR  |  TUESDAY, 17 SEP 2019
... $10.1 billion in funds under advice and 264 licensed financial advisers. The completion of that sale is expected to happen next week (September 24). The consortium was also set to acquire JP Morgan's 30% stake in the stockbroking firm. IOOF said at the ...

CFSGAM picks new name, updates on CBA separation

KANIKA SOOD  |  MONDAY, 16 SEP 2019
... CFSGAM delivered $887 million in revenue for the year ending June. It has over $220 billion in assets under management. Its next annual results will be reported under new parent MUFG which reports to a March end year and is listed on the Tokyo and New ...

Chief economist update: Fed future move depends on dollar direction

BENJAMIN ONG  |  MONDAY, 16 SEP 2019
... rate cuts of 25 basis points each this year - in September, October and December - before holding steady for the rest of next year. The Fed doesn't have to chop interest rates by another two or three or to zero and even negative if the US dollar ...