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Revised penalties come down hard on white collar crime

HARRISON WORLEY  |  MONDAY, 22 OCT 2018
The Federal Government will this week introduce legislation into parliament to increase the penalties for white collar crimes. In a media release on Sunday, Treasurer Josh Frydenberg said criminal penalties were set to double in some cases, while civil ...

Pension fund manager siphons $2m

JAMIE WILLIAMSON  |  FRIDAY, 19 OCT 2018
... pensions and investments at an international pension fund was convicted of fraud after he abused his position and stole close to $2 million in retirement savings. Former Westminster City Council pension fund manager Ian Woodall was convicted on a charge ...

Colonial First State to cut tobacco by 2020

KANIKA SOOD  |  WEDNESDAY, 17 OCT 2018
Colonial First State has vouched to offload all its tobacco-related investments by 2020, as it signs on to the UN-endorsed Tobacco-Free Finance Pledge. CFS currently has less than 1% of total assets in tobacco-related investments but declined to disclose ...

BlackRock wins $55bn mandate

HARRISON WORLEY  |  TUESDAY, 16 OCT 2018
... management agreements, adding it expected the arbitration process would conclude early in 2019. The firm also said it is close to finalising arrangements for the management of the remaining $147 billion of reviewed assets, but did not reveal when this ...

Gender super gap closing but still wide

KANIKA SOOD  |  MONDAY, 15 OCT 2018
... report said. "This means that the average income of females is equal to only 74.6% of the male average, a figure that is very close to the gap in the average superannuation balance seen earlier where they have only 72.2% of the male average," the report ...

The top-performing ETFs in September are...

KANIKA SOOD  |  FRIDAY, 12 OCT 2018
... in September, while ETFs tracking small caps took a beating. ETF Securities' Physical Palladium ETF (ETPMPD) returned close to 12% in September as the silvery-white metal's price rose. At number two spot was the BetaShares WisdomeTree Japan ETF's ...

Industry fund renews custodian

KARREN VERGARA  |  THURSDAY, 11 OCT 2018
A $46 billion industry fund has reappointed its custodian for another three years, extending the 20-year partnership. J.P. Morgan will continue to provide custody and fund services to HESTA. HESTA chief executive Debby Blakey said: "We have an ambitious ...

Financial literacy critical to European retirement

DARREN SNYDER  |  THURSDAY, 11 OCT 2018
Australians are not alone when it comes to leaving retirement savings on the table from a lack of financial literacy. However, Europeans arguably face a steeper learning curve. The J.P. Morgan Asset Management 2018 Income Barometer Survey, which interviewed ...

WAM pushes for HHY closure

KARREN VERGARA  |  TUESDAY, 9 OCT 2018
Wilson Asset Management wants to shutter the underperforming Hastings High Yield Fund (HHY) amid the controversy surrounding Aurora Funds Management, which acts as its responsible entity. WAM is setting in motion a general meeting to urge HHY shareholders ...

Schroders, Lloyds mull wealth venture

KARREN VERGARA  |  TUESDAY, 9 OCT 2018
Global investment manager Schroders is in talks with Lloyds Banking Group Plc to take on the wealth management sector in the UK. A Schroders spokesperson confirmed that Schroders "is in discussions with Lloyds Banking Group plc with a view to working ...