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New Zealand maintains pension age

KARREN VERGARA  |  TUESDAY, 27 AUG 2019
... all New Zealanders aged 65 and over receive payments - otherwise known as the pension, National Super or Super. Over the next few decades however, the NZSF estimates the country's population will age significantly, as one in every four New Zealanders ...

Climate policy more than divesting: UniSuper

HARRISON WORLEY  |  TUESDAY, 27 AUG 2019
... an actionable investment [thesis], it's very, very difficult. It's hard to convince your members, 'Don't worry about the next 10 or 20 years, this will play out in 100.' Well, sorry, that doesn't wash," he said. "I agree with all the literature, but ...

Mainstream shelves super admin business

KARREN VERGARA  |  TUESDAY, 20 AUG 2019
... SMA offering, the spokesperson said. Superannuation administration, which was one of Mainstream's three core offerings, next to fund administration and custody, contributed 8% to the group's $50 million revenue earned in FY19. "It underperformed ...

Frydenberg flags new advice disciplinary system

HARRISON WORLEY  |  MONDAY, 19 AUG 2019
... and adjust their existing roles in regulating the sector is also set to be consulted on and introduced by midway through next year, which Frydenberg called a "key measure". The Treasurer added the scale and complexity of the government's response ...

Charles Schwab reverses out of Australia again

KANIKA SOOD  |  MONDAY, 19 AUG 2019
... sent to investors. Charles Schwab's Frenchs Forest based office led by managing director John-Paul Drysdale will close next month but the company will continue to service Aussie clients through US operations. "Charles Schwab has made the decision ...

Japanese insurer gets Treasury tick to up Challenger stake

KANIKA SOOD  |  MONDAY, 19 AUG 2019
... Challenger shares, taking a roughly 6.3% stake in the company with an intention of increasing the shareholding to 10% over the next 12 months. At June end this year, it held about 16% of the company. Challenger's share price has fallen from over ...

Chief economist update: US recession a sure thing

BENJAMIN ONG  |  MONDAY, 19 AUG 2019
... Projecting forward using past values of the spread and GDP growth suggests that real GDP will grow at about a 1.7% rate over the next year." As it turned out, US GDP contracted at annualised growth rate of 2.3% in the March 2008 quarter and by 8.4% at ...

Chief economist update: Will Australia avoid another global recession?

BENJAMIN ONG  |  FRIDAY, 16 AUG 2019
... rates; the ECB's forward-guiding, according to the 'Wall Street Journal', "a package of stimulus measures at its next policy meeting in September that should exceed investors' expectations"; the RBNZ's ready to take interest rates ...

BlackRock backs lifestyle, marketing firm

JAMIE WILLIAMSON  |  THURSDAY, 15 AUG 2019
... organisation and continue our domestic and international growth trajectory. This investment marks an important and exciting next phase of expansion for ABG." Also commenting, LTPC senior team member Colm Lanigan said: "ABG is an innovator in the licensing ...

State Street ETF in franking credit kerfuffle

KANIKA SOOD  |  THURSDAY, 15 AUG 2019
... remain uncertain because State Street is not permitted to carry surplus franking credits under the ATO benchmark rule to the next financial year. What is the 'benchmark ceiling' rule? Any managed investment schemes, including ETFs, must pass a 'holding ...