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Austock beats profit forecast but IM returns fall

RUTH LIEW  |  FRIDAY, 29 FEB 2008
Diversified financial services firm Austock Group yesterday announced an $8.8 million net profit after tax for the half year to 31 December, but reported a fall in investment management returns. Austock's $8.8 million net profit after tax was a 75 per ...

Tagliaferro hits back at downgrade

MICHAEL HOBBS  |  FRIDAY, 29 FEB 2008
IML founder Anton Tagliaferro has defended his decision to take charge of the fund's large caps team and restructure the investment teams after Zenith Investment Partners downgraded two IML funds from 'recommended' to 'approved'. Zenith Investment Partners ...

City Pac dumps MFS deal

RUTH LIEW  |  THURSDAY, 28 FEB 2008
City Pacific has announced that it is pulling the breaks on its offer to buy MFS Limited. According to a statement released on the ASX yesterday, City Pacific chief executive Phil Sullivan said that the Board of City Pacific has resolved that "it will ...

US dominoes keep falling

ALEX DUNNIN  |  THURSDAY, 28 FEB 2008
Even though the bad news keeps coming for the US economy, the real economy is holding up remarkably well, perhaps too well. Ben Bernanke yesterday told US Congress that economic conditions are getting worse as the sub-prime contagion spreads from the ...

Future Fund continues hiring spree

RUTH LIEW  |  WEDNESDAY, 27 FEB 2008
As the $59.6 billion Future Fund's investment gathers pace, word is out the fund is looking to appoint half a dozen more to its investment team. Chief investment officer, David Neal, told the audience at the 2008 Asset Allocation Summit yesterday that ...

Westpac Staff Super awards $50m to HFA

RUTH LIEW  |  TUESDAY, 26 FEB 2008
Westpac Staff Superannuation Fund (WSSF) yesterday awarded a $50 million investment mandate to absolute return fund manager, HFA Asset Management. This is the first mandate awarded to HFA from WSSF, and the funds will be invested in HFA's diversified ...

BCA call to freeze Budget gets cold shoulder

ALEX DUNNIN  |  TUESDAY, 26 FEB 2008
The Business Council of Australia (BCA) wants the government to freeze budget expenditure for three years but doesn't believe executive salaries should follow suit. In its Budget submission, the BCA said the Federal Budget should "Set a target of zero ...

Market Wrap - Morning

AAP  |  TUESDAY, 26 FEB 2008
The Australian stock market is expected to open higher today after US stocks advanced overnight. At 0704 AEDT on the Sydney Futures Exchange, the March share price index futures contract was up 32 points to 5,641. Company reporting season continues ...

SBI eyes infrastructure

MICHAEL HOBBS  |  MONDAY, 25 FEB 2008
The State Bank of India (SBI) has positioned its portfolios to capture the expected boost in domestic infrastructure investment in India. Aashish Wakankar, SBI Funds Management vice president and fund manager, said the lack of infrastructure to support ...

Market wrap - midday

AAP  |  FRIDAY, 22 FEB 2008
The Australian stock market was lower at noon dragged down by the financial sector, lower oil prices and worsening US manufacturing data. At 1205 AEDT, the benchmark S&P/ASX200 index was down 69 points, or 1.24 per cent, at 5514.4 points while the broader ...