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Economic outlook not as bad as predicted: RBA

ELIZA BAVIN  |  WEDNESDAY, 3 JUN 2020
The Reserve Bank of Australia governor Phillip Lowe said the extent of the economic downturn, as a result of the impacts of COVID-19, is not as dire as expected. At the June meeting, the RBA board decided to maintain the current policy settings, keeping ...

Fed buys up BlackRock ETFs

ELIZA BAVIN  |  WEDNESDAY, 3 JUN 2020
BlackRock has emerged as the biggest winner of the US Federal Reserve's corporate bond buying program, with its ETFs making up around half of the central bank's purchases. The Fed bought US$1.58 billion in investment grade and high-yield ETFs in May ...

FSC calls for SMSF access to infrastructure

ELIZA BAVIN  |  WEDNESDAY, 3 JUN 2020
The FSC has proposed a plan to democratise investment in domestic infrastructure development, making these projects accessible to every Australian with money in superannuation. The FSC said the proposed Australian Superannuation and Infrastructure Investment ...

Clime buys Madison Financial Group

KANIKA SOOD, JAMIE WILLIAMSON  |  WEDNESDAY, 3 JUN 2020
The much-anticipated sale of Madison Financial Group was finalised Tuesday evening, with the buyer paying $4.5 million to $5 million, Financial Standard understands. Clime Investment Management will be the new owner of Madison Financial Group, which ...

Zurich pledges to COVID-19 support

ELIZA BAVIN  |  TUESDAY, 2 JUN 2020
Zurich Australia and OnePath Life announced donations to 20 charities with COVID-19 response funding. Zurich said it has made a $1.4 million donation from the Z Zurich Foundation to help local community programs respond to increased demand. Zurich ...

Advice job market not all doom and gloom

ELIZABETH MCARTHUR  |  TUESDAY, 2 JUN 2020
There are some bright spots in the market for financial advice jobs, according to Kaizen Recruitment, despite over 1000 advisers leaving the industry since the start of 2020 and only about 50 joining. "The implementation of restructures and exits announced ...

Gold holding onto Fibonacci resistance: Daily FX

ELIZA BAVIN  |  TUESDAY, 2 JUN 2020
As gold continues to be a highly sought safe haven during ongoing market concerns, gold prices are an indication the precious metal is the most overbought since 2011, according to Daily FX analysis. James Stanley, strategist at Daily FX, said the price ...

Sequoia to acquire wealth group

KANIKA SOOD  |  MONDAY, 1 JUN 2020
Sequoia Financial Group has entered an agreement to acquire a wealth group, adding about 23 advisers and $1 billion in funds under management. Sequoia Wealth Management will acquire the customer base of Phillip Capital Limited's existing advisers ...

ASIC cancels two AFSLs

ELIZA BAVIN  |  MONDAY, 1 JUN 2020
ASIC has cancelled the Australian financial services licenses of Western Australia-based, Personal Risk Management and Melbourne-based Australian Golden Securities ASIC said Personal Risk's cancellation took effect on 21 May 2020, after the company ...

Clearstream rebrands Australian acquisition

ALLY SELBY  |  MONDAY, 1 JUN 2020
The $14 trillion post-trade securities service provider has rebranded an Australian managed funds business that it acquired in July last year. Sydney-based Ausmaq will be renamed Clearstream Australia from June 1, and will provide custody and administrative ...