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VFMC partners for transformation

JAMIE WILLIAMSON  |  TUESDAY, 17 DEC 2019
... have also signed a managed services agreement that will see BNY Mellon integrate, clean and validate investment data into one central location. In determining the right technology partner to support its transformation strategy, VFMC said it looked for ...

Former Goldman Sachs exec charged over $62m bribery

ELIZABETH MCARTHUR  |  TUESDAY, 17 DEC 2019
... 2012 Leissner started bribing high ranking officials in Malaysia and Abu Dhabi, using a third party intermediary to do so. One of the sovereign wealth funds Leissner did business with was the 1Malaysia Development Berhard (1MDB), a Malaysian government ...

Chief economist update: War is over

BENJAMIN ONG  |  TUESDAY, 17 DEC 2019
... over)..." - John Lennon Well, the trade war's not completely over, but the financial markets' rally on news that a phase one deal between the US and China has been reached provides a snippet of what joy to the world a trade peace could bring. ...

ASIC takes action against TAL over RC case

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
ASIC has commenced proceedings against TAL Life in the Federal Court over one of the cases referred to it by Royal Commissioner Kenneth Hayne. The corporate regulator has filed a civil case against TAL, alleging the insurance giant breached the ASIC ...

Where to invest when a GFC looms

KANIKA SOOD  |  MONDAY, 16 DEC 2019
... investors globally and found that the highest proportion of them (58%) are expecting another global financial crisis in the next one to three years. A further 20% think the financial crisis could arrive in four to five years. About 5% think next year ...

Cost savings, RC boost digital advice

JAMIE WILLIAMSON  |  MONDAY, 16 DEC 2019
One of the largest providers of SOAs has seen a significant rise in users, with the cost of super and pension investments dropping by up to 10 basis points on the back of digital advice. The Sargon Decimal annual Digital Insights report shows that between ...

Ord Minnett chief resigns

ALLY SELBY  |  MONDAY, 16 DEC 2019
... finishes up at the wealth giant on December 31. Morris assured staff that Gunning was leaving Ord Minnett "in a strong position, one that is envied by peers", and recognised the chief for growing its wealth management business post GFC. Gunning "has ...

MLC Life loses super fund mandate

KANIKA SOOD  |  MONDAY, 16 DEC 2019
An $8.5 billion corporate superannuation fund has swapped out MLC Life Insurance for another provider after eight years. Qantas Super will now use OnePath Life as its insurance partner, with an expected start date of 1 July 2020. The fund started to ...

J.P. Morgan secures mandate extension

ELIZA BAVIN  |  MONDAY, 16 DEC 2019
... strong outcomes for our members," Stockwell said. "J.P. Morgan will provide the services we need to build on our reputation as one of Australia's most responsible investment managers with a strong focus on performance and value for money." LGS said key ...

CBA underpayments reach $53 million

ELIZA BAVIN  |  MONDAY, 16 DEC 2019
... entitlements," the bank said. "The review has been comprehensive. It included over 10 million payslips, accounting for over one billion hours worked by approximately 250,000 current and former employees." "While a focus of the review has been paying ...