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Rahmani takes up post at Magellan

KARREN VERGARA  |  MONDAY, 13 MAY 2024
... Asset Management as of today. As announced in February, Rahmani will step into the role of chief executive in 12 months' time. As managing director, Rahmani oversees all aspects of operations, including direct oversight of the investment, distribution ...

'Just do what you say you'll do': ASIC's message to trustees

JAMIE WILLIAMSON  |  FRIDAY, 10 MAY 2024
ASIC commissioner Simone Constant says the regulator's new report on exorbitant advice fee deductions is not a criticism of advisers, rather of trustees failing basic obligations, with more still needing to be done by the reviewed funds some 12 ...

Inflation spooks retirees more than healthcare costs

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
... challenges facing retirees today are further evidence of the retirement savings crisis. For younger generations with longer time horizons, now is the time to prioritise saving for a brighter future," she said. A survey from Equip Super yielded similar ...

AFCA finds more Dixon Advisory victims

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
... costs," she said. The CSLR opened its doors on April 2, estimating that it was ready to compensate about 2000 claimants at the time. The financial advice industry will be forced to pay $18.5 million to fund the CSLR in the first year of operation. Abood ...

The unintended consequences of the four-day work week

KARREN VERGARA  |  FRIDAY, 10 MAY 2024
... Andrew Barnes and Charlotte Lockhart as 4 Day Week Global, pushes for employees receiving 100% or full pay for 80% of their time and simultaneously maintaining 100% of their output. Zurich Financial Services non-executive director Elaine Collins said ...

Senior Cbus investment manager exits

ELIZABETH FRY  |  FRIDAY, 10 MAY 2024
... overall investment capability and continues the strategy to build our level of expertise in-house," the asset owner said at the time. Interestingly, Ferguson's departure comes as Cbus advertises for a new head of portfolio construction. According ...

Betashares launches Australian Major Bank Subordinated Debt ETF

ANDREW MCKEAN  |  THURSDAY, 9 MAY 2024
... delivering returns above that of senior bank floating rate notes, along with a high degree of capital stability. At the same time, the income paid by these bonds varies in line with benchmark interest rates, offering protection against rising interest ...

Advisers must unite for major reforms: SIAA

KARREN VERGARA  |  THURSDAY, 9 MAY 2024
... where advisers sit, we're clear on our value propositions" Boyce said. "We can work out who we partner with at the right time. Therein lies another opportunity, as we work through what this means for us as an industry." The panel will also feature ...

J.P. Morgan hit with $775k penalty

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
J.P. Morgan Securities Australia Limited (JPMSAL) has been hit with a $775,000 fine by the Markets Disciplinary Panel (MDP) following an investigation by the Australian Securities and Investments Commission (ASIC). The MDP found JPMSAL permitted suspicious ...

Future Group changes fees for Guild members

JAMIE WILLIAMSON  |  WEDNESDAY, 8 MAY 2024
... addition to a percentage-based fee of 0.15% and a contingency reserve fee of 0.02%, both of which remain unchanged. At the same time, investment fees and costs and transaction costs have increased slightly, with investment fees and costs going from 0.53% ...