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Official recession not that scary: Economists

ELIZA BAVIN  |  THURSDAY, 3 SEP 2020
... Gareth Aird, head of Australian economics at Commonwealth Bank, said the contraction was greater than anticipated, but is still not as scary as it seems. "The miss for us was on household consumption, which was always the key source of uncertainty," ...

SMSF member increase bill reintroduced

ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... Choice bill which passed last week allowing employees the choice about which fund receives their superannuation guarantee. "It not only affected younger people but also older members transitioning to retirement who might have an SMSF. A typical scenario ...

Investor expectations pie in the sky: Schroders

ANNABELLE DICKSON  |  THURSDAY, 3 SEP 2020
... need to adopt a broader investment universe such as private market investments where there are some liquidity premiums and not be so dependent on equities and utilises the credit curve," he said. He explained that to gain an 8% return in this environment ...

IOOF names licensee chiefs, acquires platform

JAMIE WILLIAMSON  |  WEDNESDAY, 2 SEP 2020
... chief executive of Shadforth Financial Group, and Nathan Stanton retains leadership of Bridges. A spokesperson for IOOF could not confirm whether current Consultum chief executive Joe Botte, FSP head Geoff Kellett or Lonsdale chief executive Mark Stephen ...

Future Fund posts negative year, cashes up

KANIKA SOOD  |  WEDNESDAY, 2 SEP 2020
... total portfolio assets was down from between -0.5% for infrastructure and timberland to -3% to private equity. The fund does not report performance of individual asset classes. Acting chief investment officer Sue Brake said the "defensive levers" performed ...

Super remains grossly inequitable: Per Capita

ELIZA BAVIN  |  WEDNESDAY, 2 SEP 2020
... combined, over the five-year life of the SG freeze," it said. "Further, we found no reason to expect that these losses would not compound over the next five years if the SG rate is again frozen at 9.5% instead of increasing incrementally to 12% by 2025 ...

Female fund managers outperform men

KARREN VERGARA  |  WEDNESDAY, 2 SEP 2020
Funds managed by female portfolio managers are outperforming those managed by men amid the pandemic-induced market turbulence, according to Goldman Sachs research. Some 43% of female-managed funds have outperformed their benchmark year to date, compared ...

AMP reviews business units

ELIZA BAVIN  |  WEDNESDAY, 2 SEP 2020
... said the review may conclude that its current mix of assets and businesses delivers the best value for shareholders and may not result in a recommendation to pursue any specific transaction. "Throughout the review, AMP business units will remain focused ...

Industry fund underpaid SG to staff

KANIKA SOOD  |  TUESDAY, 1 SEP 2020
... should have included annual leave loading payments paid in November each year in the base for calculating SG. However it did not do so. The error in calculation meant 165 current and former ACSRF staff were underpaid a total of $76,921 between October ...

UBS appoints new sector heads for equities

KANIKA SOOD  |  TUESDAY, 1 SEP 2020
UBS has named new sector heads for its sell-side equities coverage, including a hire from Credit Suisse. Andrew Adams will lead UBS's coverage of insurance and diversified financials. Adams has worked at Credit Suisse for the last 10 years, covering ...