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Former investment adviser charged with $85m fraud

ELIZA BAVIN  |  MONDAY, 20 JUL 2020
The US Securities and Exchange Commission have charged a former registered investment adviser with fraud for his alleged role in a US$60 million Ponzi-like scheme. The SEC alleges that David Hu, the co-founder and chief investment officer of International ...

Specialist platforms prosper in June quarter

ALLY SELBY  |  MONDAY, 20 JUL 2020
... million in the March quarter to $35 million in June). "The net flows expected from existing and new clients in the quarter did not occur, largely due to impacts of COVID-19 and extreme market volatility," Powerwrap said. "It is currently expected that ...

ASIC appeal upheld

ALLY SELBY  |  MONDAY, 20 JUL 2020
... corporate watchdog has been upheld after the Federal Court set aside a decision made by the Administrative Appeals Tribunal to not ban a Western Australian-based financial adviser. Robert Hutchison was permanently banned from providing financial services ...

Chief economist update: China recovery would have been good for Oz

BENJAMIN ONG  |  MONDAY, 20 JUL 2020
... recession away from the Australia. Australians all would be rejoicing at the swift recovery in China's economy had it not for the heating tension between Canberra and Beijing - first, as a result of Prime Minister Scott Morrison's inquiry into ...

Perpetual top brass cop six-month pay cuts

KANIKA SOOD  |  FRIDAY, 17 JUL 2020
... group executive team and board of directors will be paid 10% lower base salary for the six months. The group executive will not get any cash bonuses for FY20. Further, Perpetual will also reduce variable remuneration across the business. "In April, we ...

Administrators appointed to iProsperity

ELIZABETH MCARTHUR  |  FRIDAY, 17 JUL 2020
... Cor Cordis has been appointed voluntary administrator to the companies in the iProsperity Group but their appointment does not extend to the underlying investment of funds managed by the various iProsperity entities. "Our urgent focus is on stabilising ...

Stimulus stutters amid record unemployment

ELIZABETH MCARTHUR  |  FRIDAY, 17 JUL 2020
... people actively searching for employment increasing - 280,000 people started searching for work in May and June. Those who are not actively searching for employment are not counted as unemployed by the ABS. On the same day the unemployment data was released ...

Westpac found to be immature, reactive

ELIZA BAVIN  |  FRIDAY, 17 JUL 2020
... required to address identified weaknesses." Westpac chief executive Peter King said the banks management of non-financial risk is not up to the standard it sets itself, as he announced a new program to improve the bank. "It is clear we have more to do ...

Pandemic exacerbated retirement confidence: Research

ELIZA BAVIN  |  FRIDAY, 17 JUL 2020
... in a much higher proportion compared with the United States, the United Kingdom and the Netherlands," Shead said. "Although not a direct result of COVID-19, we continue to see a lack of retirement confidence in Australia. The crisis has only exacerbated ...

Billionaires targeted in Twitter bitcoin scam

ELIZA BAVIN  |  FRIDAY, 17 JUL 2020
... Cyber Security Centre said it reached out to Twitter in the midst of the attack, which it said was targeted at the firm and not the individual accounts. "While this appears to be an attack on the company rather than individual users, we would urge people ...