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No plan to cut out advisers: SPDR chair

KANIKA SOOD  |  MONDAY, 18 NOV 2019
... Street's global chair for its ETF business says it will continue to be anchored to adviser-led distribution in Australia and not seek to launch a direct-to-consumer push. Visiting Australia last week, SPDR Global chair Jim Ross said it was initially ...

FSC, ISA face off over APRA heat map

HARRISON WORLEY  |  MONDAY, 18 NOV 2019
... urging conservative use of APRA's new tool. According to FSC chief executive Sally Loane, the heat map's information should not be viewed in isolation, noting the industry was not consulted on APRA's methodology. "We don't have full understanding of ...

New advice groups detrimental to consumers

HARRISON WORLEY  |  MONDAY, 18 NOV 2019
... Appearing at the ASFA Conference in Melbourne last week, IPAC Securities co-founder and NAB director Peeyush Gupta said it should not be celebrated that well-capitalised institutions were moving away from financial advice. With more and more fringe organisations ...

Media Super winds up income investment option

ELIZABETH MCARTHUR  |  MONDAY, 18 NOV 2019
... Media Super has advised members that the Stable option has a similar risk/return profile to that of Income Plus. If members do not switch their Income Plus balance to a different option by the end of January next year they will be defaulted into the ...

Remediation bill tops $10b: ASIC

ELIZA BAVIN  |  MONDAY, 18 NOV 2019
... "Look no further than the current tally for remediation provisioning now well above $10 billion." Chester said this figure is not as shocking as it first seems, comparing it to the US$320 billion Bank of England governor Mark Carney estimated in 2017 ...

The AUD is key

BENJAMIN ONG  |  MONDAY, 18 NOV 2019
... deterioration in the domestic economy. In it I briefly touched on the Australian dollar exchange rate inferring that it has not fallen enough this time. "The A$/US$ sank from US$0.80 to below US$60 during the Asian financial crisis; it fell from around ...

Morgan Stanley's top picks for Aussie ETFs

KANIKA SOOD  |  FRIDAY, 15 NOV 2019
In a research note sent to clients, Morgan Stanley Wealth Management's Nathan Lim shared the four Australian ETFs the firm prefers over the rest. The list represents Morgan Stanley's preferred picks for Australian exposure in multi-asset portfolios ...

AustralianSuper appoints regional head for US

KANIKA SOOD  |  FRIDAY, 15 NOV 2019
... manager of business partnerships, according to her LinkedIn. She announced the appointment on her profile. AustralianSuper was not immediately available for comment. The fund earlier announced plans to expand its London office to 50 staff over the next ...

Waiting periods cost 214% on premiums: Research

ELIZA BAVIN  |  FRIDAY, 15 NOV 2019
... ending June 2018 within superannuation was $9.3 billion against which $4.9 billion in insurance claims were paid," Ross said. "Not for profit funds receive 53% of these premiums yet pay out 59% of the claims, suggesting NFP funds have better payout ratios." ...

Hume blasts super merger laggards

HARRISON WORLEY  |  FRIDAY, 15 NOV 2019
Senator Jane Hume has slammed the superannuation industry over the excuses used by super funds for not merging, saying there is simply no excuse when members' best interests are at play. Speaking on the final day of the ASFA Conference in Melbourne ...