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Trustees lack urgency, strategy on RIC: Regulators

KARREN VERGARA  |  TUESDAY, 18 JUL 2023
... to rely upon their super fund for assistance as they plan for a sound financial future. "Some trustees have made a good start, but overall, there has been a lack of progress and insufficient urgency. As more members approach retirement, trustees must ...

US regulators launch investigation into OpenAI

CASSANDRA BALDINI  |  FRIDAY, 14 JUL 2023
... investigation, OpenAI chief executive Sam Altman said he is disappointed. "It is very disappointing to see the FTC's request start with a leak and does not help build trust," he tweeted. "That said, it's super important to us that our technology is safe ...

Lowe hands down RBA board shake up

CASSANDRA BALDINI  |  THURSDAY, 13 JUL 2023
Reserve Bank of Australia (RBA) governor Philip Lowe has announced significant changes that will be implemented by the central bank in response to the recent review of its processes. In what is potentially his last speech as governor, Lowe explained ...

Australian ETF industry crosses $150bn milestone

ANDREW MCKEAN  |  THURSDAY, 13 JUL 2023
... industry in Australia has surpassed $150 billion in funds under management, bolstered by net inflows of $4.8 billion since the start of 2023. Betashares chief executive Alex Vynokur highlighted that ETF adoption among Australian investors is driven by ...

Platinum loses $232m in FY23

CASSANDRA BALDINI  |  WEDNESDAY, 12 JUL 2023
Platinum Asset Management has copped a $232 million loss to its net outflows over the 2023 financial year and told investors it only recorded performance fees of about $1 million. The asset manager reported $17.3 billion in funds under management (FUM) ...

UK pensions tapped to strengthen local startups

CASSANDRA BALDINI  |  TUESDAY, 11 JUL 2023
... said under the reforms, UK pension providers will commit around 5% of their default funds to unlisted equities by 2030. "I start with Defined Contribution pension schemes, which in the UK now invest under 1% in unlisted equity, compared to between 5% ...

Ag sector boosts Australia's productivity

KARREN VERGARA  |  TUESDAY, 11 JUL 2023
... Productivity Commission Michael Brennan said. "Higher commodity prices and the global demand for critical minerals could see the start of a new investment phase for mining, which could help drive longer-term productivity," he said. The report found that ...

Young people 'locked out' of superannuation: ISA

ANDREW MCKEAN  |  TUESDAY, 11 JUL 2023
... modernised." "Locking thousands of teen workers out of our world class retirement savings system is not giving them the super start to work they deserve. How can we explain that young workers don't get super while an older colleague doing the same job ...

Adviser demand up as industry turns corner: Recruiter

KARREN VERGARA  |  FRIDAY, 7 JUL 2023
The financial advice industry is experiencing a buoyant jobs market in 2023, according to a specialist recruitment firm, particularly in the last three months which saw healthy demand for associate adviser roles. Recruit2Advice principal Dugald Braithwaite ...

Selfwealth chief in sudden exit

KARREN VERGARA  |  FRIDAY, 7 JUL 2023
... Willis Towers Watson, Swiss Re and Brown Shipley. The trading platform unleashed several board and executive changes at the start of the year, which included the resignation of Huy Truong, Jodie Leonard and John O'Shaughnessy. Scott Farndell was ...