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Midday market wrap: All Ordinaries gain

... morning as the banking sector also registered positive movement across the board. AMP share price rose $0.02 to $5.04 while Tower's share price fell $0.01 to $1.27. The major Asian markets also had positive gains in trading this morning. A ll Ordinaries ...

Tower shareholders "duped and deceived": Shareholders Association

Shareholders in troubled financial services company Tower have been misled for years about the company's true worth, NZ Shareholders' Association chairman Bruce Sheppard said today. "The issue for shareholders is that for many years they have been duped ...

Morning market wrap: Dow Jones ends losing streak

... growth. Shares in the UK had tumbled 35.20 points earlier in the day. Domestically, trans-Tasman financial services group Tower will be hoping for some support after seeing over one-third wiped of its share value yesterday. The major sell-off was prompted ...

Midday market wrap: All Ordinaries heads north

... $15.82. News Corp was also a strong performer, rising by $0.22 to $11.15. Troubled trans-Tasman financial services group Tower steadied after suffering a spectacular 36.2% fall yesterday after announcing likely half-year losses in excess of $161 million. ...

Midday market wrap: Tower plunges 32.7% after loss warning

Trans-Tasman financial services group Tower plummeted 32.7% during the morning session as anxious investors dumped the stock after the company flagged a likely half-year loss in excess of NZ$180 million ($161 million) when it releases its half-year ...

Tower issues $161 million half-year loss warning

Trans-Tasman financial services group Tower has announced an expected loss of "in excess" of NZ$180 million ($161 million) when it releases its half-year results on May 28. The company said that operating profit for the period is expected to be in the ...

Afternoon market wrap: Tower loses over one-third of value

Tower lost over one-third of its sharemarket value in one day after it warned of an expected loss in excess of $161 million in its upcoming half year profits to be released on May 28. The stock finished at $1.25, a fall of 36.2% as anxious investors ...

Towers Perrin blasts Government decision to "ignore" super

Towers Perrin has criticised the Federal Government's decision to "ignore" superannuation in this year's Budget, saying that it is a clear sign that Australia's complex retirement system has fallen into the "politically too hard basket". While the prominence ...

Funds split over need to apply for an AFS licence

Superannuation funds are apparently split on the issue of applying for an Australian Financial Services Licence (AFSL), according to a survey conducted by Towers Perrin of 17 of Australia's largest funds representing over $34 billion in assets and 450,000 ...

$4.6 billion Retail Employees Super Trust to decide on asset consultant

The $4.6 billion Retail Employees Superannuation Trust (REST), which has 1.2 million members, of whom 713,000 are active, making it Australia's biggest super fund in terms of assets and one of the biggest in terms of membership, has announced that it ...

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Global X awards mandate for ETF business

ELIZA BAVIN

Global X has awarded a new custody and administration mandate for its Australian ETF business.

Bell Asset Management launches small-caps fund

KARREN VERGARA

Bell Asset Management has formally launched its Australian Small Companies Fund, which is run by former Tyndall Asset Management portfolio managers.

Former Australian Ethical finance chief lands new gig

MATTHEW WAI

The former chief financial officer of the ethical investment manager has joined a local finance company after wrapping up his tenure at AUB Group.

MySuper assets pursue $1.5tn Choice sector

KARREN VERGARA

MySuper assets are fast catching up to the $1.5 trillion Choice sector, hitting nearly $1.2 trillion in the March quarter.

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