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Swiss Re to manage Freedom remediation

KANIKA SOOD  |  TUESDAY, 30 APR 2019
... administration business to a third party and hiring a service provider to remediate clients. The identities of the two parties were not revealed. New directors Freedom has also appointed two new directors to its board as it moves ahead winding up its ...

Colonial First State removes funds

KANIKA SOOD  |  TUESDAY, 30 APR 2019
... across the funds via FirstChoice Investments, a CFS spokesperson confirmed. "Due to limited take-up, we believe the funds may not achieve the scale required to operate efficiently and meet its long term investment objective," CFS said. The decision to ...

Chief economist update: A good problem to have?

BENJAMIN ONG  |  TUESDAY, 30 APR 2019
If not for the "bubble" - yes, bubble - that's blowing into the equity market, the US Federal Reserve's problem of continued strong growth and below-target inflation is a good problem to have. This is underscored by the latest stat updates that ...

ASIC bans AFSL chief executives

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
... foreign exchange derivatives fund. ASIC alleges the two men failed to act in the best interests of members of the fund and did not exercise the degree of care and diligence required. The regulator said they had not maintained the high standards expected ...

Tribeca partners for new fund, hires lead

KANIKA SOOD  |  MONDAY, 29 APR 2019
The Sydney boutique has partnered with an advisory firm to launch a new fund that will invest in Asian credit. The Tribeca Vanda Asian Credit Fund will be managed by John Stover who joins from global multi-strategy hedge fund Farallon Capital. The fund ...

Members dismiss intra-fund advice: Poll

KARREN VERGARA  |  MONDAY, 29 APR 2019
... contribution increases; and investment options changes. If a fund offers a transition-to-retirement (TTR) strategy, it might not be allowed to collectively charge members for advice, unless the advice is given for a related pension fund and is not ongoing. ...

Push for chief executive pay ratio disclosure

ELIZABETH MCARTHUR  |  MONDAY, 29 APR 2019
... says that this would prevent inappropriate pay outcomes, such as excessive bonuses. ACSI said parts of corporate Australia do not seem capable of demonstrating accountability for their actions. The group proposes that by strengthening shareholder rights ...

Chief economist update: Inflation is dead

BENJAMIN ONG  |  MONDAY, 29 APR 2019
... Conference in February: "How much and how quickly will they [wages] pick up?" "So far, though, the response to that difficulty has not been to pay people more to ensure they stay, or poach them from elsewhere. Instead, we hear that firms are increasingly ...

ASIC appoints receiver for derivatives issuer

ELIZABETH MCARTHUR  |  FRIDAY, 26 APR 2019
... years in November last year. It said at the time that D'Amore was involved in contraventions to financial services law; is not adequately trained or is not competent to provide financial services; and is likely to contravene a financial services law. ...

IOOF breaches APRA licence conditions

HARRISON WORLEY  |  FRIDAY, 26 APR 2019
IOOF has breached one of APRA's licence conditions by failing to establish a dedicated superannuation trustee function by the 31 March 2019 deadline. IOOF was due to meet and comply with licence conditions imposed by APRA on the embattled wealth ...