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Industry fund updates investment fees
ELIZA BAVIN  |  THURSDAY, 22 OCT 2020
An industry super fund has bumped up its fees on some investment options due to the effects of COVID-19 market volatility. Australian Catholic Superannuation Retirement Fund (ACSRF) said the changes are set to come into effect on November 1. "Due to ...
Australian Ethical executive departs
ELIZA BAVIN  |  THURSDAY, 22 OCT 2020
Australian Ethical's head of people and culture has left the business after seven years. A spokesperson for Australian Ethical confirmed Fiona Horan returned to her native Ireland after over 25 years in Australia in October. "In line with our focus ...
APRA reduces ERS reporting for funds
ELIZA BAVIN  |  WEDNESDAY, 21 OCT 2020
The prudential regulator has announced it will cut down on the amount of information it requires funds to provide as part of the Early Release of Super reporting standards. From September 30, APRA said it will only require sections 6-8 of SRF 91.1 ...
Future Fund posts modest growth
ELIZA BAVIN  |  WEDNESDAY, 21 OCT 2020
Australia's sovereign wealth fund grew 1.1% in the September quarter to $163 billion, but is down 1.8% year on year due to the impact of COVID-19 in the March quarter. Future Fund chair Peter Costello said the fund exists to strengthen the Commonwealth's ...
Cost of advice soars as red tape grows
ELIZA BAVIN  |  WEDNESDAY, 21 OCT 2020
With research showing the average cost for a Statement of Advice has increased 10% in 12 months, the Financial Planning Association of Australia (FPA) is warning of the detrimental impact ongoing reform is having on financial advisers and consumers. ...
ClearView seeks to raise at least $40m
ELIZA BAVIN  |  WEDNESDAY, 21 OCT 2020
ClearView Wealth has announced the launch of a new subordinated notes issue to wholesale investors seeking to raise between $40-75 million. Clearview Wealth said the proceeds of the raise will be used for general corporate and capital management purposes. ...
LaSalle joins 2050 club
ELIZA BAVIN  |  TUESDAY, 20 OCT 2020
LaSalle Investment Management is the most recent company to pledge to go carbon neutral by 2050, following in the footsteps of many super funds and investment firms. LaSalle said it has been working across its managed portfolio to improve the sustainability ...
IAPF to acquire management rights for $40m
ELIZA BAVIN  |  TUESDAY, 20 OCT 2020
The Investec Australia Property Fund (IAPF) is looking to internalise its management function by acquiring the rights from its parent firm Investec for $40 million. The fund is asking unitholders to vote in favour of the acquisition so it can internalise ...
Further board changes at Clime
ELIZA BAVIN  |  TUESDAY, 20 OCT 2020
Clime Investment Management has announced a board resignation and two new appointments after welcoming a new chair earlier this month. Allyn Chant has resigned from the board as non-executive director, with Peter Beaumont and Brett Spork appointed as ...
Derivatives issuer cops $75m penalty
ELIZA BAVIN  |  MONDAY, 19 OCT 2020
The Federal Court has imposed a $75 million penalty on OTC derivative issuer AGM Markets and former authorised representatives OT Markets and Ozifin. AGM was ordered to pay $35 million, while OTM and Ozfin have each been ordered to pay $20 million. ...
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