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General

HESTA seeking cash plus 3% return on first hedge fund allocation

The $3.6 billion half-million member Health Employees Super Trust Australia (HESTA) is looking for a cash plus 3 per cent return from its first foray into the hedge fund arena with the allocation of 3% of its core pooled fund to two absolute return fund ...

Costello cautions supers against overseas equity investments

Federal Treasurer Peter Costello today said that he believed that it was “unwise” for superannuation funds to be investing large sums in overseas stocks, citing dramatic losses in global equity prices over the past few years.

Commonwealth announces wholesale funds name change

Commonwealth Investment Management (CIM) has completed another step in its migration to the Colonial First State brand, announcing name changes to its suite of wholesale funds.

BT moves to fill small cap analyst gap

BT Funds Management today announced that Glen Hoffman, the company’s small capital analyst, is leaving to be replaced by an as-yet-unnamed “senior analyst” who is likely to be unveiled later this week.

Survey confirms fall in business confidence for February

Rising geo-political tensions and weakening equity markets are increasingly impacting on business investment and employment intentions, as well as current sales.

$16 billion of assets disappear in 12 months: ABS

Total assets held by fund managers have shrunk by $16 billion in the past 12 months, according to the latest managed funds figures released by the Australian Bureau of Statistics (ABS).

Morning wrap market wrap:

The All Ordinaries gained about 0.5% in trading today on the back of good news from the US where the economy had grown twice as fast as had been estimated for the fourth quarter of 2002.

Job advertisements climb 3.2% in February: ANZ

The latest ANZ job advertisement figures show a seasonally adjusted increase of 3.2 per cent the number of advertisements placed in major metropolitan newspapers in February, lifting the figure to an average of 20,988 per week, the bank said today.

Afternoon market wrap: AMP dumped yet again

The All Ordinaries gained slightly in trading today, following the positive trend set in Wall Street yesterday with US stocks gaining over 1%.

Repeat offender gets ASIC life ban

The Australian Securities and Investments Commission (ASIC) has permanently banned Robert Reynolds from acting as a representative of a securities dealer or an investment adviser, it said today.