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Superannuation

Market wrap - midday

AAP  |  TUESDAY, 19 SEP 2006
The Australian share market opened strongly this morning despite a flat overnight lead from the US market. At 1015 AEST the benchmark S&P/ASX200 index was 25.6 points higher at 5,098.4 while the all ordinaries rose 24.6 points to 5,053.3.

ASIC chairman to head international auditors forum

HAMISH MADDEN  |  TUESDAY, 19 SEP 2006
Australian Securities and Investments Commission (ASIC) chairman, Jeffrey Lucy, has been appointed as inaugural chairman of the International Forum of Independent Audit Regulators (IFIAR).

Banks to fund consumer IT security: Symantec

Banks may have to pay for the IT systems of their clients if they want to avert the trend where consumers are refusing to transact online due to rampant IT identity theft and sophisticated internet scams.

Hatfield opts out of Packer's new Pengana

Only weeks after a Packer led consortium announced it was taking over Malcolm Turnbull's struggling Pengana Hedge Funds, its former principal, Damien Hatfield, together with its chief executive officer, Russell Pillemer, have sold out of the business.

Commonwealth revives Colonial hybrid

WWW.THESHEET.COM  |  TUESDAY, 19 SEP 2006
Commonwealth Bank's treasury managers have revived a controversial funding structure to sell $700 million in hybrid capital.

RBC Dexia appointed fund admin for GS JBWere AM

HAMISH MADDEN  |  TUESDAY, 19 SEP 2006
Goldman Sachs JBWere Asset Management (GS JBWere AM) has appointed RBC Dexia Investor Services as fund administrator and transfer agent for its $8 billion Australian portfolio.

Southern Cross aims to invest early with VC fund

HAMISH MADDEN  |  TUESDAY, 19 SEP 2006
Southern Cross Venture Partners has launched a $200 million venture capital fund with a focus on early stage investments and propelling new Australian businesses on to the global stage.

Advice scam nets accountant 8 years inside

HAMISH MADDEN  |  TUESDAY, 19 SEP 2006
An accountant who fleeced nearly $1 million from investors through his financial advice business has been jailed for eight years.

Preferred partner menus don't compromise quality: Asgard

Asgard Wealth Solutions' chief executive, Geoff Lloyd, has dismissed concerns that the group's proposed preferred partner program compromises the quality of their investment menus.

Members Equity seeks alternative source of capital

WWW.THESHEET.COM  |  MONDAY, 18 SEP 2006
Members Equity Bank is sounding out investors for the sale of $50 million of deeply subordinated debt, with the bank obliged to consider alternative sources of quasi-equity in light of a series of policy changes by the banking regulator.