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Superannuation

US defined benefit scheme shake-out continues

In a pre-emptive move to avoid the pension-related miseries of General Motors, US computer giant IBM announced it will close its defined benefit retirement scheme to new employees in favour of a 401(k) system.

Fidelity drops their investment director

Fidelity Investments Australia (Fidelity) has dropped its Investment Director, Charles Wall, making the business-only role redundant.

CFS property team jump ship

Colonial First State has had a rough start to the new year, with their entire listed property securities team jumping ship, triggering Morningstar and S&P to put the CFS property securities funds on hold.

Statewide gets extended public offer license

South Australian-based public offer industry fund Statewide has achieved its Registrable Superannuation Entity (RSE) and Extended Public Offer License (EPO).

Mac Media broaden debt with Taiwanese broadband buy

Macquarie Media Group (MMG) has been bankrolled by Macquarie Bank to snap up its first acquisition offshore, Taiwan Broadband Communications (TBC).

Westpac launches zero monthly fee account

Westpac takes a leaf out of Virgin Money's zero-fees formula when it launched a new account this week called 'Westpac One Basic', a savings account designed for pensioners and 'disadvantaged Australians'.

ASIC gives credit rating agencies a break

ASIC will give credit ratings agencies a break from the financial services licensing regime, in relation to their credit ratings on debt type instruments only.

Franklin Templeton ushers 2006 with new chief

Franklin Templeton Investments Australia managing director John Gall will hand over the reins to Maria Wilton from BT Financial when he retires early next year.

ABS christmas gift: free statisics for one and all

The Australian Bureau of Statistics will no longer charge for statistics, provided users access the website and obtain electronic versions.

Martin Currie plans for Japan Alpha

Edinburgh-based fund manager Martin Currie is hoping to attract enough local investor interest to launch a Japan Alpha fund, modeled after its long-running and award-winning fund from the UK.