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Superannuation

WA super administrator and fund announce admin agreement

AAP  |  WEDNESDAY, 7 JUL 2004
Australian superannuation administrator Superpartners and multi-sector industry fund Westscheme, announced today they have successfully renegotiated an administration agreement.

S&P places Woolworths on watch negative after ALH stake

AAP  |  WEDNESDAY, 7 JUL 2004
Supermarket giant Woolworths\' potential joint acquisition of Australia\'s biggest pubs operator, Australian Hospitality & Leisure Group (ALH), could put pressure on its credit rating.

Rivkin Financial Services announces board changes

AAP  |  MONDAY, 5 JUL 2004
Rivkin Financial Services (RFS) has announced the retirement of Jordan and Shannon Rivkin as directors and said it is changing its share trading activities and its name.

Rush on for Immediate Annuities: Aviva

The $1 billion complying Immediate Annuity market will reduce by 50% post 20 September when the current 100% asset test exemption is reduced by half, Aviva said yesterday.

Mercantile Mutual Insurance gets lowered ratings from S&P

AAP  |  FRIDAY, 2 JUL 2004
Standard & Poor's has lowered its ratings on Mercantile Mutual Insurance (Australia).The ratings agency said it lowered its insurer financial strength and counterparty ratings on MMIA to A-plus from AA-minus and removed the ratings from CreditWatch Negative

ASIC investigate trading at Macquarie

Macquarie Bank has confirmed the Australian Securities and Investments Commission demanded documents from the bank regarding a regulatory probe into trading in small cap mining stock Innamincka Petroleum.

Macquarie Bank misses $65.7 in MIG performance fees

AAP  |  THURSDAY, 1 JUL 2004
Macquarie Bank has missed out on $65.7 million in performance fees, after its flagship infrastructure fund failed to outperform a major Australian stock index.

Reverse Mortgages on the comeback: Datamonitor

A report released today by Datamonitors highlights a sharp increase in the demand for reverse mortgages in Australia as a result of the retirement savings gap, an aging population and the considerable amount of wealth tied up in residential property.

Investors win damages case for bad advice

AAP  |  WEDNESDAY, 30 JUN 2004
A group of investors has won a damages action in a Victorian court against a financial advisory service, claiming losses of up to $30 million in investment schemes.

ASIC scamseek goes online

After a 16 month trial, the Australian Securities Investments Commission (ASIC) launched its scamseeker spider today, an Internet-document classification system able to automatically identify websites that illegally promote financial schemes and lock ...