Financial Standard

Advisers expect growth despite uphill challenges

MATTHEW WAI   Despite the current headwinds involving market uncertainties, rapid digitisation and the ageing population, financial advisers remain optimistic about what they can achieve over the next few years, a new report finds. However, the growth will not be captured easily.

Diversa drags Praemium into First Guardian lawsuit

KARREN VERGARA   Praemium and its subsidiaries are now caught up in the ASIC-led First Guardian legal saga, having been thrown in the mix by Diversa Trustees.

HMC Capital wins $1.3bn private credit insto mandate

RIDDHIMA TALWANI   HMC Capital has won two global institutional mandates of $1.35 billion for its private credit strategy in Australian commercial real estate (CRE) lending.

HMC, KKR tie up receives ACCC approval

KARREN VERGARA   The partnership between HMC Capital and KKR, in which the latter will commit $603 million, has been given the good to go by the Australian Competition and Consumer Commission (ACCC).

Treasury releases adverse genetic test results ban draft regulation

KARREN VERGARA   Treasury is seeking feedback on draft regulations that ban the use of adverse genetic test results in life insurance, which come into effect on October 8.

AFCA to update rules on new genetic testing laws

KARREN VERGARA   The Australian Financial Complaints Authority (AFCA) is proposing to amend its rules in preparation for recent legislative changes on genetic testing protections in life insurance.

Lack of awareness impacts retirement satisfaction: TAL

MATTHEW WAI   New research indicates that although around 90% of retirees selecting pension accounts or lifetime income streams were satisfied with their decision, less than two in five (38%) pre-retirees understood how those products work.

Investment performance will not help smaller balances: Research

MATTHEW WAI   Recent research from Monash University demonstrated retirees will require a balance above $400,000 to achieve sustainable retirement without investment-related constraints.

Inflation cools, RBA facing 'uncomfortable trade-off'

ELIZA BAVIN   While inflation has cooled, it remains stubbornly above the Reserve Bank's target range, putting the central bank in a tricky position, experts say.

Vale Alan Greenspan

ELIZA BAVIN   The American economist and former chair of the Federal Reserve passed away at 100 years old.

Mercer Super fined $10.3m for reportable situations failures

KARREN VERGARA   Mercer Superannuation Australia will pay a $10.3 million penalty after it admitted to breaching the Reportable Situations Regime on several occasions, which the Federal Court found could have had the "potential to have a detrimental effect on members."

ASIC calls out platform trustees: 'Clear breach of trust'

RIDDHIMA TALWANI   ASIC has called out superannuation trustees for not doing enough to protect retirement savings of Australians on platforms even after repeated warnings from regulators about the dangers of poor oversight.

Natixis names chief executive for Mirova

MATTHEW WAI   Natixis Investment Managers has promoted an executive from another affiliate to succeed the outgoing chief executive of Mirova, Philippe Zaouati, effective July 1.

NZ Super names private equity lead

VINNY VUCAGO   The Guardians of New Zealand Superannuation has appointed William Fletcher as head of private equity and alternative investments, bolstering leadership across one of the fund's fastest growing investment portfolios.

Future Group to internalise super trustee structure

MATTHEW WAI   Future Group is acquiring WTW's superannuation licensed entity, Stewarda, to establish trustee capabilities in house.

Advice fee spike raises super concerns: SMC

VINNY VUCAGO   A $1.1 billion surge in advice fees deducted from Australians' superannuation accounts over the past two years has prompted fresh calls for stronger consumer protections.

Generation Life confirms personal information leaked in cyber incident

MATTHEW WAI   Generation Life has provided an update regarding a cyber incident that took place in April, confirming information of a "limited number" of individuals has been impacted.

Otivo launches AI-powered financial advice

MATTHEW WAI   Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Family office succession takes back seat to investments

KARREN VERGARA   While family offices have investment strategies down pat, the state of their succession plans paint another story, which reports suggest could undermine a seamless transfer of a vast amount of wealth.

Lowy family takes stake in Magellan

KARREN VERGARA   The Lowy family has acquired a 5.1% stake in Magellan Financial Group via its trust Oryxium.