TAL pays $2b in claims in last six months
TAL has paid $2 billion in claims during the last six months, according to an update from the life insurer.
Future Fund CIO rejects ‘macho, Darwinian’ investing culture
In his first public comments since being named chief investment officer of Australia’s sovereign wealth fund in August, Ben Samild has criticised the institutional investment industry’s penchant for “militaristic language and culture”. Samild told the Fiduciary Investors Symposium he was expanding the fund’s investment committee and prioritising portfolio resilience and his team’s wellbeing.
Govt introduces QAR draft law, but super fund advice left out
The government will release its first draft legislation for the Quality of Advice Review on Tuesday morning, only partly focused on Stream One. However, Minister for Financial Services Stephen Jones has assured the industry more will be addressed this year across all three streams with specific policy details around Stream Two – focused on advice super funds can give – expected by the end of the year.
Fortnum and AZ NGA firm acquire Australian Unity’s advice business
Licensee Fortnum Private Wealth and AZ NGA-owned professional advisory firm Nestworth Financial Strategists have partnered to acquire Australian Unity’s financial advice business.
Over 25pc of energy generation faces high climate risk: Research
Over 25 per cent of Australia’s energy generation currently falls into the three highest climate risk categories, according to the first version of the new Climate Risk Index released by insurer Zurich and consulting firm Mandala Partners.
AustralianSuper sets out to double the size of its ‘mid risk’ portfolio
Self-described “infrastructure geek” Jason Peasley is tasked with growing the mega-fund’s portfolio of real estate, infrastructure and private credit assets to $150 billion-plus, navigating a slew of market headwinds in the process.
Under-priced climate risk plagues institutional portfolios
Climate risk remains systematically under-priced and the world isn’t on course for net zero. Investors need to prepare for the risks of climate and environmental change and re-evaluate the risk in their portfolios, University of Oxford researcher Nicola Ranger warned delegates to Sustainability in Practice.
ASIC’s HESTA fine only scratches the surface on product labelling
The corporate regulator has taken HESTA to task for alleged “misleading marketing” regarding 10-year performance figures in its ‘balanced growth’ option. But while ASIC is right to insist funds advertise transparently and accurately, the adjacent issue of risk categorisation and product labelling warrants more of its attention.
Asset owners must stand up to the business of modern slavery
The Responsible Investment Association Australasia estimates that 84 per cent of investment managers had engaged with investee companies on human rights including modern slavery, making it the top priority after climate change. But there is little evidence that engagement by asset owners is resulting in meaningful change.
Allianz Retire+ hires joint heads of group retirement solutions
Allianz Retire+ has appointed Catherine van der Veen and Lucy Foster as joint heads of group retirement solutions client delivery, a newly created position.
OTC derivative issuers pay $17m compensation
ASIC has overseen $17.4 million in compensation payments to over 2000 retail clients due to financial services law breaches by eight retail over the counter (OTC) derivative issuers.
Rest to establish in-house global equities management capability with new hire
Industry super fund Rest has appointed Richard Mercado as its head of internal global equities, tasked with building an internal global equities management capability.
