Chris Pearce, the Parliamentary Secretary to the Treasurer, told I&T News yesterday that the Government has no intention of legislating to cap or outlaw commissions on financial services products.
Putnam gets ready to go it alone in Australia
US mutual fund giant Putnam Investments has hired a former investment specialist at Zurich Financial Services, Peter Walsh, to head up the group’s Australian retail business.
Sunsuper chief executive
Don Luke, the chief executive of Queensland multi-employer fund Sunsuper, has not resigned from the fund, as was incorrectly reported in last week’s I&T News, in a report on generational change among super funds. We apologise for the error.
Macquarie opens HK private equity office
The Macquarie Funds Management (MFM) alternatives division has hired its first staff in Asia, luring two private equity analysts away from Deutsche Bank to its Hong Kong office last week.
Single and loving it: why solo advisers won’t fade away
The single practitioner financial planner has been labeled a dead-end business in most parts of the world but a new study by US consultancy firm Moss Adams has found there is life in the old dog yet.
Ramifications of fund mergers: beware cultural and financial damage
With the latest APRA estimate of super funds to survive post July 1 dropping to 320, the ramifications of the structural changes occurring in the industry are starting to bite. And what better place to discuss this than at the CMSF conference on the Gold Coast last week?
Fincorp Diversified Property Fund
Fincorp launches a diversified property fund, with high quality anchor tenants, for wholesale & retail investors.
No letters in AMP’s offer to help Mitsubishi sell cars
AMP will not be writing to all members of its Signature master trust as part of a supporting promotion for Mitsubishi cars, following the outsourcing of the Mitsubishi Motors super funds. The promotional support being offered by AMP, an unusual value-add to enhance the deal, is likely to be more passive in nature.
ING on the hustings again for expanding private equity operation
ING Investment Management has opened its third private equity fund to new investments from institutional investors – looking to raise between $150 million and $200 million for its fund of private equity funds operation.
Labor paper on super canvasses simpler system
The Federal Labor Party published a ‘discussion paper’ on superannuation yesterday, which canvassed a variety of changes to the super system including simplification of regulations and tougher controls.
ASIC refuses relief for disclosure dodgers
ASIC has reinforced its tough stance on dollar disclosure rules for financial planners in a decision released yesterday where it refused relief to an Australian Financial Services (AFS) licensee.
Expenses spared as APRA admits super data deficiencies
The Australian Prudential Regulation Authority (APRA) has decided to indefinitely remove expense ratios from its published superannuation statistics because the quality of data collected from funds has been so poor.
