Everyone’s a winner at Australian Wealth Management (AWM) and Select Managed Funds judging by the share price hikes at both companies since their merger was announced last week.
… while Zurich exits industry fund admin
Zurich Financial Services Australia has decided to exit the member administration business for big super funds, outsourcing its only industry fund, the Accountants Superannuation Fund, to the administrator and trustee of Recruitment Super.
ASIC promises sensible attitude to policing new regs
The Australian Securities and Investments Commission (ASIC) will adopt “a reasonable and pragmatic approach” to compliance with the recently-introduced amendments to the Financial Services Reform Act it said yesterday.
Morningstar spends $83 million in institutional foray
Morningstar Inc, the recently listed US research firm, has paid $US83 million to buy asset allocation firm Ibbotson Associates – a deal that will help its Australian subsidiary expand into the fund-of-funds and superannuation markets.
Skandia drops defence pretence
Skandia, the pride of Sweden’s financial services sector, has finally admitted the obvious and called for an Extraordinary General Meeting to consider a new board in the wake of Old Mutual’s takeover bid.
Banker and marketer join the FPA board
The Financial Planning Association (FPA) has named the two independent directors who will be replacing the outgoing Kathryn Greiner and David Elsum.
Ipac hunts for CIO after Dutton transfers to Axa
A search is about to begin for a new chief investment officer at ipac Securities replacing Mark Dutton who will assume a full-time CIO role at Axa Australia.
Lonsdale to take extra risk
Lonsdale, the dealer group 70 per cent owned by Zurich, is about to start writing risk business in-house.
Bravura proposes one platform to rule them all
Bravura Solutions is consolidating its recent acquisitions into a ‘next generation’ platform which it plans to launch in October. The platform will be for the entire financial services industry and already has a number of seed clients, according to the group’s new chief technology officer, Enda Mahoney.
IBM enters funds management game
IBM Australia has entered the funds management industry following the decision announced yesterday for Russell Investment Group to exit member administration.
Queensland planning group brings in the big guns
The transition from partner in large corporate accounting firms to running a relatively tiny financial planning operation has been an exciting one for Paul Bodimeade. He now heads up the medium sized financial services firm Managed Financial Strategy but the Queensland-based business has greater ambitions
MLC on commodities: maybe this time it’s different
While Australia’s fortunes have been closely linked to commodity prices over the very long term, Australian investors have been wary of commodities as an asset class – perhaps until now. MLC has issued a briefing note as to whether the latest bull market in commodities is a fad or here to stay.
