The Australian Securities and Investment Commission (ASIC) admitted in a Senate Estimates committee last week that it had not examined the details of ANZ Financial Planning’s fee-for-service model before issuing a press release praising the move.
… as 50 planners to face investigation over Westpoint sales
ASIC is investigating about “50 individuals”, most of them understood to be financial planners, over their role in the Westpoint fiasco, according to Labor Senator, Nick Sherry.
TWUSuper tilts to alternatives
The $1.6 billion TWUSuper fund has allocated $210 million to alternative investment strategies after a review headed by Mercer Investment Consulting.
Profit generation: how to manage a smooth handover of a family business
Like many of the Metro Midlands Financial Planners’ clients who are facing the challenges of generational change, Vicki Hagley too is designing the future of her Perth-based practice along with its founder – her father and mentor, Cliff.
Women counterintuitive when it comes to risk, survey finds
Managed fund investors, unlike investors in directly held shares, are more likely to act rationally when making a decision to sell – holding onto their winners and selling their losers, according to a major research effort by BT Financial and the University of Western Australia (UWA).
AXcess self-managed super
AXA launches a one-stop-shop administration service for self-managed super funds.
Perennial Global Property Securities Trust
Perennial offers wholesale investors a portfolio of international property securities.
Perennial Value High Yield Shares Trust
…and a tax-effective, high yield shares portfolio ideally suited to low tax status clients.
UK purchase may allow DSTi to enter Australian planning software market
DST International (DSTi) will look to expand into a new area of the retail market for superannuation software in Australia following its acquisition of a UK pensions software provider.
Mercer predicts private equity bubble in US
Mercer Investment Consulting is predicting another private equity bubble in the US and has warned clients that because of limited capacity of top-tier managers, many new investors may be disappointed with future returns.
Intech adds HAT to HOT for concentrated multi-manager spread
The Australian shares version of Intech’s international High Opportunities Trust (HOT) has been seeded with $100 million from two existing clients and is expected to remain open to other investors for only a short period of time
Legg Mason taps London office for new head of equities
The current head of European equities for Citigroup Asset Management, London-based Reece Birtles, is to take up the job as head of Australian equities and balanced funds for Legg Mason Australia.
