The nation’s two largest superannuation funds, AustralianSuper and Australian Retirement Trust, say the time has passed for a sweeping review of group insurance settings, as recommended by the Productivity Commission. The comments come as newly released official figures suggest a 136 per cent increase in super-related claims complaints in FY23.
Mandates with large employers contributed $648 million in net flows to Insignia Financial’s funds under administration in the last quarter of FY23. CEO Renato Mota says 11 of the ASX 30 are clients of the wealth giant’s workplace super business, and he wants to attract more of them.
The Bentham Global Income Fund has been added to the CFS First Choice platform.
Magellan Financial Group has appointed former Janus Henderson executive Andrew Formica as a non-executive director.
Pengana Capital Group has appointed Mercer as an investment adviser on the portfolio construction of Pengana Credit, its recently launched private credit arm.
After two years in the role, AMP chief investment officer Anna Shelley is seizing control of the investment function after years of reliance on AMP Capital. She is investing in private markets and asset allocation expertise, while simultaneously placing more business with specialist managers.
Global fintech GBST has nabbed Advice Intelligence after major investor Regal Funds Management withdrew its holding in the company.
Financial planning business coaching service Slipstream Group has appointed Nina Forbes as a business coach.
Virtual Business Partners has appointed Daniel Harrison as technical lead of accounting.
Treasurer Jim Chalmers has thanked Australian Retirement Trust and QIC for their $150 million investment in social housing in Queensland, as he expanded on his vision that superannuation funds invest in “big national priorities” that can also generate returns to members. The compulsory super system is a gift to Australia’s economy, Chalmers said, adding he wouldn’t trade it with any other nation.
ASIC has taken legal action against Vanguard Investments, accusing the investment manager of allegedly misleading conduct relating to ESG claims of one of its fixed income products.
Insignia Financial will sell its friendly society investment bond business, IOOF Ltd, to Australian Unity with the proceeds being utilised to further reduce net debt.
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