Vale Michael Harrison
Highly respected business strategist and former Synchron independent chair Michael Harrison passed away on Sunday, 21 May 2023, after a long illness. He was 78-years-old.
Nuveen wins industry fund mandate for US Cities Workplace strategy
Asset manager Nuveen has invested US$190 million ($286 million) from industry funds Cbus Super, Hostplus, and TWUSUPER in its US Cities Workplace strategy. Nuveen’s US Cities Workplace strategy – which sits within the firm’s global resilient series – invests in alternative workplace assets across the medical office, life science, technology R&D, and studio production sectors … Read more
FSC appoints CFS chief to board
The Financial Services Council (FSC) has appointed CFS chief executive Kelly Power to its board. Power has over 20 years of experience in financial services. Prior to Colonial First State, she was the head of platforms at BT Financial Group, where she also held several other executive management roles.
Vanguard Super hits $500m AUM; restructures exec team
With its superannuation business hitting $500 million of assets under management and 10,000 members since opening its doors six months ago, US passive investing giant Vanguard is taking steps to further bolster its retail business.
AMP pays $24m fine for charging deceased customers
The Federal Court has ordered AMP Financial Planning and AMP Life pay a monetary penalty of $24 million after proceedings brought against it by ASIC.
MLC Life penalised $10m for misleading customers
The Federal Court has ordered MLC Life Insurance pay a $10 million penalty for failing to pay promised benefits, resulting from a lack of appropriate systems to administer its insurance policies. In addition to the $10 million penalty, MLC has provided approximately $11.8 million in remediation to approximately 1,000 impacted customers. The court made declarations … Read more
Funds seek guarantees on affordable housing: Research
A recent report has highlighted that financial return remains a key hurdle for superannuation funds’ involvement in affordable housing amid the Federal government’s push to attract institutional capital into the sector.
Executing the RIC strategy: An industry response
Super funds and product providers have been strategising and executing their response to the Retirement Income Covenant that came into effect in July 2022. Investment Magazine surveys the market to find out who is doing what.
Saxo amends TMDs following ASIC stop orders
ASIC made eight interim stop orders on 16 May 2023, preventing Saxo Capital Markets (Australia) from issuing some new Contracts for Difference to retail clients because of deficiencies in their Target Market Determinations.
Food for thought: Investing in global food production
The inevitable move to more modern food production will create investment opportunities as the food industry moves to revolutionise but also reduce its own environmental impact. PGIM thematic research group director Jakob Wilhelmus outlines the risks and opportunities inherent in this mega theme.
Qantas Super CEO/ASFA director appointed as inaugural AGC chair
Qantas Super CEO and Association of Superannuation Funds Australia director Michael Clancy has been appointed as the inaugural chair of the Australian Governance Council.
MyNorth wins Chant West innovation award
AMP North retirement solution MyNorth Lifetime has won fund innovation of the year at the Chant West 2023 Super Fund Awards.
