Major banks see rising profits despite tough economic outlook
The major banks reported a combined cash profit after tax of $28.5 billion, a 7.2 per cent increase from FY21 despite inflation and rising interest rates creating pressure on consumers.
iExtend appoints Senior Risk Manager
iExtend has appointed Lindsay Stark as a senior risk manager, who will provide support and expert guidance on the growing number of individual qualifying policies to be co-owned by iExtend.
ASIC places interim stop order on offers from Finnia
ASIC has placed an interim stop order on offers from Finnia Income in response to deficiencies in the issuer’s target market determination (TMD).
CareSuper and Spirit Super exploring possibility of merging
Industry super funds CareSuper and Spirit Super have begun exploring the possibility of merging, but the projected combined pool will be below APRA’s preferred fund size.
Spirit Super eyes investments in regional Australia: Ross Barry, CIO
The $26 billion Spirit Super is looking at investment opportunities in regional Australia as it moves on from its failed acquisition of the port of Geelong. The fund has also been de-risking its portfolio a year ago in anticipation of rising inflation.
Research shows performance test limits ESG activities of super funds
Research shows ESG, sustainability and carbon transition activities of super funds incur a relatively high tracking error, increasing the risk of funds failing the test.
HESTA, ReNu & Countrywide to develop green hydrogen
Health worker industry super fund HESTA has signed a term sheet with ReNu Energy and Countrywide Hydrogen to commit up to $100 million for the development of green hydrogen projects.
Managing climate risk in equity portfolios
Asset managers and owners have a range of tools and strategies to manage climate risk within asset portfolios. However, the impact of the performance test on super funds is hampering investment behaviour.
ASIC revokes DDO stop order on Neldner Road Vintners
An interim stop order placed by ASIC on Neldner Road Vintners in response to deficiencies in the issuers’ Target Market Determinations (TMD) has been revoked.
Martin Currie Ethical Income Fund wins Lonsec Sustainable Fund of the Year Award
The Martin Currie Ethical Income Fund (MCEIF) has won the Sustainable Fund of the Year Award for 2022.
GSFM appoints Michael Angwin to its distribution team
Fund manager GSFM has appointed Michael Angwin to a newly created consultant and wholesale distribution role.
Ponzi scheme director pleads guilty
Former Courtenay House director Tony Iervasi has pleaded guilty to five criminal charges regarding operation of a $180 million Ponzi scheme.
