The peak body for industry superannuation has urged the prudential regulator to show funds how they can prepare applications for MySuper licences without clear legislation.
Lodestar Capital to shut
Lodestar Capital Partners will close down on June 30 after more than five years managing money. The Australian stock fund manager, which is 33-per-cent-owned by Nabinvest, says its main fund has outperformed the stock market by about 1 per cent a year since inception on March 1, 2007. “This has been a difficult decision to … Read more
ASIC concerned by dark pool, HFT trading
The Australian Securities Investment Commission is concerned that so-called dark pool and high frequency trading may damage price discovery or lead to market crashes. Belinda Gibson, ASIC’s deputy chair, says high frequency trading could lead to abuses and market disruption. High frequency traders use mathematical formulas to trade millions of stocks within seconds to take … Read more
Peter Morgan, market animal
Peter Morgan was sitting all alone to one side of a lecture hall at Melbourne Business School. He had just spent two days on Bells Beach and his skin was a dark brown that contrasted strikingly with his sun-and-salt bleached blond hair. When it came time for Morgan to address an audience of finance and … Read more
Asset managers decry share sale process
Guy Foster, head of equity capital markets in Australia for Bank of America Merrill Lynch, was red in the face. It may not have necessarily been because three asset managers at the Ownership Matters governance conference were voicing criticism of investment banks hired to sell shares for companies. “Long-term shareholders are discriminated against” in many … Read more
Macfarlane ignores most business reporting
Ian Macfarlane is content to ignore most business reporting. The former Reserve Bank of Australia governor did, however, read the work of six or so economic reporters. “We talked to the press who had a long-standing commitment to the beat,” says Macfarlane. “Part of your job is getting your message out to the wider public.” … Read more
iPad 2 winners announced
Winners of the iPad 2 among readers who participated in the recent Investment Magazine Audience Behaviour Survey are: Kate Aplin, CareSuper, Melbourne, Victoria Hamish Dunbar, Global Destiny, Fortitude Valley, Queensland Sheena Kay, KPMG, Melbourne, Victoria Portfolio manager, The Netherlands (this reader wishes to remain anonymous) Many thanks to all readers for your participation.
John Dawkins, superannuation lawmaker, joins Cbus
John Dawkins, who was Treasurer in the Keating Government when compulsory superannuation became law, has joined the board of the $17-billion industry fund Cbus. Dawkins, 65, has been appointed an independent director of Cbus and will attend his first board meeting on June 7, a spokesman for the fund confirmed. He replaces Bernie Fraser, the … Read more
New Waratah bonds target SMSF investors
The New South Wales Government wants to enter the annuity market by selling new capital-guaranteed debt securities, known as Waratah Annuity Bonds, to wealthy retail investors. The bonds, issued by government debt agency NSW Treasury Corporation (TCorp) to raise capital for infrastructure projects, will provide investors with monthly payments that rise with inflation. Each payment … Read more
OneVentures seek the greater good
In a building that is on the $20 bill, the latest generation of Australian venture capitalists are one floor above the pioneers, Allen & Buckeridge. Anne-Marie Birkill, Michelle Deaker and Paul Kelly are gathered in a small room in the red brick building on Sydney’s Bulletin Place that is more silicon alley than valley. Still, … Read more
