ASIC grants registration deadline extension
ASIC will extend the deadline for its new adviser registration requirement, a day after the Financial Advice Association noted almost 6000 have been yet to complete it.
Mega-funds increase market share in another year of consolidation
In the first of a series of articles analysing the latest APRA superannuation asset data, David Bell and Geoff Warren of The Conexus Institute conclude that the eight largest profit-for-member funds increased their market share in FY23 by about 2 per cent. Meanwhile, the merged Care Super/Spirit Super looks set to be inducted into the so-called “big fund club”.
Beware a wages-price spiral that threatens asset prices
Backlash against wealth inequality is roiling politics and markets, with the unions securing wins after decades of pro-capital policy formulation. The change in circumstances favouring labour is occurring just as advanced economies enjoy close to full employment, resulting in real wage gains and the return of the so-called Phillips Curve.
Choice CEO successor following Kirkland departure
Consumer advocacy group Choice has appointed Ashley de Silva as its CEO, the successor to Alan Kirkland who left the role last November.
Financial Advice NZ appoints former AFA general manager as CEO
Financial Advice New Zealand has appointed former AFA general manager and NZ national Nick Hakes as CEO.
Growth funds return 9.9 pc in CY23: Chant West
The median growth super fund (defined as 61 to 80 per cent in growth assets) has returned 9.9 per cent in calendar year 2023, according to researcher Chant West.
Why ART’s top investment strategist is optimistic about markets
Australian Retirement Trust’s Andrew Fisher is eyeing returns in the balanced option of between 8 and 9 per cent going forward, hoping to exceed low expectations by bucking the trends of investment internalisation and heavy exposure to infrastructure. He also opens up about ART’s position on the failed Origin Energy takeover.
Deep-sea mining versus the common heritage of humankind
As the issue of deep-sea mining heats up – and geopolitical tensions rise – more asset owners will have to decide and share their stance on the practice. But the issue is more complex than simply whether DSM is more or less environmentally destructive than land-based mining.
Almost 6k advisers still need to complete new ASIC registration obligation: FAAA
Nearly 6000 financial advisers are yet to be registered under a separate obligation with ASIC, putting them at risk of no longer being able to provide advice, the Financial Advice Association has warned.
NGS Super selects Grow Inc as administrator
The $14 billion NGS Super has appointed startup Grow Inc as its new administrator, switching from Mercer following a review.
AIA Australia donates $60k to local sports organisations
AIA Australia has donated a total of $60,000 to three grassroots tennis clubs and three local surf schools in New South Wales and Victoria to support their sports programs.
Zenith nabs CFS talent as group head of product
Zenith Investment Partners has appointed Matt Warren to the newly created role of group head of product, reporting to managing director Jason Huddy.
