TAL appoints chief claims officer
TAL has appointed Georgina Croft as its chief claims officer and to the executive team, replacing Jenny Oliver who was named TAL chief executive, group life and retirement in October 2023.
Balanced funds return 9.6 pc in CY23: SuperRatings data
The median balanced super fund option has returned 9.6 per cent in the 2023 calendar year, boosted by a share rally in the final quarter, according to SuperRatings’ latest data.
Super fund ownership of ASX is no Gothic horror story
Coalition Senator Andrew Bragg’s horror narrative says our super funds could “eat up the whole local exchange” and use it for nefarious purposes. But the OECD suggests Australia actually lags peers on the share of the bourse represented by institutional investors and says they generally make responsible owners.
AustralianSuper’s lead on fund flows moderates
The big eight profit-for-member funds took 80 per cent of natural flows in FY23, with mega-fund AustralianSuper leading the pack. But the nation’s largest fund also saw a slowdown in member switching, securing $9 billion, down from $14.5 billion the year before. APRA data suggests switching activity across the broader market has declined.
MSC acquires Certane Corporate Trust
Corporate trustee and fund administration platform MSC Group has acquired Certane Corporate Trust, formerly trading as AET Corporate Trust and part of Australian Executor Trustees.
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.
