Industry Updates

Growth strategy still unclear for big retail super funds

Combining size and flow rates creates a rich picture of the super fund landscape, from which four distinct quadrants can be extrapolated depending on their asset size and growth trajectory. Research from The Conexus Institute finds while big retail funds such as Colonial First State, AMP and Insignia still have scale, they are losing market share and need a strategy to stem the outflows to both smaller retail platforms and big industry funds.

Diverger shareholders approve Count acquisition

Diverger shareholders have voted to approve the 100 per cent acquisition of Count which was announced last year.

Australians happy to use super to pay for advice: CFS research

Research from Colonial First State has found 93 per cent of Australians believe people need financial advice and almost two in three are interested in using the funds in their super to pay for that advice.

Collective punishment and lessons from the PwC scandal a year on

Exactly a year ago today, the professional services world was shocked by scandal when it was found former PwC partner Peter Collins disclosed confidential information as a government tax adviser. Tom Ravlic writes the incident is a reminder about making reactive policy decisions and the collateral damage that can cause.

Retirement confidence decoupled from returns, but access to capital is key

Retirement confidence in Australia has declined over the past 12 months despite stronger investment markets, according to research from SSGA. The report argues in an environment of high inflation and rising costs of living, the retirement income option that appeals to most people is one that allows flexible access to capital early on and stable income later.

AMP Super appoints TAL as default insurance provider

AMP has appointed TAL as its default and retail insurance provider for AMP superannuation fund members, including its SignatureSuper offer.  

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.  

ASIC’s Kirkland says rate of adviser registrations ‘encouraging’

Extending the adviser registration deadline to 16 February should give the profession ample time to fulfill the obligation, and there will be no further extensions. Newly installed ASIC commissioner Alan Kirkland says advisers should remember where the requirement for registration came from and that ultimately it is positive for the profession.

Super flows: AustralianSuper’s lead moderates, HUB24 retains edge

The assumption that flows are simply moving from retail funds to industry funds is outdated, as The Conexus Institute’s analysis of APRA data shows the four fastest growing small and medium retail funds are taking in strong flows while the story amongst big industry funds is mixed.

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.

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