Industry Updates

Northern Trust appoints asset servicing head

Global asset servicing firm Northern Trust has appointed Aisling Keane as head of asset servicing for its operations in Hong Kong.

Spark Financial partners with sustainable investment firms

National dealer group Spark Financial has partnered with platform Oko Advisers and client software Voyant to help its financial advisers offer sustainable investment options and enhance their ability to manage practice finances effectively.

Natixis expands AFSL to serve retail clients

Natixis Investment Managers has expanded its AFSL allowing it to promote to retail clients.

‘Feel for them’: Digital advice pioneer pivots to super funds

As super funds take on a bigger role in financial advice, MoneyGPS will roll out a white label product to help mitigate the impact of a lagging response to the retirement income covenant. The move comes as rivals in the fledgling digital advice market have failed or been acquired.

Managed account fees confound clients

Clients often grapple with managed account fees, according to Zenith head of consulting Steven Tang. The crux of the issue lies in the intricate interplay of historical fee averages and convoluted structures, leading to a lack of transparency in discerning the actual costs involved.

ASIC halts K2 affiliated fund

ASIC has issued an interim stop order on Storehouse Residential Trust, a managed fund promoted by K2 Asset Management. 

Ensombl officially launches in South Africa

After announcing a capital raise, professional networking platform Ensombl has officially expanded its international presence with a launch in Cape Town, South Africa.

New Zealand Super Fund invests in Euroclear

The New Zealand Super Fund has acquired a 4.99 per cent share in Brussels-based company Euroclear.

Hostplus, Maritime Super complete merger

Hostplus and Maritime Super have completed their merger after signing a successor fund transfer in December 2022.

Standard 12: Broader than you may think

Standard 12 of the Code of Ethics may have less notoriety than other standards like 3 or 6, but the final element of the code lays the groundwork for peer accountability in the advice profession.

Tech overhaul crucial for efficient financial advice delivery

Despite living in a world “brimming with technological marvels”, financial advice still operates in an outdated fashion. Finura managing director Peter Worn said advice practices need to be more pragmatic with tech adoption to stay competitive.

‘Rash decisions’: Advisers face fallout from YFYS platform failures

The Financial Advice Association has warned that advisers will be left with increased workload to deal with clients who receive failure notices after the Your Future Your Super performance test was extended to trustee directed products. AMP and Insignia, who operate three quarters of the failed products, have criticised the “one size fits all” methodology.

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