‘Highly unprofessional’ Openmarkets hit with record fine
Stockbroker Openmarkets has entered an enforceable undertaking after being hit with the largest-ever penalty imposed by ASIC’s Markets Disciplinary Panel. The regulator uncovered a culture of unprofessionalism that led to several breaches of market integrity rules.
July 06, 2023
Young Australians ‘unrealistic and confused’ about retirement
Australians aged under 35 years old are more “unrealistic and confused” about their retirement future than older generations, according to research from Aware Super.
July 06, 2023
AustralianSuper pinches Paula Benson from IFM
AustralianSuper has appointed Paula Benson as chief officer of strategy and corporate affairs.
July 06, 2023
Ignition nabs Mason Stevens CTO
Ignition Advice has appointed Masons Stevens chief technology officer Enda Mahoney to lead the digital advice firm’s platform and product division.
July 06, 2023
Alternatives can anchor portfolio returns, as Markowitz espoused
Diversification across asset classes in the primary portfolio decision, but where alternatives sit in the process is up for debate. With uncorrelated returns offering strong returns during poor market cycles, alternatives have an argument to be part of the primary portfolio decision.
July 06, 2023
‘Good feeling’: AMP planners prevail in BOLR class action
AMP has been ordered to pay damages to two practices involved in the class action lawsuit over controversial changes to its Buyer of Last Resort scheme. The decision is being celebrated by affected firms, many of whom hoped to sell out after legislative change made their business models financially unviable.
July 05, 2023
BOLR verdict ends a long and sorry chapter
Many would rightly sympathise with the plight of affected AMP planners, who framed their suit as a David and Goliath-style battle against a heartless big corporate. But it's also worth remembering the policy at the heart of the dispute was problematic long before the terms and conditions were changed.
July 05, 2023
Recruit 2 Advice expands recruitment services with further hires
Recruit 2 Advice, a provider of recruitment and advisory solutions in the financial services industry, appointed John Rey Baclayon and Graham Smith as client services specialist and consultant, respectively.
July 05, 2023
Bentham appoints to wholesale distribution manager
Investment manager Bentham Asset Management has promoted Larry Francis to wholesale distribution manager for NSW and Queensland.
July 05, 2023
Valuation frequency must be weighed carefully: Frontier
Investment consultancy Frontier Advisors is working with Australian asset owners to hold fund managers accountable for appropriate valuation of unlisted assets.
July 05, 2023
Super funds laying out the portfolio argument for alternatives
While not having massive asset allocations, super funds have long taken advantage of alternatives, utilising private equity, unlisted property and infrastructure to take advantage of return stream that doesn’t follow the traditional market cycle.
July 05, 2023
Global X launches commodities ETF on ASX
ETF provider Global X has launched the Bloomberg Commodity ETF (Synthetic) (BCOM) on the ASX.
July 05, 2023
