John Kavanagh
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Grandfathered commissions gone

The bill ending grandfathered conflicted remuneration was finally passed into law this week, with the new measures to take effect from 1 January 2021. The new law enables regulations to provide for a scheme under which amounts that would otherwise…

KKR upsizes credit fund issue

Demand for credit funds has been strong this year, as retail investors chase higher yields. The latest fund to come to the market, the KKR Credit Income Fund, has increased its issue size from $750 million to $925 million and…

Grameen to launch local microfinance program

Grameen Australia, the local branch of the microfinance institution that started in Bangladesh in the 1970s, is preparing to launch its first microfinance project in this country. Grameen has been in Australia for 20 years but for all of that…

Cordish Dixon funds to be wound up

Walsh & Co Investments has announced details for the winding up of two Cordish Dixon private equity funds. The principal assets of both Cordish Dixon Private Equity Fund I and Cordish Dixon Private Equity Fund II, interests in US Select…

Concern that mortgage broker best interest exclusions ‘will not have the intended effect’

Wording in the draft mortgage broker best interest bill intended to limit the effect of the new law to mortgage brokers and mortgage intermediaries “will not have the intended effect” according to a leading industry commentator, and needs to be…

Freedom Insurance a shell

Freedom Insurance Group released its 2018/19 financial report last week, revealing that as of early August it had no employees. The board, led by Pauline Vamos, is winding down the company and says it is assessing possible options to maximise…

YBR sells wealth business

Yellow Brick Road is continuing to rationalise its activities, with the sale of Brightday, a direct-to-consumer online wealth and superannuation business. The buyer is Pearl Funds Management. YBR said in a statement that the price was confidential, although it was…

Testamentary trust tax rules tightened

The tax treatment of testamentary trusts is being tightened, to ensure that minors who are trust beneficiaries do not receive tax concessions they are not entitled to. Last week, the Government introduced draft legislation for consultation. Generally, tax law imposes…

VanEck transitions out of CDIs

VanEck Investments is reorganising three of its exchange traded funds, replacing the current CHESS depository interests structure with new feeder funds. The three US funds are cross-listed on the ASX: VanEck Vectors China AMC CSI 300 ETF; VanEck Vectors Gold…

Count Financial back in the CountPlus fold

Commonwealth Bank has completed the sale of advisory business Count Financial to CountPlus, marking a milestone in the bank’s withdrawal from its aligned advice businesses. CountPlus is paying $2.5 million for the business, which it sold to CBA for $370…