John Kavanagh
303 Articles0 Comments

LIC market: sector consolidation gathers pace

Century Australia shareholders voted yesterday in favour of a proposal to merge their company with another listed investment company, WAM Leaders. The two companies announced plans to merge in November, with WAM Leaders to acquire 100 per cent of Century’s…

Payments companies target banking licences

Payment processing and identity verification specialist iSignthis (ISX) expects to be operating as an authorised deposit-taking institution as early as the June quarter, when it also expects to be operating an exchange settlement account with the Reserve bank. ISX joins…

Financial services legislation stuck in the logjam

Several bills with impact for the financial service industry are up for debate in the House of Representatives and the Senate over the next couple of weeks. Whether they will get to a vote is anyone’s guess. Most important among…

Boutique manager to de-list LICs

Watermark Funds Management has embarked on a complete overhaul of its business, moving to convert one of its listed investment companies to an unlisted unit trust and proceeding with plans to withdraw from global equities altogether. The company, which has…

CBA planning arm sanctioned over remediation concerns

Commonwealth Financial Planning Ltd has been ordered to stop charging or receiving ongoing service fees from its customers. It may not enter into any new ongoing service arrangements with customers. The Australian Securities and Investments Commission made the order under…

Finance broker moves into product manufacturing

Finance broker Consolidated Operations Group has announced plans to create an “in-house financial product portfolio” supported by a securitisation program. The company has re-jigged management and board roles to deliver the new strategy. Andrew Bennett, who joined the company in…

MLC Wealth slashes platform fees

MLC Wealth has made a number of changes to the pricing of its Wrap, MasterKey Super and Pension Fundamentals products, claiming administration fee reductions of up to 50 per cent. From February 4, the administration fees for MLC’s retail Wrap…

Takeovers Panel puts the brakes on LIC acquisitions

The Takeovers Panel has put a stop to John Bridgeman Ltd’s takeover of Henry Morgan Ltd and Benjamin Hornigold Ltd, citing unacceptable circumstances. It has issued interim orders, telling JBL to stop processing acceptances received under each bid. It says…

Ironbark moves on from K2 Advisors

Ironbark Asset Management has dropped K2 Advisors as manager of its Ironbark Global Diversified Alternatives Fund and given the mandate to Graham Capital Management. Morningstar reported in a note to clients that Ironbark “believed the process and philosophy by which…

Cashwerkz announces expansion plans

Online term deposit marketplace Cashwerkz appears to be flourishing under the ownership of Trustees Australia, which reports that investments on the Cashwerkz platform has grown from A$1 billion at the end of October last year to $1.5 billion. Cashwerkz has…