Industry news

The Inside Network enters the financial services events market

Peer-to-peer networking and innovative thinking will be two of the key principles behind The Inside Network (IN), the latest entrant to the Australian financial services education/events stage. The brainchild of Jamie Nemtsas and Drew Meredith, principals of the IFA firm…

Pengana invests in US asset manager

Fund manager Pengana Capital will take a “significant stake” in a US asset manager Lizard Investors – a specialist global small and mid-cap equity manager. Lizard and Pengana have had a joint venture since 2015, when Lizard became a sub-adviser…

Adding social impact to portfolios

With ethical investing well established in Australia, the next phase of development in the sector is providing investors with more than negative screens to remove “sin stocks” from portfolios. Social impact investing is now the cutting edge. One group pursuing…

Another LIC folds

K2 Asset Management will close its listed investment trust, K2 Global Equities Fund, offering investors a transfer to the unlisted version of the fund or a final distribution. Trading in the listed trust, which listed in July 2015 and has…

Westpac promises brokers an improved mortgage process

Westpac’s changes to home loan underwriting has disrupted its growth and led to ongoing problems with mortgage lending. The implementation of a new expenditure verification tool has significantly affected lending volumes due to being “clunky”. As a result, the bank’s…

Why Westpac’s sales calls were ‘personal advice’

In its case against ASIC over a telephone campaign promoting superannuation consolidation, Westpac argued it was sales and marketing, not advice. The Federal Court disagreed. “The dichotomy which Westpac seeks to establish in this case between advertising and marketing on…

Call to action on elder financial abuse

The Financial Services Council (FSC) is calling on financial service providers to implement policies and procedures to prevent elder financial abuse. The FSC has launched a guide for non-banking financial services to identify, address and prevent the financial abuse of…

Investor ‘loyalty’ programs growing in popularity

Pengana Capital will offer unitholders in its Pengana Private Equity Trust a “loyalty benefit” as part of an offer of new units in the ASX-listed trust. Pengana announced last week that it would offer additional units in Pengana Private Equity…

Another setback for robo-advice

Two robo-advisors have shut down after the Australian Securities and Investment Commission (ASIC) raised concerns about the quality of advice. Lime FS announced its subsidiaries Plenty Wealth and Plenty Plus have voluntarily ceased their robo-advice operations after ASIC warned that…

Big name managers losing FUM

Some of the biggest names in investment management are suffering significant fund outflows, and for some it is becoming a chronic problem. Pendal Group reported net outflows of 2.3 billion in the September quarter, Perpetual had net outflows of $1.8…