Industry news

Westpac’s wealth focus turns to Panorama and Private Wealth

Westpac’s wealth management division, BT Financial Group, is being broken up and its personal advice business sold, but the bank still has significant wealth assets. It plans to invest in its administration platform, Panorama, and its private wealth business, which…

Zurich puts boutique manager on life support

Boutique fund manager Denning Pryce has suffered a crippling outflow of funds over the past five years, as investors have walked away from poor performance. Now the manager is being propped up by one of its industry partners, but it…

Zenith upgrades two small companies managers

Active small company fund managers rose to the challenge of beating their benchmarks during last year’s volatile conditions, according to Zenith Investment Partners’ latest Australian Shares Small Companies Sector Review. While S&P Dow Jones Indices’ latest SPIVA Australia Scorecard shows…

ETFs help advisers keep costs down, improve service

More investors will put money into exchange traded funds this year and, increasingly they are using ETFs to diversify their portfolios into international equities and fixed income. The number of ETF investors grew from 314,000 to 385,000 last year and…

New listed credit fund targets high yield

Commercial lender Metrics Credit Partners has launched a new credit fund, which will hold a portfolio of sub-investment grade debt and target a return of 8 to 10 per cent. Metrics has launched a product disclosure statement for the MCP…

New lender bets on reverse mortgage revival

ME Bank has thrown its weight behind a new reverse mortgage lender, providing $100 million of funding and taking an equity position in Household Capital. The company is chaired by former Minister for Superannuation and Corporate Law Nick Sherry. The…

30% Club sets new target

To mark International Women’s Day, the 30% Club Australia has announced new targets for ASX 201- 300 companies to meet the 30 per cent target for female representation on boards by the end of 2021. Previously, only ASX 200 companies…