Industry news

Managed accounts market grows strongly

More financial planners are using managed accounts in their practices and they are putting more of their clients’ funds into them. Investments Trends reports that 35 per cent of planners used managed accounts last year, up from 30 per cent…

LIC limps out of the ASX

Listed investment company Chapmans Ltd has received the support of shareholders for a proposal to remove the company from the Australian Securities Exchange. Chapmans describes itself as an LIC “engaged in special situation investments”. It claims to have expertise in…

Budget tip: restoration of higher contribution caps

A leading self-managed super administration and advisory group, SuperConcepts, has forecast that the Government will include some sweeteners for the super sector in what is expected to be a generous pre-election budget. SuperConcepts executive manager of SMSF technical, Mark Ellem,…

A novel way to beat the LIC discount

As the consolidation of the listed investment company sector continues, one player has taken an unusual approach to the process. Rather than merging or winding up, Techniche Ltd has moved to full ownership of two of its assets and is…

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…