Industry news

Annuity market sizes up new means test rules

The retirement income market is set for significant change, with the introduction next week of new means test rules for pooled lifetime income products. Commentators say there is plenty of discussion in the industry about the opportunities the new rules…

Sandon progresses bid for Mercantile

Sandon Capital is moving closer to its proposed acquisition of Mercantile Investments, buying up more its securities and flagging a shareholder meeting to approve the deal. Legendary corporate raider Ron Brierley’s announcement earlier this month that he would retire triggered…

OpenMarkets launches new trading platform

OpenMarkets Australia, an execution-only share trading platform with more than 30,000 retail and intermediary trading accounts, has launched a new trading platform, OpenMarkets Equix. Available in web and mobile formats, Equix is designed to meet the needs of the self-directed…

Industry fund launches SMSF product

Industry superannuation fund Hostplus is making a play for self-managed super fund business, offering access to assets “ordinarily unavailable to retail investors.” In what is claimed to be a first for the super industry, Self-Managed Invest (SMI) offers SMSF investors…

Financial planning divestments pick up pace

Less than a week after Commonwealth Bank announced the sale of Count Financial Planning, MyState has revealed plans to plans to get out of the personal financial planning business. The acquirers, CountPlus and Fiducian, both see an opportunity to develop…

The future of insurance is insurtech

The insurtech sector has grown by 53 per cent in the last year due to internationally founded insurtechs entering the market, accounting for 30 per cent of the ecosystem. according to the recent research from EY. EY’s recent report, “An…

AFCA jurisdiction extended

The Australian Securities and Investments Commission has approved changes to the Australian Financial Complaints Authority rules to allow it to deal with complaints dating back to 2008. AFCA’s mandate will be extended for 12 months to allow it to deal…

Taking a different approach to equity release

Property fund manager DomaCom has entered the home equity release market with a product based on a shared equity structure, as an alternative to the standard loan structure of a reverse mortgage. Under the terms of Senior Equity Release, a…

Legg Mason & BetaShares launch active EM ETF

Legg Mason and BetaShares have launched the fourth active ETF through their strategic partnership- an emerging markets equity fund. The BetaShares Legg Mason Emerging Markets Fund provides investors with access to the superior growth potential offered by emerging market equities.…

Private equity challenges the public markets

Australian private equity and venture capital reached an all-time high last year as more businesses chose to stay private for longer, according to new research. The Australian Investment Council (AIC) 2019 Yearbook reveals that Australian private capital firms reached $30…