Industry news

SMSF decline stabilises

Establishment of new self-managed super funds has settled at around 4500 funds each quarter, following several years of steep decline. According to the latest Australian Taxation Office SMSF statistical report, there were 4486 fund establishments in the June quarter and…

KKR upsizes credit fund issue

Demand for credit funds has been strong this year, as retail investors chase higher yields. The latest fund to come to the market, the KKR Credit Income Fund, has increased its issue size from $750 million to $925 million and…

Grameen to launch local microfinance program

Grameen Australia, the local branch of the microfinance institution that started in Bangladesh in the 1970s, is preparing to launch its first microfinance project in this country. Grameen has been in Australia for 20 years but for all of that…

Australians no longer loyal to banks

The non-major banks are enjoying their highest share of new mortgage lending in 12 years, providing further evidence that more customers are comfortable switching financial products. Australian Finance Group’s (AFG) latest quarterly report shows that non-major banks accounted for 45.9…

Cordish Dixon funds to be wound up

Walsh & Co Investments has announced details for the winding up of two Cordish Dixon private equity funds. The principal assets of both Cordish Dixon Private Equity Fund I and Cordish Dixon Private Equity Fund II, interests in US Select…

Freedom Insurance a shell

Freedom Insurance Group released its 2018/19 financial report last week, revealing that as of early August it had no employees. The board, led by Pauline Vamos, is winding down the company and says it is assessing possible options to maximise…

YBR sells wealth business

Yellow Brick Road is continuing to rationalise its activities, with the sale of Brightday, a direct-to-consumer online wealth and superannuation business. The buyer is Pearl Funds Management. YBR said in a statement that the price was confidential, although it was…

VanEck transitions out of CDIs

VanEck Investments is reorganising three of its exchange traded funds, replacing the current CHESS depository interests structure with new feeder funds. The three US funds are cross-listed on the ASX: VanEck Vectors China AMC CSI 300 ETF; VanEck Vectors Gold…

Count Financial back in the CountPlus fold

Commonwealth Bank has completed the sale of advisory business Count Financial to CountPlus, marking a milestone in the bank’s withdrawal from its aligned advice businesses. CountPlus is paying $2.5 million for the business, which it sold to CBA for $370…

Better policy choices needed to improve housing affordability

Australians struggling to get into the housing market are calling for government policy changes, according to CoreLogic’s Perceptions of Housing Affordability 2019. CoreLogic research director Asia Pacific, Tim Lawless, says: “There is a need for long-term strategies to assist housing…