Government to review LIC commissions

Financial advisers and stockbrokers may lose commissions on the sale of listed investment company (LIC) shares after the Government announced a consultation on the stamping fee exemption. Earlier this week Treasurer Josh…

Class acquires compliance technology company

Class Ltd, a leading provider of accounting software to the wealth sector, is diversifying its service offering with the acquisition of a compliance technology company. Class announced yesterday that it is acquiring…

People: Genworth names new CEO

Genworth has appointed Pauline Blight-Johnston as its chief executive. She takes over from acting chief executive Duncan West who will remain an independent non-executive director. Blight-Johnston joins from KPMG where she was…

Scrutiny will lead to improved outcomes

Over the last few weeks there has been a heightened level of debate concerning Listed Investment Companies (LICs) and Listed Investment Trusts (LITs). As always, industry experts have presented thoughtful, considered positions…

Metrics follows up NB credit fund raise

For the second time in a week a listed credit fund has launched a capital raising, underlining the popularity of the sector in a yield hungry market. Metrics Credit Partners’ MCP Master…

CML takeover battle nears resolution

Commercial finance company CML Group, which has been juggling competing takeover offers since December, says it will provide some clarity in a statement next week. CML has received offers from commercial finance…

Today’s Best Videos 

Credit funds on a roll

Investment manager Neuberger Berman hopes to capitalise on strong demand for listed credit income funds, launching an offer of new units in its NB Global Corporate Income Trust. The offer, an entitlement offer and a shortfall offer, is targeting a…

People: IAG chief to step down

IAG group executive Ben Bessell has announced that he will leave the company in March 2020 after more than 26 years with IAG and CGU Insurance. Bessell was previously chief executive of CGU Insurance, chief commercial officer of IAG and…

We need to modernise how we measure national wealth

I recently tried an experiment. I changed several light bulbs, and since one required a little rewiring, I sent my wife (also known as the majority shareholder) a bill for $110.50 (plus GST). In return, she sent me a bill…

ASIC sets out DDO ‘product governance framework’

The Australian Securities and Investments Commission has been working on the new design and distribution obligations over the summer, issuing draft guidelines that set out the “product governance framework” that issuers and distributors will have to put in place. Under…

Move over robo; advice goes ‘bionic’

HUB24 and Aberdeen Standard Investments (ASI) have partnered to launch ‘bionic’ advice tools in response to the adviser demand to service a wider range of clients more effectively. According to HUB24, around 41 per cent of Australians intend to get…

Tax deferral for bushfire victims

The tax office has extended its assistance measures for people affected by bushfires. Around three and a half million businesses, individuals and self-managed super fund trustees in impacted local government areas will have until May 28 to lodge and pay…

Court delivers mixed outcome for licensee over planner misconduct

Westpac has been held liable for the failure of one of its representatives to comply with their best interests obligations, in a court ruling handed down late last year. The bank was unsuccessful in arguing that the misconduct represented just…