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…

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Yellow Brick Road completes wealth divestment

Yellow Brick Road has sold the last part of its wealth business and is now operating as a specialist mortgage business. The company announced late in December that it had entered into a sale agreement with Sequoia Financial Group in…

People: MyState CEO to step down

MyState chief executive Melos Sulicich has announced his resignation and will be leaving in July 2020. Sulicich has been in the position since 2014 and has overseen growth in the business, doubling the banking loan book to over $5 billion…

A crisis of underinsurance threatens to scar rural Australia permanently

Australia is in the midst of a bushfire crisis that will affect local communities for years, if not permanently, due to a national crisis of underinsurance. Already more than 1,500 homes have been destroyed – with months still to go…

Special resolutions on the rise at AGMs

An increasing number of investors are using the annual general meetings of ASX-listed companies to have their say about climate change and other issues, according to new research. Macquarie Securities reveals that there has been an increase in the number…

Millenials want investment advice on an app

Online services and mobile apps are so embedded in the lives of young adults that they expect all their financial services to be delivered that way, according to new research. Funds network operator Calastone surveyed more than 3000 people aged…

Government clarifies which tax debts can be reported

The Government has followed up the passage of legislation allowing the tax office to release details of tax debts to credit reporting agencies, with the release of a tax administration declaration that spells out the taxpayers who will be affected…

No answer to chronic LIC price discounts

Listed Investment company Monash Absolute Investment Co (MA1) plans to turn itself into a unit trust, after trying everything to close its wide price-to-NTA gap. The restructure is designed to address “a large discount to the net tangible asset value…