LIC market: sector consolidation gathers pace

Century Australia shareholders voted yesterday in favour of a proposal to merge their company with another listed investment company, WAM Leaders. The two companies announced plans to merge in November, with WAM…

Payments companies target banking licences

Payment processing and identity verification specialist iSignthis (ISX) expects to be operating as an authorised deposit-taking institution as early as the June quarter, when it also expects to be operating an exchange…

People: Wikramanayake puts her stamp on Macquarie management

Macquarie Group has announced three changes to its management team. David Fass has been appointed head of Macquarie Infrastructure and Real Assets, Americas. Paul Plewman will replace David Fass as regional chief…

Investors need to take more responsibility

The Financial Services Royal Commission has delivered its final report. It’s now the responsibility of our federal parliamentarians to convert its recommendations into effective legislation that gives Australians far more protection from…

Financial services legislation stuck in the logjam

Several bills with impact for the financial service industry are up for debate in the House of Representatives and the Senate over the next couple of weeks. Whether they will get to…

Households prepare for a slowdown

Australians are saving more as they take a more conservative approach to their household finances. Households have reduced their dependence on credit and have instead focused on increasing their short-term savings, according…

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MLC Wealth slashes platform fees

MLC Wealth has made a number of changes to the pricing of its Wrap, MasterKey Super and Pension Fundamentals products, claiming administration fee reductions of up to 50 per cent. From February 4, the administration fees for MLC’s retail Wrap…

Takeovers Panel puts the brakes on LIC acquisitions

The Takeovers Panel has put a stop to John Bridgeman Ltd’s takeover of Henry Morgan Ltd and Benjamin Hornigold Ltd, citing unacceptable circumstances. It has issued interim orders, telling JBL to stop processing acceptances received under each bid. It says…

People: AUB Group picks new CEO

Insurance broker and risk management adviser AUB Group has appointed Mike Emmett as its new chief executive. Emmett was most recently the CEO of Cover-More. He has held senior roles at QBE Insurance, EY, Accenture and IBM. He replaces Mark…

Stranger than fiction

Labor is going into the election promising to tax capital gains more heavily. Depending on who you listen to, it’ll either hit the very highest of earners, or middle earners – people such as teachers and nurses. The same critics…

Ironbark moves on from K2 Advisors

Ironbark Asset Management has dropped K2 Advisors as manager of its Ironbark Global Diversified Alternatives Fund and given the mandate to Graham Capital Management. Morningstar reported in a note to clients that Ironbark “believed the process and philosophy by which…

Cashwerkz announces expansion plans

Online term deposit marketplace Cashwerkz appears to be flourishing under the ownership of Trustees Australia, which reports that investments on the Cashwerkz platform has grown from A$1 billion at the end of October last year to $1.5 billion. Cashwerkz has…

Financial stress numbers fall

Several important indicators of household financial stress showed improvement towards the end of last year, suggesting that the heavily indebted household sector is not heading for the crisis that some commentators have predicted. The Australian Financial Security Authority reported that…