Financial Standard - May 19, 2025

In this issue

May 19, 2025

Australia tops list for job growth

Australia recorded a significant upswing in professional job vacancies, led by the financial services sector in March, according to the Robert Walters Global Jobs Index.

1 min

Compliance spending slashed

An alarming number of licensees are spending less on compliance, a new survey from Holley Nethercote shows, but a slew of reforms slated within the next 18 months could catch them off guard.

1 min

Super funds, insurers drag IP recovery

While disputes continue to reach sky-high levels, income protection (IP) appears to be overcoming existential issues and delivering to customers, particularly as APRA retracts its regulatory tenterhooks.

3 mins

Out of touch and on the nose

In its FY25 corporate plan, ASIC noted that one of its strategic priorities would be “monitoring the use of offshore outsourcing arrangements.”

2 mins

ASX outlines opportunities in listed markets

In response to a discussion paper published by ASIC in February, the ASX has outlined several opportunities to spike \"global competitiveness\" of Australia's listed markets.

1 min

Big supers vote against Woodside

Aware Super and HESTA have voted against the re-election of Woodside director Ann Pickard, who also chairs the Energy Board's Sustainability Committee, with HESTA also voting against the broader remuneration plan.

1 min

Industry bodies call for delay to Payday Super

A collective of industry bodies, including Chartered Accountants ANZ and the Financial Advice Association Australia, want the government to push the implementation of Pay-day Super to July 2028.

1 min

The best (and worst) asset classes of the year

Mercer's annual periodic table, which charts 17 major asset classes investment returns on an annual basis over the last decade, reveals that there's few reliable themes, except that greater risk tends to be rewarded by greater return.

1 min

Daniel Mulino takes over financial services portfolio

Daniel Mulino is the new minister for financial services and assistant treasurer.

2 mins

Prime Super to change fees

Prime Super has announced changes to its administration fees and costs, which will take effect from 1 July 2025.

1 min

Former financial adviser charged in alleged $160k super fraud case

Former financial adviser Abdullah Popal has been charged with alleged fraud offences in Sydney's north-west, accused of hoodwinking five individuals out of over $160,000 from their self-managed super funds (SMSFs).

1 min

HCF Life fined $750k for term

HCF Life Insurance has been fined $750,000 by the Federal Court for misleading the public about a pre-existing condition term under its Recover products.

1 min

BlackRock takes stake in Generation Life parent

BlackRock will acquire a minority stake in Generation Development Group (ASX: GDG), forming a strategic partnership with its retirement income subsidiary Generation Life to “set a new standard for managing longevity and sequencing risk.”

1 min

Former Qualitas duo launch boutique

Former Qualitas duo Manuel Paraskevos and Ethan Dixon have opened Poinsettia Capital, a Brisbane-based advisory and funds management firm that provides tailored debt and equity finance for mid-market residential projects in South-East Queensland.

1 min

Risk premiums edge lower

Annual premiums from active life insurance policies fell 1.7% to $16.2 billion in the year to December 2024 — a $300 million decline from the previous year — according to DEXX&R.

1 min

Brite Advisors' licence cancelled

ASIC has cancelled the Australian financial services licence of Brite Advisors after the now-defunct investment and pension firm failed to compensate a client, triggering a payout under the Compensation Scheme of Last Resort (CSLR).

1 min

Vision Super defends new but 'archaic' policy

Vision Super has defended a policy not to share member information to anyone it believes are located offshore, however the way in which the fund allegedly determines the location of an individual has caused a stir.

2 mins

Betashares debuts ETF suite

Betashares has launched three fixed income ETFs, designed to replicate the characteristics of traditional bonds.

1 min

Australian Ethical calls out QBE

Australian Ethical Investment has called on QBE Insurance Group to disclose the risk climate change presents to its ongoing business, and the justification for its policy that allows the continued unrestricted underwriting of new oil and gas projects until at least 2030.

1 min

HESTA members to keep paying fees amid disruption

HESTA members currently in the midst of an extended limited services period will not see a pause or reduction applied to their administration fees, the fund confirmed.

3 mins

Catastrophe bonds

Why they're gaining ground with institutional investors

3 mins

INTO THE LIGHT

The surging private credit sector is attracting a great deal of scrutiny, and it's not without reason. While not all offerings are created equal, the investment case remains strong - as well may the case for regulatory intervention

10 mins

Ellerston Capital awards mandate

Ellerston Capital has signed Sodor Capital to market three of its funds – the Ellerston Fixed Income Target Return Fund, Ellerston JAADE Australian Private Assets Fund (Wholesale), and the newly launched Ellerston Mid Cap Opportunities Fund.

1 min

HESTA divests MinRes holdings

HESTA divested its remaining shareholding in Mineral Resources (MinRes) following the resignation of the miner's entire ethics and governance committee just six months after it was established.

1 min

ETF Shares introduces three ETFs on Cboe

ETF Shares will debut three ETFs on Cboe Australia in a bid to stake a claim in the \"highly concentrated\" market.

1 min

Aware Super on hunt for new chief investment officer

Aware Super chief investment officer Damian Graham is transitioning to a new role, with the fund now conducting a global search for his replacement.

2 mins

Rest details internal program to reform death benefit processes

Rest has disclosed the existence of 'Project Scarlet,' an internal program that the fund's carried out over the past 18 months to improve its death benefit claims processes.

2 mins

Adviser numbers jump up in Q1

The March quarter saw the highest number of financial advisers join the sector in the last seven years to reach 15,982, according to Rainmaker Information.

1 min

CFS allots Martin Currie mandates

Colonial First State (CFS) has mandated Martin Currie to oversee two options in its multi-manager single-sector strategy.

1 min

AUSIEX to acquire FIIG

Wholesale trading platform AUSIEX will acquire fixed income trading business FIIG Securities by the end of June 2025.

1 min

Ascent engineer cops charges

Michael Dunjey, the mastermind behind a $149 million alleged Ponzi scheme, has been changed with 33 criminal offences.

1 min

Cbus increases life, TPD premiums

Cbus will increase insurance fees for death and total and permanent disability (TPD) cover from July 5.

1 min

Clime awarded $183m mandate from US firm

Clime Investment management has been awarded a $183 million (US$117 million) mandate as the primary manager of a pending US domiciled public offer fund by Sphinx Investments.

1 min

Reducing super tax cap to $2m 'a concern': FAAA

Financial Advice Association Australia (FAAA) chief executive Sarah Abood has voiced concerns about the future of Div 296, given Labor's overwhelming victory at the federal election.

2 mins

ASX admits CHESS tech staff 'stretched'

The ASX has completed a resourcing and capability review for CHESS, after an outage occurred in late December 2024 which saw a “technical issue” on the CHESS Batch Settlement that disrupted and delayed several days’ trade settlements.

1 min

ASIC streamlines AFSL applications

The regulator launched a new digital portal for Australian financial services licence (AFSL) applications.

1 min

WA financial adviser cops ban

The Australia Securities and Investments Commission (ASIC) has made an order to permanently ban former Western Australia based financial adviser Neville Kendrick.

1 min

Future Fund muscles past annual target return

The Future Fund delivered a 7.9% return for the year to March 31, topping its annual target; though its quarterly performance undershot the benchmark.

2 mins

Platinum to lose $1bn mandate

Platinum Investment Management lost a sizeable institutional mandate at the start of the month.

1 min

Alvia scoops up majority stake in ice cream cone maker

Alvia Asset Partners has acquired a majority stake in Altimate Foods, Australia’s largest ice cream cone manufacturer, in partnership with the company’s founding Rizzo family.

1 min

When cash is no longer king

With markets correcting and interest rates falling as economic growth slows, investors may need to adapt their investment strategies as economic conditions change.

3 mins

Federal Reserve holds rates

The US Federal Reserve left interest rates on hold when it met overnight as it takes a “patient” stance while it awaits the inflationary impacts of US President Donald Trump's tariffs.

1 min

TWG invests in Mubadala Capital

Sovereign-backed asset manager Mubadala Capital has given a 5% stake to TWG Global, and, in return, the former will lead a $15.6 billion syndicated investment in the holding company.

1 min

NZ Super recognised for two decades of outperformance

The New Zealand Superannuation Fund is the world's best-performing sovereign wealth fund over the past 20 years.

1 min

Warren Buffett to retire, recommends successor

Berkshire Hathaway chief executive and chair Warren Buffett announced his intention to retire by the end of the year and put forth who he believes will best lead the company.

2 mins

Foreign investment booms

The Australian Bureau of Statistics (ABS) has released its yearly reading on Australia’s international investment position, showing a boom in foreign investment into the country.

1 min

Global economic uncertainty the main priority: Chalmers

Freshly re-elected Federal Treasurer Jim Chalmers said the “immediate focus” of the government is tackling global economic uncertainty because of US President Donald Trump’s tariffs.

1 min

Banking fees

Australia's banking sector is a behemoth.

1 min

Now that's liberating

The good news is that Liberation day tariff damages are already undone.

1 min

ACROSS THE AISLE

Bennelong Funds Management is like a mainline into the jugular of Australia's financial advice sector, with more than 6500 advisers channelling capital to its funds. But its global chief executive John Burke says the job's not done yet.

4 mins

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Financial Standard is focused on providing trade news, investment analysis and education for superannuation trustees, financial advisers, researchers, consultants, investment managers, and professional investors.

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