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Slater and Gordon are investigating the possibility of launching a class-action lawsuit against the two super funds. NewsWire / Nicholas Eagar

UPDATEDPremium‘$1bn wiped’: New claims in super collapse

Lawyers are investigating a potential class action lawsuit against two collapsed super funds, saying Aussies could lose more than $1bn in superannuation.

Alexandra Feiam

Australian Financial Complaints Authority chief executive David Locke.

Funds managementPremiumAFCA bombarded with more than 100,000 complaints

Calls to the Australian Financial Complaints Authority seeking help with investments and SMSFs have soared in the wake of a string of high-profile fund failures. 

Simone Grogan

The move is the latest example of a foreign firm tapping Australia’s booming superannuation and wealth markets.

Funds managementPremium Insignia soars after striking $3.4b CC Capital deal

Insignia Financial shares surged as much as 16 per cent after CC Capital agreed to buy the Australian wealth manager in a deal worth around $3.4 billion, following a months-long bidding tussle.

Adam Haigh

ASIC chair Joe Longo

ASICCommentsPremiumSuper fears from ‘grubby’ private debt plays

Corporate watchdog chairman Joe Longo has warned of potential risks to superannuation savings after finding evidence of “grubby behaviour” in the booming private credit sector.

Neale Prior

Somerset Partners principal Mike Young.

Funds managementCommentsPremiumNew Claremont fundie takes cautious view with first plays

Mike Young’s Somerset Partners is kicking off with as much as 40 per cent of its Somerset Global Fund invested in cash, bonds and gold to counter the re-emerging threat of inflation.

Sean Smith

Here are some highlights from Bloomberg’s analysis of disclosures for the top eight industry funds’ default options, as at the end of 2024.

Funds managementPremiumThe Wall St titans hungry for slice of our $4tr super pie

Australia’s superannuation funds are rapidly boosting their allocations to the heavyweights of US finance as rivalry heats up for access to the country’s $4.1 trillion retirement pot.

Amy Bainbridge and Jinshan Hong

Even when we cherry-pick a particularly challenging period — starting from the Global Financial Crisis in mid-2007 through to the early stages of the COVID-19 pandemic in 2020 — shares still outperformed cash.

Your MoneyCommentsIs cash a risky business in the long term?

When markets become volatile, many investors view cash as a safe haven. But is it truly safe in the long run? Here’s what history tells us . . .

Jovan Cvetkoski

Business. David Gall. Pictured for a profile / sector story about the National Reconstruction Fund. Pictured at the co-working space in the 9 Esplanade Building. Jackson Flindell

Funds managementPremiumWA gets the Gall to pitch for slice of $15b Government fund

A former banker ready to deploy $15 billion in taxpayer funds has countered critics of Government spending, owning that there will be some misses as he scouts for lucrative opportunities in WA.

Simone Grogan

Phil Harkness, CEO and managing partner for Mutual Trust.

Funds managementPremiumFailing heirs, trust breakdowns hinder $4tr wealth transfer

Family disputes threaten to squander the national benefits of a $4 trillion transfer between older and younger Australians due to take place over the next two decades, a financial services group has warned. 

Simone Grogan

A class action claims AMP was overcharging investment fees on cash and term deposits when no other retail super fund was doing the same.

Your MoneyCommentsPremiumTwo million up for slice of AMP class action over fees

More than two million current and former AMP customers have joined a class action against the wealth manager, which began in the Federal Court last week.

Nick Bruining

After 13 years in the job, Rod Whithear is leaving the Insurance Commission of WA proud of a global portfolio valued at more than $8.3 billion.

CEOsPremiumWA Inc slayer Rod Whithear to sheath his sword

Rod Whithear, the man who helped slay the WA Inc zombie, is retiring from the top of the State’s insurer.

Neale Prior

Macquarie must prepare a remediation plan to address the failures in their futures dealing business and its over-the-counter derivatives trade reporting functions.

InvestmentPremiumASIC zaps Macquarie for trade failings

The financial services watchdog has slapped extra licence conditions on Macquarie Bank after claiming to have uncovered chronic compliance failures at the investment fee machine.

Neale Prior

The Future Fund's total funds under management has grown to $307 billion. (Joel Carrett, Bianca De Marchi/AAP PHOTOS)

investmentsPremiumFuture Fund beats 10-year target, swells to $241b

The Future Fund has outperformed the broader market and its own target but its managers warn market uncertainty could lift bond yields and reignite inflation.

Adrian Black

MAM will retain its public investments business in Australia, where it will be “a more focused, leading, global private markets alternatives business”.

Funds managementCommentsMacquarie sells global investment arm for $2.8b

Macquarie Group is selling off its North American and European public investment businesses to Japanese banking and brokerage group Nomura in a deal worth about $2.8 billion.

Daniel Newell

Pioneer Credit managing director Keith John.

Funds managementPremiumPioneer Credit and PwC cross swords over lawsuit

Pioneer sued PwC in 2023, alleging the audit giant failed in its duty of care by providing wrong advice on the accounting treatment of the portfolios of consumer debt it buys from banks and other lenders.

Sean Smith

Viburnum Funds’ managing partner Melanie Hay.

Funds managementCommentsPremiumPerth’s Viburnum flips $377m industrials outfit to Cleanaway

Viburnum has sold a specialised industrials company to Cleanaway Waste Management as the rubbish handling major angles into the potentially lucrative business of retiring old oil and gas assets. 

Simone Grogan

Nicola Forrest and her new Coaxial lieutenant Philippa Watson.

CEOsCommentsPremiumNicola Forrest brings in banker to helm new family office

Wealthy WA philanthropist Nicola Forrest has begun making moves at her new family office by poaching a banker as the firm’s first chief executive. 

Simone Grogan

Overseas players are jostling for a slice of Australia’s wealth and superannuation market.

Funds managementPremiumRivals Bain, CC Capital raise Insignia bids to $3.4b

Bain Capital and CC Capital each increased their takeover offers for Insignia Financial as the bidding battle for the Australian financial services firm ramped up. 

Daniel Newell

L to R: Commissioner Simone Constant, ED of Markets Calissa Aldridge and Chair Joe Longo with the ASIC report into Australia's Evolving Capital markets. John Appleyard / Snappleyard

Private marketsCommentsPremiumASIC boss Joe Longo laments debt secrecy

Australia’s top corporate regulator fears his agency is being kept in the dark by players in rapidly growing private credit markets.

Neale Prior and Jackson Hewett

Perpetual has been under pressure from big shareholders and analysts to cuts costs and focus on fixing its asset management business.

taxing timesCommentsPerpetual kills $2.1b deal with KKR amid fee fears

Perpetual pulls plug on $2.1 billion asset sale and warns KKR may demand break fee.

Neale Prior

AMP declared a final dividend of 1¢ a share, 20 per cent franked, taking the full-year dividend to 3¢ — down from 4.5¢ the previous year.

BankingCommentsAMP profit almost halves on advice business sale

The cost of simplifying AMP’s wealth management and banking businesses has slashed profits — and a payout to shareholders.

Sean Smith and Daniel Newell

Raphael Arndt, chief investment officer of Future Fund.

InvestmentCommentsFuture Fund says its ready for trying times

Future Fund guardians say they have focused on preparing for growing global risks while enjoying 12.2 per cent return in a bright 2024.

Neale Prior

Insignia, formerly known as IOOF Holdings, manages superannuation accounts and provides financial advice under platforms including MLC and Plum.

Funds managementPremiumBattle for Insignia is now a three-way race

Brookfield has thrown its hat in the ring to create a three-way race for wealth manager Insignia Financial.

Daniel Newell

Macquarie Bank Managing CEO Shemara Wikramanayake has previously said AI would drive a need for data storage.

Foreign investmentMacquarie spends $8b to ride US data storage boom

Australia’s Macquarie is getting in on US data centre hype with a $US5 billion ($8b) investment in NASDAQ-listed Applied Digital, calling out the sector as a “highly attractive opportunity”.

Simone Grogan