ASFA set to release new asset classification draft
The Association of the Super Funds of Australia (ASFA) is set to release a third version of a proposal to the funds sector on classifying asset classes into ‘growth’ or ‘defensive’.
ASFA launched the initiative in August last year because of a wide disparity of views in regard to whether certain asset classes should be classified as growth or defensive.
A background paper released by ASFA at launch recommended funds and research groups standardise how they classify assets and consider phasing out the terms 'balanced' and 'growth' when labelling their options.
ASFA policy and industry practice director Melinda Howes said a “third iteration” of the proposal, which is a joint initiative between ASFA and the Investment and Financial Services Association, was imminent.
“We’ve been sitting with asset consultants over past few months and have had some industry round tables, and we are close to putting out a third iteration of this for general comment.
“Everyone is going to disagree with it, of course, but we are hoping we can get some consensus on this, as we think we have something that is more palatable (than previous versions), Howes said.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
