Satellites move further away from B&B
Babcock and Brown Power (BBP) has taken control of staff previously employed by Babcock and Brown (B&B) in a move it said is key to ensuring "the continuity of its business going forward”.
BBP has now become the direct employer of management personnel who have provided management services to BBP, but who were previously employed by Babcock and Brown. The cost of the employment of this staff will now move to BBP.
Other B&B satellites are also in the process of moving away from their former parent company. Babcock & Brown Infrastructure (BBI) has sought to create further distance from its former parent, B&B, with the former saying the internalisation of its management arrangements will be completed within weeks.
In December, B&B agreed to separate with Babcock & Brown Wind Partners, while in November last year, B&B announced it would terminate its management rights with Babcock & Brown Capital.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
