The number of Australian individuals with more than US$10 million in assets has passed 42,000, rising by 3.9 per cent over the past year.
Ares Management is the latest fund manager to enact alternatives M&A, completing the acquisition of the international business of GLP Capital Partners to create a firm with US$525 billion in assets under management.
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Fidelity research has found cost is the main barrier deterring women from seeking financial advice, while 43 per cent are worried about finding someone they can trust.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
Magellan Financial Group reported outflows of $0.5 billion in February but saw a slight increase in its infrastructure division despite the exit of head Gerald Stack.
Milford is to launch three funds following consultation with financial advisers while closing two other strategies which hold a small volume of assets.
A founding member of fund manager IML is to depart the firm later this year after 27 years.
