Former CEO pleads guilty to dishonest conduct for cheating investors

ASIC/dishonesty-charges/

| By Rhea Nath |

A former director and CEO has pled guilty to two counts of engaging in dishonest conduct, with two further offences under consideration, for cheating investors of nearly $1 million.

AUTHOR

Rhea Nath

Rhea L Nath is a journalist at Money Management. She has previously worked as a business reporter with Dynamic Business and journalist in the multicultural media with Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.

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Perpetual profits drop 55% after Pendal acquisition costs

Pendal-Group/Perpetual/Rob-Adams/financial-results/

| By Charbel Kadib |

Funds management

The asset manager has posted a 55% decline in net profit after tax as a result of costs associated with the Pendal acquisition.

AUTHOR

Charbel Kadib

Charbel is an experienced financial services journalist, previously serving as news editor of The Adviser and Mortgage Business. Prior to joining Money Management, he also covered defence and national security developments as news editor of Defence Connect, Cyber Security Connect, and Space Connect. Charbel graduated from the University of Notre Dame with a double major in politics and journalism.

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Pengana reports nil performance fees in 1H23

Pengana/financial-results/performance-fees/

| By Laura Dew |

Funds management

Fund manager Pengana Capital Group paid zero performance fees in the first half of the financial year despite positive performance, a “highly unusual” position for the firm.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Diverger plans scale increase to target advisers

Diverger-Limited/Nathan-Jacobsen/mergers-and-acquisitions/acquisition/

| By Laura Dew |

Financial planning

Diverger has added 160 self-licensed advice firms in the first half of 2022/23 as it targets achieving net revenue of $45 million in FY25.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Is ASIC litigating enough?

ASIC/Senate-Estimates/Joe-Longo/Sarah-Court/

| By Laura Dew |

Policy & Regulation

ASIC staff need to consider if they are taking on enough risk in choosing cases to litigate, according to chair Joe Longo, prompting a Senate committee to ask if it should re-adopt the ‘why not litigate’ mantra.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Clime Capital seeks M&A opportunity amid industry consolidation

Clime-Investment-Management/clime-capital/acquisition/M&A/financial-results/

| By Laura Dew |

Funds management

Clime Capital has indicated it could take up new M&A opportunities this year as the firm opts to hold onto cash rather than pay an interim dividend.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Micro-AFSLs claim market share from largest players

Wealth-Data/insignia/amp/Centrepoint/adviser-numbers/

| By Laura Dew |

Financial planning

Growth in micro-AFSLs has taken a hit to the largest players with Insignia and AMP both seeing a drop in their market share as a result.

AUTHOR

Laura Dew

Laura Dew is editor at Money Management. Prior to joining MM, she spent five years working at Investment Week in the UK, covering asset and wealth management.

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Insignia earnings slide, FUMA thins

insignia/IOOF/renato-mota/

| By Charbel Kadib |

Financial planning

The wealth management firm has seen downturns in advice, platforms and asset management, which chief executive, Renato Mota, has attributed to the group's ongoing simplification strategy and negative market movements.

AUTHOR

Charbel Kadib

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Australia’s national gender pay gap reaches record low

WGEA/gender-equality/Gender-pay-gap/

| By Rhea Nath |

People & Products

The Australian Workplace Gender Equality Agency has revealed the new national gender pay gap for 2023, which is now the lowest on record.

AUTHOR

Rhea Nath

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ASIC confirms talks with Treasury on QOA Review

treasury/ASIC/quality-of-advice-review/Michelle-Levy/

| By Rhea Nath |

Financial planning

ASIC Commissioner Danielle Press confirmed the regulator has been in touch with Treasury on how differing ‘reasonable minds’ could agree on a common ground in Levy’s recommendations.

AUTHOR

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Former CEO pleads guilty to dishonest conduct for cheating investors

AUTHOR

Rhea Nath

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Perpetual profits drop 55% after Pendal acquisition costs

AUTHOR

Charbel Kadib

Charbel 's social profiles:

Pengana reports nil performance fees in 1H23

AUTHOR

Laura Dew

Laura 's social profiles:

Diverger plans scale increase to target advisers

AUTHOR

Laura Dew

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Is ASIC litigating enough?

AUTHOR

Laura Dew

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Clime Capital seeks M&A opportunity amid industry consolidation

AUTHOR

Laura Dew

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Micro-AFSLs claim market share from largest players

AUTHOR

Laura Dew

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Insignia earnings slide, FUMA thins

AUTHOR

Charbel Kadib

Charbel 's social profiles:

Australia’s national gender pay gap reaches record low

AUTHOR

Rhea Nath

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ASIC confirms talks with Treasury on QOA Review

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Rhea Nath

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