Investment launches prompts BDM bonus hikes

bonuses/

The increased variety of investment products coming to market has fared well for fund management distribution employees with top performers seeing bonuses of over 80% of their salary.

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National Advice Solutions convicted for unlawful super advice

anti-hawking/

The financial services company has been hit with a $70,000 penalty for violating anti-hawking regulations.

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HUB24 profits surge despite dip in inflows

platform-provider/technology-platform/Funds-management/financial-advisers/

The investment funds platform has reported an 87% surge in its statutory net profit despite subdued net inflows.

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Frontier Advisors appointed asset advisor to the University of Adelaide

South-Australia/

The investment advisory firm would work on the strategy, structure and monitoring of the university’s endowment fund.

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Platinum launches global transition ETF

Platinum-Asset-Management/ETF/ESG/

Platinum has launched the Platinum Global Transition fund, aiming to invest in global ESG-focused companies.

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Allianz Retire+ launches guaranteed retirement income product

allianz-retire+/retirement/APRA/product-launch/

Allianz Retire+ has launched a retirement income product offering guaranteed income for life with 10 million people expected to retire over the next 20 years.

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Charter Hall takes 1H23 earnings hit

half-year-results/

The property investment and funds management firm has reported weaker earnings and a 56% plunge in statutory profit in its latest financial results update.

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Iress drives focus back to Australian advice software business

financial-advice/

Iress has reinvested in its core Australian trading and advice activities, including a digital advice capability, as it believes Australian clients have been “underserved” by the firm’s focus on offshore activities.

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Former Goldman Sachs exec to lead Pengana capital markets division

launch/

The fund manager has launched a dedicated capital markets division, to be led by a former head of equities at Goldman Sachs Australia.

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Grandfathered or Deemed?

On 1 January, 2015, the income test assessment of account-based pensions changed for income support payments and also for the Commonwealth Seniors Health Card (CSHC).

Account-based pensions commenced on or after 1 January, 2015 are deemed for income test purposes for both, income support payments and CSHC assessment. Account-based pensions established prior to 1 January, 2015 may be grandfathered if certain requirements are met.

For income support payments, account-based pensions are classed as grandfathered if all of the following requirements are met:

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