Perpetual gets nod from Treasurer for Trust deal



Perpetual has received approval from the Federal Treasurer Joe Hockey to acquire The Trust Company under the Scheme Implementation Agreement between the two companies.
The approval follows last week's announcement from the Australian Competition and Consumer Commission that it would not oppose the acquisition, and that The Monetary Authority of Singapore has no objections to the change of holding structure of The Trust Company (Asia) which would occur as part of the acquisition.
Perpetual stated that it is still waiting on approval from the New Zealand Overseas Investments Office and expects this by the end of this month. A meeting of Trust shareholders has been slated for late November, with completion of the acquisition by mid-December.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm, with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.