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
The number of active advisers on the HUB24 platform has risen to more than 5,200, helping it see quarterly inflows of $5.2 billion.
ASIC has banned a Melbourne-based financial adviser for eight years over false and misleading statements regarding clients’ superannuation investments.
CFS has formed a strategic partnership with the University of Sydney to support the responsible development of AI solutions in the wealth management sector.
Increasing traction among high-net-worth advisers and a stabilisation in adviser exits have helped Praemium report quarterly net inflows of $667 million in the third quarter of 2025.
