News round up – 13<super>th</super> September 2001
Atfield joins board
Former Mercantile Mutual managing director Rodney Atfield has joined the Australian Prudential Regulation Authority (APRA) as an independent member of the board. Retiring from his managing director position last year, Atfield continued his long standing association with the Mercantile Mutual Group until this year, serving as chairman for Mercantile Mutual Limited.
Atfield’s term on the board is for five years.
Adviser banned
A former Hartley Poynton investment adviser has been given a four month ban from acting as a representative of a securities or investment dealer by the Australian Securities and Investments Commission (ASIC). The ban prevents Jeffrey Thomas Mackie of Murrumbeena, Victoria, from practicing in an advisory capacity until December this year. ASIC handed down the ban after Mackie pleaded guilty in the Victorian County Court to five charges of obtaining financial advantage by deception. In 1999, Mackie used a false name and address to purchase shares valued at approximately $74,000 through stockbrokers, Hartley Poynton. When the share price dropped, Mackie failed to pay for the shares and attempted to conceal his true identity.
AMP star performer
AMP Financial Services (AMPFS) posted a 16.5 per cent increase in core recurring operating margins for the first half of this year. Overall, the company recorded a profit of $403 million for the first half of this year, lower than last year’s result of $525 million.
At the same time, parent company AMP has denied media speculation that it has been in discussions regarding a merger with the National Australia Bank.
AMP chief executive Paul Batchelor says there were “no discussions whatsoever in 2001 between AMP and National Australia Bank regarding a merger or takeover”.
HP JDV profit hit
Financial services technology group HP JDV has lost more than $17.182 million for the year ending June 30.
The result is the final figure in a trend which has run all year. Earlier this year, HP JDV lost more than $13 million in the nine months to March 31, 2001. The group also recorded a loss of $9.2 million for the six months to December 31 on the back of revenue of $36.5 million.
Correction
The article, “Aussie bags global 2IC position” ,in the last edition ofMoney Managementincorrectly stated that UBS Asset Management had $700 million in funds under administration. The figure should have read $700 billion.
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Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
