The exit of co-CIOs Andrew Clifford and Clay Smolinski from Platinum has highlighted key person risk, with Morningstar raising its outflow forecast to 33 per cent of FUM per annum in response.
Despite having entered into a scheme of arrangement with Bell Financial Group last week, Selfwealth has opted to now progress with a bid from rival Svava instead.
Large wealth management players are increasingly taking an opportunistic approach to their M&A deals rather than a strategic one, while a fear of missing out is driving smaller players to consider selling up.
ASIC has warned Australian retail investors there “will be product failures” in the private credit space as the assets are untested for a large-scale stress event, but has stopped short of discouraging retail participation.
More than $2 billion in investment activity was recorded for Australian fintech firms last year, according to KPMG, with the GDG/Lonsec acquisition proving to be a notable deal in the second half.
Praemium has stated it is seeking accretive acquisition opportunities in the area of non-custodial solutions where it believes it can further grow its dominant market share.
The fund manager has confirmed the departure of its local managing director and Australian head Rob Mead, naming two successors to take up his position.
Reporting a half-year profit increase of 757 per cent following multiple divestments, Pacific Current Group is now exploring existing and new investment opportunities to accelerate growth.
Platinum Asset Management has announced co-chief investment officers Andrew Clifford and Clay Smolinski are to step down from their roles.
Iress chief executive Marcus Price has shared how he is seeing “massive tailwinds” in financial advice in Australia, with the firm turning its attention to digital advice following the completion of its transformation project.
