Fund Product, Company and Regulatory Updates as at 13 August 2019
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Product updates
Updated MyNorth retirement modelling tool launched
AMP’s MyNorth Retirement Modelling Tool 3.0 has been launched, allowing for 900 combinations of annuity, account-based pension and Centrelink income possibilities, plus stress testing of retirement strategies across 2,000 scenarios. The updated tool is available via MyNorth and North wrap platforms.
Tomorrow Super launching shortly
Superannuation start-up Tomorrow Super is promising potential members it has the elements of a self-managed superannuation fund without the ‘boring’ paperwork, instead using an app. Technology connects members with their superannuation, allowing a connection with underlying investments and members able to direct investments. The underlying investments are run from managed account solutions.
BlackRock and VicSuper partner up for ESG-focused global bond index fund
A global bond index resembling the ESG Australian Bond Index Fund launched by BlackRock and VicSuper earlier in 2019 is being developed by the pair. Investors will gain exposure to global fixed income securities but exclude eight core filters of tobacco, alcohol, gambling, military weapons, civilian firearms, nuclear power, adult entertainment and genetically modified organisms.
An additional full fossil fuel screen keeps out any companies linked to fossil fuels, with sovereign and government-related issuers with an MSCI ESG rating sitting under BB also out.
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Company updates
Rest Super brings investments arm in-house
Rest industry superannuation fund is bringing its internal investments team and Super Investment Management (SIM) together into the same unit. A chief investment officer will be appointed to oversee the new team, with SIM’s chief investment officer George Zielinski acting in the role in the interim.
WTW buys specialist mergers and acquisitions broker
Willis Towers Watson has bought Risk Capital Advisors, a specialist broker for mergers and acquisitions in the Australian, New Zealand and South African markets. The new purchase will become a fully integrated element of Willis Towers Watson’s FINEX global business that offers clients specialist advice and services.
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Regulatory updates
Finclear Execution fined $70k
An infringement notice was issued by the Markets Disciplinary Panel (MDP) to Finclear Execution Limited with a penalty of $70,000 attached after Finclear was believed to have contravened market integrity rules. The breach relates to a pre-arranged crossing of 4.1 million shares for an on-market buy-back by an ASX-listed company.
An error was made by a person at Finclear when executing the trade. Finclear realised the mistake after trading had closed for the day, cancelled the trade, informed the Australian Securities and Investments Commission (ASIC), and has the infringement notice as a result.
