Radical shake-up looms for Australia's wealth and funds sectors
The domestic wealth and funds management sectors are being sideswiped by volatile markets and unrelenting fee pressure, and may look radically different by the year-end, as consolidation forces again sweep the industry.
Insignia Financial, Perpetual's wealth unit and Platinum Asset Management are among assets in the crosshairs of mergers and acquisitions, and private equity and Commonwealth Bank-owned Colonial First State may soon join their ranks. And there could be others.
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News.com.au
a day ago
- News.com.au
ASX slip on banks and miners in Friday training
Gains in the healthcare sector were offset by falls in the big four banks and major miners, with the local market falling for its fourth consecutive trading day on Friday. The ASX 200 dropped 18.20 points or 0.21 per cent to 8,505.50 on a quiet day of trading. The broader All Ordinaries slipped 17.90 points or 0.20 per cent to 8,723.50. Australia's dollar traded down against the US dollar and is now buying 64.83 US cents. On a mixed day for investors, strong gains out of the utilities and healthcare sectors were offset by falls from the big banks and miners. CSL shares jumped 0.63 per cent to $240.21, Pro Medicus gained 1 per cent to $276.81 and ResMed added 1.40 per cent to $39.16 on a strong day for the healthcare sector. Commonwealth Bank fell from a record high close on Thursday, down 0.2 per cent to $182.53. National Australia Bank slipped 0.5 per cent to $38.91, while Westpac came off 1.1 per cent to $33.21 and ANZ dropped to 2.5 per cent to $28.39. It was a mixed day for the big miners, with BHP eking out a small gain up 0.22 per cent to $36.21, while Rio Tinto fell 1.33 per cent to $102.17 and Fortescue dropped 0.54 per cent to $14.69. Overall five of the 11 sectors closed higher despite the market falling. On a reversal of trade in recent days, the price of oil and gold fell after the White House said US President Donald Trump would decide on strikes on Iran 'within the next two weeks' alleviating fears of an immediate escalation in the Middle East crisis. The price of crude oil futures fell 2.9 per cent to $US76.50 a barrel on the news, while gold futures also dropped 1.4 per cent to $US3,362 an ounce. AMP head of investment strategy and chief economist Shane Oliver said stocks remained at 'high risk' of a pullback as markets grappled with multiple economic concerns. 'Global and Australian shares have seen a strong rebound from their April lows – but they remain at high risk of a sharp near term pull back as the risk of an oil supply disruption flowing from the war with Iran is high and Trump's tariff threat is far from resolved,' he said. 'On the tariff front it is notable that the 9th July tariff deadline is rapidly approaching and no deals have been struck beyond that with the UK, with indications that some countries may end up with tariffs well above 10 per cent.' In company news, Pointsbet Holdings announced a temporary pause in trading. It comes as rival sports wagering company Betr announced a renewed takeover bid in what it is calling a superior proposal for Pointsbet compared to Japanese gaming giant Mixi. Web Travel shares are in the red down 0.44 per cent to $4.50 after announcing former Virgin Australia chief executive Paul Scurrah and JB Hi Fi director Melanie Wilson would be joining the board as independent non-executive directors.
Perth Now
2 days ago
- Perth Now
Miners locked out of work over pay dispute
About 160 coal miners have been locked out of work for more than one week without pay over a bargaining dispute with their employer. The Mining and Energy Union (MEU) allege US-owned Peabody Energy retaliated after union members at the Helensburg coal mine near Wollongong in NSW stopped work for one hour in response to a 'lack of progress in negotiations.' The union was advised its members would be locked out without pay for eight days from Wednesday less than two hours after a meeting with the Fair Work Commission over the dispute. The Mining and Energy Union allege US owned Peabody Energy retaliated after union members at the Helensburgh coal mine stopped work for one hour in response to a 'lack of progress in negotiations.' Credit: News Limited Miners asked for three pay increases of 5 per cent over a three-year period and an extra $1.50 added to their hourly rate, after miners were allegedly told they would be looked after when they received a low increase under their last agreement. MEU South West District vice president Mark Jenkins said Peabody's lockout was a harsh response aimed at coercing MEU members into giving up their bargaining position. Mr Jenkins said workers had experienced several years of low wage growth compared to high inflation and cost of living pressures, but had continually set production records at the mine for their employer. 'Now, they deserve to see some of the benefit that they were promised in the last agreement,' he said. Peabody allegedly locked out of its Helensburgh coal mine about two hours after a Fair Work Commission meeting with the MEU over the dispute. Credit: News Corp Australia 'Peabody's move to lock out MEU members for over a week is nothing but an attempt to punish and intimidate workers for exercising their industrial rights.' Peabody Energy have been contacted for comment, but they told the ABC the company implemented employer response action from Wednesday until next Thursday. 'Peabody remains committed to the bargaining process and will continue to negotiate in good faith toward a new enterprise agreement,' a spokesman told the ABC.
West Australian
2 days ago
- West Australian
Aussies exit NSW, WA hits 3 million population milestone
More people are fleeing NSW than any other state in Australia. Population data released by the Australian Bureau of Statistics this week shows 28,118 people left NSW in 2024. Western Australia tipped over three million people for the first time as the resource-rich state recorded the highest nationwide growth rate. At the end of 2024, 27.4 million people called Australia home, an increase of 445,900 on the previous year and representative of a 1.7 per cent increase. Commonwealth Bank economist Lucinda Jerogin said population growth had slowed quicker than anticipated on the back of the post-pandemic peak. 'A slowdown in natural increase continues to place a drag on Australia's population growth,' she said 'Cost-of-living pressures, rising female workforce participation and broader uncertainty are likely driving this downward trend. 'Growth in deaths are outpacing births leading to the decline in natural increase.' The data shows NSW lost more than 28,000 people to net interstate migration, with 112,763 people leaving for elsewhere in the country. Queensland picked up more than 106,000 people from other states for a result of nearly 26,000 fresh faces. Nearly 40,000 Aussies moved to WA for a net increase of about 12,500 people. While Queensland and Victoria's total populations grew by 1.9 per cent, WA's grew 2.4 per cent. The population of every state and territory grew by at least 1.1 per cent, except Tasmania, which recorded a 0.3 per cent increase. 'Within Australia, people are continuing to leave NSW, and to a lesser extent Victoria and the smallest jurisdictions, and head into Queensland and WA,' Housing Industry Association economist Tom Devitt said. 'But even the jurisdictions losing residents interstate are absorbing enough overseas arrivals to see their populations expand.' State governments needed to do more to stimulate housing construction, he said. 'Foreign capital is highly liquid. State governments have forced institutional investors into building apartments in other countries,' Mr Devitt said. 'As a consequence, multi-unit construction volumes in Australia have halved, likely costing state governments tax revenue.'
