CommInsure launches super fund digital claims
CommInsure will offer digital claims to all super fund and group life partners. Members will be able to lodge claims online and instantly be issued a claim number and allocated a case manager.
Evolutionary science inspires new managed investment fund
Anti Hero Capital is seeking to raise $30 million for the Anti Hero Capital Fund, which is entirely dedicated to cryptocurrencies. Anti Hero Capital believe that the use of Darwinistic evolutionary science can reveal stable returns from this asset class. There are several similarities between evolutionary networks in nature and the characteristics of cryptocurrencies.
Zurich retains OnePath brand and hires specialist
Zurich will keep the OnePath brand after acquiring the life insurance business from ANZ, which will operate alongside Zurich’s life insurance brand. Adam Crabbe has been appointed as a risk strategist specialist at Zurich. Crabbe was previously a senior analyst of risk research at CBA.
New boutique launched by LSL
LSL Partners is developing the Fury Fund, a long/short equity focusing on the Asian region that will be available to local and international investors.
Former Hunter Hall portfolio manager launches new business
Yizhong Chan is launching a new firm, Andaz Private Investments. The firm will not use unit trusts of LICs and will instead focus on separately managed account solutions. The firm will also use a fee structure whereby if performance is negative in any given financial year, half of the performance fee earned will be refunded to investors.
Asset managers urged to adopt code of conduct
The CFA Society Australia’s Open Letter has been signed by six leading superannuation funds, AustralianSuper, Kinetic Super, Australian Ethical, Sunsuper, VicSuper, and First State Super. The open letter asks managers to adhere to the CFA Institute Asset Manager Code.
Fidante partners with Latigo Partners
Fidante has entered into a partnership with New York-based hedge fund firm Latigo Partners. Fidante and parent company Challenger have both made an investment in Latigo funds.
ASIC extends superannuation and retirement calculator transition period
ASIC has extended the time retirement and superannuation calculator providers have to comply with a new requirement until 1 July 2019. The new requirement states that generic financial calculators must account for inflation. ASIC has postponed the deadline due to superannuation reforms that may impact on how the calculators should present and calculate estimates in the future.
ASIC suspends Red Summit AFS licence
ASIC has suspended the Australian financial services (AFS) licence of Red Summit Trading Partners from 7 March 2018. ASIC found that Red Summit is not currently carrying on any financial service business due to staff changes. Red Summit has until 7 September 2018 to ensure and demonstrate that they are in a position to meet the AFS licence requirements.
Storm Financial directors penalised
Civil penalties of $70,000 each have been imposed on the directors of Storm Financial, Emmanuel and Julie Cassimatis, by the Federal Court. Both directors were previously found to have breached their duties as directors and have been disqualified from managing corporations for seven years.