Latest Financial Services News

Equity Trustees faces an expanded Federal Court claim from ASIC seeking compensation for superannuation members after a $73 million revaluation hit the Shield Master Fund. The trustee disputes liability and supports liquidation efforts to recover member funds.

Equity Story Group has terminated its acquisition agreement with Baker Young Limited after failing to meet key conditions by the September deadline, signaling a strategic pivot for the financial services firm.

GQG Partners reported a decline in funds under management to US$167.2 billion as net outflows hit US$1.7 billion in September, reflecting cautious investor sentiment amid market volatility.

COG Financial Services is raising A$20 million through an institutional placement to acquire an additional 14.08% stake in Fleet Network, increasing its ownership to over 92%. This move is expected to immediately enhance earnings per share and support COG’s strategic growth in novated leasing and salary packaging.

COG Financial Services has increased its ownership in Fleet Network to over 92% through a $23.9 million acquisition, funded by a $20 million equity placement. This move is expected to enhance earnings and maintain a robust balance sheet heading into FY25.

Netwealth Group Limited has reported a landmark quarter with total Funds Under Administration soaring to $120.8 billion, driven by record first-quarter net flows of $4.1 billion and strategic service expansions.

Queste Communications Ltd reported a stable cash position with A$4.055 million in reserves at the end of September 2025, despite a slight net cash outflow from operations. The company’s financing activities provided a modest boost, underpinning its liquidity.

OpenLearning Limited has raised $2.6 million through a well-supported equity placement to accelerate its global growth and AI-driven product development, targeting new markets like the Philippines and Brazil.

Magellan Financial Group reported a modest rise in assets under management to A$40.2 billion as of 30 September 2025, reflecting shifts in retail and institutional investor activity.

Halo Technologies has appointed Peter Oxlade as CEO and George Paxton as COO, aligning leadership with its recent $3.9 million capital raise to fuel expansion across the Asia-Pacific region.

Assetora Limited has released its audited FY25 financial report showing a significant reduction in losses and a strengthened capital position, highlighted by the reopening of the DomaCom Fund and a $3 million private placement. The company aims to leverage these developments to accelerate growth in funds under management.

Australian Wealth Advisors Group Ltd (AWAG) has acquired a 20% stake in First Mutual Australia, marking a key step toward doubling its authorised representatives by mid-2026. This earnings accretive move underpins AWAG’s strategy to build a boutique ‘house of brands’ in financial advisory.