Financial Services

Euroz improves net profit

Euroz has reported an unaudited net profit of $8.5 million for the half year to December 2019, reflecting a strong performance by most of its funds management subsidiaries and a solid result from its

ASIC bans Perth adviser

The Australian Securities and Investments Commission has banned Wayne Blazejczyk from providing financial services for five years, saying the Perth adviser had failed to meet best interest obligations

ASIC acts on $240m investment scheme

The corporate regulator is seeking to wind-up an alleged unregistered managed investment scheme run by Mt Hawthorn resident Chris Marco, who received about $240 million from 132 investors.

Perth company wins FPA award

West Perth-based Capital Partners Private Wealth Advisors has been announced professional practice of the year by the Financial Planning Association of Australia.

ASIC slams mining IPO promoters

The corporate regulator has strongly criticised company directors and lead managers involved in mining IPOs, saying they often have conflicts of interest, favour select clients and are focused on chasing short-term gains.

Pioneer signs $120m scheme with Carlyle

Pioneer Credit has named US investment group Carlyle as preferred bidder to acquire the business, at a price of $1.82 per share, a large discount to the company’s latest closing price of $2.46 per share.

Deloitte takes top spot in WA

Over the course of two decades, Deloitte has overtaken all its major rivals to become the largest accounting and consulting firm in Western Australia, helped by multiple acquisitions.

AFG directors in $27.6m sale

Two Australian Finance Group founders have sold shares worth about $27.6 million, about 5 per cent of the company, as they plan to diversify their portfolios.

Pioneer set to change hands

Pioneer Credit has disclosed it is just days away from announcing a preferred bidder for the troubled financial services business.

Westpac too reliant on computers

OPINION: The Westpac transactions scandal exposes its dependence, and that of the other banks, on computerised processing to replace people and cut costs.

Fund managers offer strategy options

With uncertainty surrounding global share markets, Business News has taken a close look at the strategies of six Perth-based fund managers.

HBF revises investment strategy

Health fund HBF has shifted to a more conservative investment strategy in response to the risks facing global share markets.

Easy money comes at a cost

OPINION: As welcome as they are for borrowers, the current era of ultra-low interest rates is creating the climate for a financial crisis.

Business brokers target the upside

A successful year for GMO Business Sales masked what was an otherwise quiet year for brokers across the state.

Cashies to pay $43m to settle class action

Investors have welcomed an agreement by Cash Converters International to pay $42.5 million to settle a class action in Queensland.

Mortgage lending rebounds in WA

Housing finance provider Australian Finance Group says lending for homes in the first quarter of the 2020 financial year in Western Australia has rebounded from record low levels to reach its highest figure since the end of the 2017 fiscal year.

Imdex in for AHG on BN30

Mining technology company Imdex is the latest addition to the BN30 index, Business News’s Western Australian equivalent of the Dow Jones index on the New York Stock Exchange.

Bankwest appoints new MD

Bankwest has announced the appointment of Sinead Taylor as the first female to lead the organisation in its 124-year history.

Hartleys hit by market slowdown

Hartleys has reported a big drop in annual revenue and net profit, making it the third major stockbroking firm in Perth to have its results hit by the sharp decline in corporate finance activity over the past year.

Stronger markets support insurers

Perth-based health insurer HBF has posted a 53 per cent rise in its net surplus to $93.7 million, while profit at the state government-owned Insurance Commission of WA fell 27 per cent to $203.5 million, despite an improved return on its investments.

WA misses out on NAB’s big banker boost

National Australia Bank will introduce 163 new roles in its business banking division, which it says is part of an Australia-wide customer growth strategy, but the jobs will almost entirely go to the eastern states.