Financial Services

Lowe to govern RBA

Philip Lowe will take over the reins as the governor of the Reserve Bank of Australia when Glenn Stevens retires in September.

Listings tougher as ASX tightens regs

Small companies hoping to list on the stock market are facing tougher conditions, with more than a dozen announced deals in Western Australia hitting problems this year and the ASX foreshadowing tighter regulation of new deals.

AFG upgrades profit outlook

Mortgage broking wholesaler Australian Finance Group has upgraded its profit outlook for the 2016 financial year on the back of continued growth.

Asic bans brokers, winds up businesses

The corporate watchdog has permanently banned two local brokers from providing financial services for misconduct, while winding-up three abandoned companies based in Western Australia.

Pioneer completes capital raising

Local financial services provider Pioneer Credit has raised nearly $6 million from investors as it seeks to further grow its business.

Uncertain outlook for deals

SPECIAL REPORT: A flurry of deals over the past fortnight, including four acquisitions by international companies expanding in Western Australia and the year's largest capital raising, has added life to a flat corporate finance market. 

Former Patersons manager charged

Former Patersons Securities WA state manager Lewis Fellowes has been charged with using nearly $1.6 million in clients’ money for his personal use, and could be looking at up to 12 years behind bars.

Financial firm stifled on client data

A local financial services firm has been unable to secure its clients’ data following the failure of its east coast-based execution broker.

Bransby cancels Perth Racing move

Rob Bransby has announced he will no longer leave his post as managing director of the state’s largest health insurer to become chief executive of Perth Racing.

Pioneer buys mortgage broker

Perth-based financial services provider Pioneer Credit has acquired an online mortgage broking company for an undisclosed sum.

AFG loan book passes $114bn

Mortgage broking wholesaler Australian Finance Group has continued its growth run with an increase in profit for the six months to December.

Pioneer set for profitable year

Financial services provider Pioneer Credit says it’s on track for a record FY16, after delivering a 105 per cent rise in half-year profit.

Good news for Lehman creditors

Creditors of failed investment bank Lehman Brothers (Australia), including about 10 local councils in Western Australia, are likely to get a return of about 80 cents in the dollar after reaching a settlement with the owner of ratings agency Standard & Poor’s.

KPMG buys Markets IT

Professional services firm KPMG inked its 11th acquisition in the past two years today, announcing the purchase of Melbourne-based Markets IT for an undisclosed sum.

PSC buys WA insurance broker

Melbourne-based PSC Insurance Group has put a value of $7.7 million on the Western Australian arm of Australian Reliance, after announcing today it was buying the insurance broking group in multiple phases.

Comm Bank #4 on global index

Australia’s big four banks and one insurance company have been ranked within the top 100 most sustainable companies in the world, with Commonwealth Bank of Australia leading the charge for the nation.

WA deals top $30bn in hit-and-miss year

SPECIAL REPORT: Local firms Azure Capital and Hartleys punched above their weight in 2015 in what was a lucrative year for a handful of top corporate advisers in WA. Click through to see which corporate advisers, lawyers and brokers managed 470 M&A and capital raising deals.

UPDATED: Aust Reliance sold for $31m

Australian Reliance has become the third major insurance broker in Western Australia to change hands in the space of five months, with newly listed company PSC Insurance Group agreeing to buy the Perth-based group.

GMP team to keep on trading

Stockbroker Andrew Frazer is planning to keep together his 12-strong team in Perth and Sydney, after current backer GMP Securities announced a major restructuring of its international operations.

Asic bans insurance broker

The executive chairman of Wembley-based ACI Broking Services has been banned from providing financial services for four years by the corporate watchdog.

ICA declares bushfires a catastrophe

The small Western Australian township of Yarloop appears to have been virtually wiped out and three residents are unaccounted for following an unpredictable bushfire, with the Insurance Council of Australia declaring it a catastrophe.