Anatomy of a hedge fund hack
The complexity of scams, and the time and money fraudsters are prepared to invest, highlight a growing threat to smaller financial services firms.
Laurence Fletcher
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London | It was only when John made a final phone call to confirm the transfer of about €10 million ($15.6 million) to his family trust that he realised he was about to fall victim to a highly sophisticated financial scam.
A fraudster had spent two months pretending to be one of John’s business associates in order to gain his confidence and trick him into diverting a standard loan repayment to a different bank account.
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What’s stopping more financial planners getting into ESG?
What’s stopping more financial planners getting into ESG?
Demand for ethical investing products is mainly being driven by clients, with advisers reluctant to wade into the complex ecosystem of ESG investing for a number of reasons, according to research from CoreData.
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Presenting at ifa sister brand InvestorDaily’s ESG Summit 2021, CoreData principal Andrew Inwood said the group had conducted a series of recent focus groups with advisers to look at how they were dealing with the growing ESG trend.
“Our research says older advisers tend to reject ESG – they’re not interested, it’s not important,” Mr Inwood said.
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Despite tumultuous markets in 2020 brought by the COVID-19 pandemic, over 90% of balanced superannuation funds made a return during the year, with the top fund returning over 11%, according to data.
FE Analytics data found, within the Australian Superannuation universe, Australian Catholic Super’s MySuper Balanced Option was the top balanced fund performer at 11.4% with the sector average of 2.7%, over the year to 31 December, 2020.
This was followed by AMP SignatureSuper MySuper Macquarie Balanced Growth at 8.47%, AMP SignatureSuper Macquarie Balanced Growth at 8.04%, Australian Ethical Balanced Accumulation at 7.98%, and Suncorp Brighter Super Personal Suncorp Multi Manager Balanced and Suncorp Bright Super Business Suncorp Multi Manager both returned 7.97%.