Grant Hackett to lead Generation Development Group

Grant Hackett to lead Generation Development Group

Swimming legend-turned-finance executive Grant Hackett has been appointed CEO of Melbourne-based investment house Generation Development Group (ASX: GDG), with a focus on growing its recently acquired business Ascalon Capital Managers. Hackett joined GDG in September 2017 and has been "instrumental" in lifting sales performance ...

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Wilson makes counter bid to run Blue Sky access fund

Wilson makes counter bid to run Blue Sky access fund

Less than a week after Blue Sky Alternative Investments (ASX: BLA) reached a deal for Pinnacle Investment (ASX: PNI) to manage its alternative access fund from the start of 2019, a new contender has come on the scene. In an announcement today, the group's $177 million Blue Sky Alternative Access Fund (ASX: BAF) informed sharehold...

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IMF Bentham calls $84m raising to seize litigation trends

IMF Bentham calls $84m raising to seize litigation trends

Global litigation funder IMF Bentham (ASX: IMF) is preparing to raise over $84 million to prepare for a range of opportunities presently in reach for the company. The listed company will conduct a fully underwritten institutional placement to raise $74.48 million, comprising an issue of 26.6 million new IMF ordinary shares. The group ...

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Default deals parting blow to 360 Capital in NEXTDC saga over APDC

Default deals parting blow to 360 Capital in NEXTDC saga over APDC

Update: Since this story was published, APDC has advised that Bankwest confirmed its consent to pay the special distribution and the September quarterly distribution.  After already dropping its price to get the Asia Pacific Data Centre Group (APDC) saga over and done with, former majority shareholder 360 Capital may end up...

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NAB sets aside $314m for customer compensation

NAB sets aside $314m for customer compensation

NAB (ASX: NAB) is the latest bank to set aside a large swathe of cash to compensate its customers. In total, NAB will set aside $314 million for refunds and compensation for issues including adviser services fees and plan service fees. As part of the compensation, $53 million is related to discontinued operations. The costs associ...

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Slater & Gordon launches 'Get Your Super Back' class action against Commonwealth Bank

Slater & Gordon launches 'Get Your Super Back' class action against Commonwealth Bank

Law firm Slater & Gordon (ASX: SGH) believes it could recoup more than $100 million for thousands of superannuation members through a recently launched class action against Commonwealth Bank (ASX: CBA) and its subsidiary Colonial First State. Slater & Gordon says this is the first class action of its 'Get Your Super ...

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MNF Group acquires spare parts of Inabox Group for $30m+

MNF Group acquires spare parts of Inabox Group for $30m+

Communications specialists MNF Group (ASX: MNF) have acquired certain parts of Inabox Group's (ASX: IAB) sprawling business. The agreement, worth between $30.5 and $33.5 million depending on how earn out conditions are met, will see MNF acquire the wholesale and enablement businesses from Inabox Group. The business being acquired ...

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Global investment firm proposes to buy MYOB

Global investment firm proposes to buy MYOB

Online business management solution MYOB (ASX: MYO) has commenced the process of selling to global investment firms KKR & Co (KKR). KKR has made a proposal to MYOB to acquire all the shares it currently doesn't already own by way of a scheme of arrangement. The scheme follows this morning's announcement that KKR has acquir...

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Vicinity sells 10 centres for $573m to SCA Property Group

Vicinity sells 10 centres for $573m to SCA Property Group

SCA Property Group (ASX: SCP) will become Australia's leading owner and manager of convenience-based shopping centres after picking up 10 assets from Vicinity Centres (ASX: VCX) for $573 million. The sale forms part of Vicinity's plans to divest non-core sub-regional and neighbourhood shopping centre assets as it shifts attention ...

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ACCC to investigate big four banks over currency mark-up

ACCC to investigate big four banks over currency mark-up

The inquiry will seek to understand why Australia is the third most expensive G20 country to send money from. Australia's competition and consumer watchdog has launched an investigation into the currency conversion mark-ups and transaction fees that make overseas business, travel and remittances more challenging in Australia than in m...

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Royal Commission publishes interim report on banking misconduct

Royal Commission publishes interim report on banking misconduct

The Financial Services Royal Commission has published its highly anticipated interim report into misconduct in the finance industry, but discussions around superannuation and insurance will have to wait until the final report that's due by February next year. Covering issues ranging from consumer and SME lending to financial advi...

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Slater and Gordon launches class action against NAB, MLC for "worthless" credit card insurance

Slater and Gordon launches class action against NAB, MLC for "worthless" credit card insurance

Slater and Gordon (ASX: SGH) has taken aim at National Australia Bank (ASX: NAB) and MLC on behalf of customers who were allegedly sold worthless credit card insurance. The law firm has filed class action proceedings in the Federal Court against the two companies, alleging they engaged in unconscionable conduct by selling sellin...

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Former Sirtex CEO charged with insider trading as class action looms

Former Sirtex CEO charged with insider trading as class action looms

Within days of biotech company Sirtex Medical Limited delisting from the ASX following its takeover from China's CDH Investments for $1.9 billion, former CEO Gilman Edwin Wong has been charged with insider trading. The Australian Securities and Investments Commission (ASIC) alleges Wong, who was also a director of the radioa...

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Asian private equity firm set to acquire Scottish Pacific Group for $630 million

Asian private equity firm set to acquire Scottish Pacific Group for $630 million

Affinity Equity Partners, a large Asian private equity firm, is set to acquire Scottish Pacific Group (ASX: SCO) for $630 million. The deal, to be approved by shareholders, will see Affinity purchase 100 per cent of SCO's shares for $4.40 per share representing a premium of 17.6 per cent. Established in 2004, Affinity is one of th...

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Melbourne medicinal cannabis company debuts on the ASX with $19.65m IPO

Melbourne medicinal cannabis company debuts on the ASX with $19.65m IPO

There's certainly no shortage of medicinal cannabis stocks to invest in on the ASX, and with today's listing of Althea (ASX: AGH) we're certainly spoilt for choice. The Melbourne-based medicinal cannabis company launched on the ASX on Friday morning after a hugely successful and heavily oversubscribed IPO of $19.65 million. ...

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Unlocking "unprofitable beasts" and why they need more patient capital

Unlocking "unprofitable beasts" and why they need more patient capital

Companies are staying private for longer than ever before with abundant capital on offer, but the flipside is that sizeable global funds are entering the Australian market earlier to make their mark on the startup community. Meanwhile, local public equity funds are often unable to do the same due to mandates that don't allow investmen...

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Elixinol is the latest Australian cannabis company to list on US stock exchange

Elixinol is the latest Australian cannabis company to list on US stock exchange

Australian cannabis player Elixinol (ASX: EXL) is the second company in as many weeks to list on a specialised United States stock exchange. The business, which operates in the industrial hemp, dietary supplements and emerging medicinal cannabis sectors, will list on the OTCQX market under the symbol ELLXF. Trading on the OTCQX will o...

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Aged care providers tank in wake of royal commission announcement

Aged care providers tank in wake of royal commission announcement

After Prime Minister Scott Morrison announced a royal commission into Australia's aged care system the preeminent providers of the service on the ASX saw their shares take a tumble. At 12.20pm AEST Aveo is down 4.28 per cent to $2.16, Estia is down 18.3 per cent to $2.41 per share, Japara is down 14 per cent to $1.44, and Regis Health...

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Crowdfunding reforms bolster investment pool for Aussie businesses

Crowdfunding reforms bolster investment pool for Aussie businesses

"It's almost creating Shark Tank for the public, or be your own Shark Tank, which is phenomenal from an innovation perspective in Australia," says Crowdfunding.com.au founder Chaz Prezident (pictured). Private Australian businesses will soon no longer need to become public companies if they want to access crowdfunding to rai...

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Yellow Brick Road revives $300m facility hopes with new bank

Yellow Brick Road revives $300m facility hopes with new bank

Financial services company Yellow Brick Road (ASX:YBR) is paving the way for a long-desired securitisation programme as negotiations for a $300 million loan facility get back on track. In late August the group's negotiations with a big four bank were short-lived, but yesterday chairman Mark Bouris announced YBR had entered an exc...

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