Advice opportunity as UHNWIs set to spike 27% in Australia; Submissions open for Fund Manager of the Year Awards 2024

The number of ultra-high-net-worth individuals in Australia is expected to swell 27 per cent by 2028, according to Knight Frank’s annual Wealth Report, and they are looking for different advice requirements than the average client.

Nominations and submissions have opened for the individual categories at the 36th annual Fund Manager of the Year Awards.

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Perpetual chief executive, Rob Adams, has refuted comments that the acquisition of Pendal has been a failure as the business reports $4.3 billion in outflows in the first half of 2024.

Netwealth has appointed Sarah Brennan, former CEO of Investment Trends, as a non-executive director on its board.

The restructure of abrdn’s Australian operations has been cited as a measure by the asset manager which enabled it to cut $198 million from its investment business, leading to CEO Stephen Bird receiving a $1.5 million bonus.

GBST has announced multiple enhancements to its digital advice practice management system, WealthConnect, to create further efficiencies for financial advisers and their clients.

Active and passive investment strategies have been battling for investors’ attention for many years but the tough conditions in markets currently make a strong case for active taking up a greater share of portfolios, writes Louise Watson.