Australian investment managers are pivoting away from retail investors and towards the allure of private clients, according to Sentient Group, while the sophisticated investor test remains under fire.

“Unacceptable circumstances”, a lack of shareholder support and Chinese regulatory delays are among reasons for problems with M&A deals in the fund management industry recently.

Australian Ethical has reported a 15 per cent FUM rise as it scales up the business to benefit from a mega trend of responsible investing.

Magellan has detailed its plan to revamp its business in the US, with executive chairman Andrew Formica saying he can see a “tremendous opportunity” for the firm.

Janus Henderson has made two new appointments, including a newly created role, to boost its presence with financial advisers and intermediaries in Australia and New Zealand.

Global X has appointed a new chief executive from Goldman Sachs Asset Management as it seeks to be a “clear-cut leader” in the ETF space.