Justin Delaney

Zurich Financial Services Australia Limited (Zurich) has announced the completion of its acquisition of ClearView Wealth Limited (ClearView) via a members’ scheme of arrangement.

ClearView shareholders will receive cash consideration of A$0.60 per share, equating to aggregate cash consideration of approximately A$385 million.

The acquisition follows approvals received from the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority (APRA), ClearView shareholders and the Supreme Court of New South Wales.

ClearView is an ASX-listed entity and a parent company of ClearView Life Assurance Limited, an Australian life insurer committed to partnering with financial advisers to help Australians and their families achieve peace of mind about their future. As at 31 December 2025, ClearView reported A$436 million in in-force premiums.

Justin Delaney, Chief Executive Officer at Zurich said: “This transaction marks the creation of one of Australia’s largest and fastest-growing life insurers at a time when advice-led protection, prevention and financial security has never been more important.”

“By bringing together Zurich’s leading technology capability and balance sheet strength with ClearView’s established and well-regarded products and market relationships, advisers and customers will benefit from continuity of choice under the efficiency of a single, best-in-class platform,” Mr Delaney said.

Tim Kane, Head of Retail at Zurich said: “This is an exciting moment which combines exceptional team capability and culture across two organisations which have a long history of delivering strong outcomes for Australian customers and advisers.”

“Zurich will retain ClearView’s ClearChoice product, which will remain open to new customers alongside our existing Zurich and OnePath Life offerings.”

“Across all three propositions, we will continue our significant investment in leading technology and people to ensure we are meeting the evolving needs of customers and advisers and delivering the outstanding service we are known for,” Mr Kane said.

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Scott Munafò

Allianz Trade in Asia Pacific is pleased to announce Scott Munafò has been appointed China CEO with effect from 1 September 2026. He will be based in Shanghai.

Mr Munafò joined Allianz Trade in 2015 as part of the Multinationals team and has spent over a decade shaping the company’s commercial strategy across four regions. Rising through key account management roles spanning MMEA, APAC, and Northern Europe – including his appointment as Regional Account Director for Northern Europe in 2021 – he was named Group Head of Broker Management and Partnerships in 2025, where he was responsible for defining and executing Allianz Trade’s global commercial and distribution strategy and strengthening broker partnerships across multiple regions. Mr Munafò holds an MBA from POLIMI Graduate School of Management (Politecnico di Milano) and a degree in Law from Università Bocconi with a major in Public Sector and Law.

On this appointment, Rodrigo Jimenez, Regional CEO at Allianz Trade in Asia Pacific, says: “Over the past decade, Scott has built extensive experience across various regions, demonstrating a strong track record in growing commercial portfolios, building strategic partnerships, and maintaining exceptional customer retention. His international experience, commercial leadership, and deep understanding of our business make him exceptionally well positioned to lead our China operations. I am confident that, together with the local management team, Scott will successfully drive our growth ambitions and deliver continued success in this important and fast-growing market.”

Mr Munafò remarks: “Allianz Trade has been part of China’s trade story for nearly two decades – built on the strength of our team, our partners, and our customers who have trusted us through every cycle. I am honoured to be entrusted with what so many have built together. My commitment is simple: to keep listening, to keep creating lasting value and to ensure the next chapter sets a new standard.”

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Peter Green

Lonsec has announced the launch of Lonsec Governance Solutions, a new business established to help fund managers, responsible entities, licensees, private wealth firms and platforms strengthen governance frameworks, improve investment oversight and navigate increasing regulatory expectations.

The launch responds to growing demand for governance support and investment oversight solutions as regulatory scrutiny, investment complexity and governance obligations continue to increase across the Australian wealth management industry.

Lonsec Governance Solutions will provide a range of specialist services including investment governance reviews, governance reporting, investment committee support, manager search and selection support, and governance monitoring. The business will leverage Lonsec’s research expertise, governance framework and technology capability through iRate and Investment Governance Solution (IGS) tools.

Peter Green has been appointed Head of Governance Solutions and will lead the new Governance Solutions business, driving the launch and ensuring strong execution.

As part of this transition, Darrell Clark has been appointed Director of Research and will join Lonsec’s executive leadership team, ensuring continuity across one of Australia’s largest specialist investment research teams. Darrell will be supported by a strong senior research team, including Andrea Theouli, who has been promoted to Deputy Head of Research and will continue as Manager, Multi-Asset, and Michael Coles, who has been promoted to Manager, Alternatives.

Lorraine Robinson, Chief Executive Officer, said: “Investment governance has become one of the most significant priorities facing the wealth management industry. Clients increasingly require support that extends beyond research and into governance and oversight.

Lonsec Governance Solutions has been created to help clients address these challenges by combining Lonsec’s deep research expertise, governance capability and technology solutions to deliver practical support and better investment outcomes.”

Robinson said the launch represented a natural evolution for the business.

“The launch of Lonsec Governance Solutions is another example of how we continue to evolve alongside our clients’ needs. By combining research excellence, governance expertise and innovative technology, we are expanding the value we deliver to the market while staying true to the foundations that have made Lonsec Australia’s leading research house. We remain committed to continually evolving alongside the needs of advisers and institutional investors.”

Peter Green, Head of Governance Solutions, said: “Strong governance has always been central to the way Lonsec approaches investment research. Lonsec Governance Solutions allows us to build on those foundations and support clients as governance expectations continue to evolve.

By combining specialist research expertise and governance capabilities, we can help clients strengthen decision making frameworks, enhance oversight and improve investment outcomes.”

The announcement follows another year of significant growth for Lonsec, as the firm recently surpassed 2,000 products under research for the first time in FY26. During the period, iRate subscribers increased 13 per cent to 5,629, reflecting strong demand for high-quality research, governance solutions and investment insights.

In addition, Lonsec has been recognised by Adviser Ratings as Overall Best Research House for an unprecedented five consecutive years, from 2022 to 2026. Lonsec was also ranked first across every major research category, including Best Adviser Support, Best Research Team, Most Comprehensive Research, Most Timely Research and Highest Research Quality.

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Ronald Calvert

Munro Partners (Munro) and CI Global Asset Management (CI GAM) has announced an agreement under which Munro will acquire GSFM Pty Limited (GSFM), CI GAM’s Australian investment fund management affiliate.

As part of the transaction, Toronto-based CI Financial Corp., CI GAM’s parent company, will receive an increased minority ownership interest in the Munro business.

The deal deepens the relationship between Munro and CI GAM and positions the firms for a new phase of growth in both Australia and Canada. Munro currently has A$8.6 billion in assets under management, serving as investment manager in Australia with products being distributed by GSFM, and as portfolio advisor to funds distributed in Canada by CI GAM.

In addition to the Munro funds, GSFM distributes a diverse range of investment funds sub-advised by CI GAM and several high-quality third-party investment firms.

Once the acquisition is completed, GSFM’s Australian distribution team and funds management operations will be integrated with the Munro team and will continue to distribute GSFM funds. Munro will also add resources to the combined firm’s Australian client service and distribution functions, providing enhanced support to its intermediary partners and investor base.

Ronald Calvert, Chief Executive Officer of Munro Partners, said the transaction creates the right long-term outcome for clients, advisers and employees by aligning distribution and investment management.

“Strategically, we can continue to grow the Australian business in a more sustainable way by investing in the skills and capabilities of the distribution team and aligning the GSFM business more closely with Munro’s partnership model.”

There will be no changes to Munro’s investment management team, investment philosophy or investment process as a result of the transaction.

Marc-André Lewis, President and Chief Investment Officer of CI GAM, said the transaction reflects the strength of the relationship that CI GAM and Munro have built over many years. GSFM has been distributing Munro funds since 2017.

“This transaction creates a stronger firm with a more diversified, scalable platform that is well positioned for continued growth in both the Australian and Canadian markets,” Mr. Lewis said.

Transaction highlights

• Munro will create a stronger, more integrated Australian investment and distribution platform through the addition of GSFM.
• Munro will continue to distribute GSFM funds.
• As a result of the transaction, Munro will put additional resources into its Australian distribution, providing a higher level of service for investors and intermediary partners.
• CI GAM’s parent will increase its minority interest in the Munro business, deepening their strategic alliance and commitment to long-term growth in both Australia and Canada.
• CI GAM will continue to distribute funds sub-advised by Munro in the Canadian market.

The transaction is conditional on receipt of customary regulatory approvals and is expected to be completed in the fourth quarter of this year.

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Ewan Galloway

Flagship Perennial Strategic Natural Resources Trust closes to new investors after reaching capacity

Perennial Partners has announced that it has launched the Perennial Global Resources Trust, expanding its long-established resources investment capability into global markets following the successful closure of its Perennial Strategic Natural Resources Trust to new investors after reaching its self-imposed capacity limit.

The launch of the new strategy provides investors in Australia and offshore with access to a significantly broader global investment universe while continuing to be managed by the same experienced investment team.

The Perennial Strategic Natural Resources Trust has delivered strong long-term performance, returning 49.8% over one year, 31.2% per annum over three years and 31.1% per annum since inception on 1 April 2020 (net of fees to 30 June 2026), outperforming both its absolute benchmark and the S&P/ASX200 Total Return Resources Index since inception^[1].

As the strategy approached $300 million in funds under management, Perennial elected to close it to new investors to preserve portfolio flexibility and protect future investment outcomes.

The Perennial Global Resources Trust that has been established extends the team’s investment remit from an Australian-focused mandate to a global opportunity set, allowing investment across listed resource companies worldwide.

The strategy can invest up to 100% offshore, compared with a maximum of 30% under the existing Strategic Natural Resources Trust, and has an estimated long-term capacity of approximately $3 billion.

“The launch of the Global Resources Trust reflects the evolution of global resource markets,” said Portfolio Manager Ewan Galloway.

“Australia remains one of the world’s leading resources markets, but many of the highest-quality listed opportunities across commodities such as copper, uranium, aluminium and energy are increasingly found offshore.”

“Expanding our investment universe enables us to access those opportunities while maintaining the same disciplined investment philosophy.”

The expanded mandate reflects several structural developments reshaping global resource markets. Artificial intelligence infrastructure is increasing demand for electricity generation, transmission networks and commodities including copper, aluminium and critical minerals.

At the same time, electrification, energy security and geopolitical competition are broadening the opportunity set for active resource investors and increasing the importance of global diversification.

“Our investment philosophy hasn’t changed—our opportunity set has,” said Portfolio Manager Sam Berridge.

“The Global Resources Trust allows us to apply the same disciplined investment process across a much broader universe of companies, commodities and jurisdictions. We believe that creates a compelling opportunity for investors seeking diversified exposure to the global resources sector.”

The Perennial Global Resources Trust is managed by the same investment team that has successfully grown and managed the Perennial Strategic Natural Resources Trust to its capacity.

Sam Berridge joined Perennial in 2012 following a career spanning mining operations, exploration and resources research, while Ewan Galloway joined the firm in 2016 after advising global resource companies on mergers and acquisitions and capital markets transactions with Deutsche Bank in London. Together they combine operational mining expertise with global capital markets experience.

——–

Notes:
[1] Past performance is not a reliable indicator of future performance.

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Swami Nagarajan

HSBC is pleased to announce the appointment of Swami Nagarajan as Head of Securities Services, Australia and New Zealand who joined 17 August.

Swami will lead our Securities Services business in the market, with a focus on strengthening client relationships and delivering our growth agenda.

As institutional clients’ requirements become more complex and increasingly cross-border, HSBC is well positioned to support them through our international network and leading capabilities. Australia’s superannuation sector (US$3tn+ / A$4.5tn in assets) continues to grow, and the need to deploy this capital at scale into global markets reinforces the long-term opportunity for our franchise.

Swami joins from global investment manager New Forests and previously held roles at Citi, BNY Mellon and J.P. Morgan, bringing more than 20 years’ experience across securities services, data and business transformation.

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AMAFA National Operations Manager Mario Finocchiaro said, “At AMAFA, we are committed to partnering with advisers who place professionalism, integrity and strong client outcomes at the centre of what they do. All three advisers embody these qualities and we welcome the opportunity to support them and their practices.”

Mr Finocchiaro said AMAFA aims to help advisers deliver advice clients can rely on. “Our approach is built around robust systems, well-defined standards and giving advisers the framework to perform at their best.”

Benjamin (Ben) McNeil, MB Financial Group

Based in Maroochydore, Queensland, Benjamin McNeil brings more than seven years’ experience in financial advice to Queensland-based MB Financial Group, helping individuals, families, professionals and business owners make informed financial decisions. His approach is practical and focused on what matters to each client, with personalised strategies that evolve as their lives change.

Thaveesh (Tav) Palapathwala, Obsidian Wealth Management

With almost a decade of experience in financial advice, Thaveesh (Tav) Palapathwala has built a reputation for thoughtful, tailored advice across financial planning, wealth creation, retirement and long-term investment strategies. Through his practice, Obsidian Wealth Management, he helps professionals, business owners and families align their financial decisions with the life they want to create.

Martin Wajda, Wealth Technology Financial Planning

Based on the Gold Coast, Martin Wajda, Wealth Technology Financial Planning, has been helping individuals and families make confident financial decisions since 2010, with advice tailored to each client’s goals, circumstances and stage of life. From starting a family to preparing for retirement, Martin works alongside his clients to develop financial strategies that support both their immediate priorities and longer-term goals.

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(L to R): Catherine van der Veen and Lucy Fost

Allianz Retire+ has announced the launch of Allianz Guaranteed Income for Life: Super+ (AGILE Super+), a new direct superannuation pathway that significantly expands access to its guaranteed lifetime income solution for eligible Australians.

The launch responds to growing adviser demand for access to Allianz Guaranteed Income for Life (AGILE) beyond the existing platform-based offering. AGILE Super+ allows clients to invest directly using superannuation money, without requiring a platform, opening the product to a substantially broader adviser and client market.

The new pathway complements existing AGILE investment channels available through platforms, trusts and self-managed super funds (SMSFs) for superannuation money, or direct with non-superannuation money.

Chief Distribution and Marketing Officers Catherine van der Veen and Lucy Foster, said:

“Demand for AGILE is up approximately 40% on this time a year ago, with levels of interest and inquiry increasing significantly as the market’s understanding of AGILE and similar products develops.

“There is no doubt that this segment of the market is a game changer for retirees – especially in a time of volatile markets – and that is becoming much more clearly understood and accepted by advisers.

“The introduction of AGILE Super+ is fundamentally an access and advice story. We’re enabling a broader range of advisers to incorporate guaranteed lifetime income solutions into retirement strategies, regardless of the platform they use.”

Broadening access

AGILE Super+ has been designed for individuals aged 50 to 80 who are planning for, or already in, retirement and wish to invest using superannuation money.

Unlike traditional platform-based implementation, clients can rollover superannuation directly into AGILE Super+, providing advisers with a simple and efficient way to access Allianz Retire+’s guaranteed lifetime income solution for their clients.

Importantly, AGILE Super+ can accept superannuation investments before a client has met a Relevant Condition of Release, allowing advisers and clients to plan ahead and establish a future guaranteed lifetime income strategy earlier in the retirement journey.

While there are some differences in features, the solution maintains the core AGILE proposition advisers are familiar with, including:

• Investment growth potential with a safety net
• Guaranteed income for life that never stops or drops once commenced
• Flexible access to your money in accordance with product terms

Supporting Age Pension outcomes

• A key feature of AGILE Super+ is the automatic inclusion of the Age Pension+ feature upon meeting a Relevant Condition of Release.
• As an innovative lifetime income stream, AGILE Super+ may assist eligible retirees in optimising Age Pension entitlements through favourable assets test treatment, while continuing to benefit from a guaranteed income stream for life.
• The automatic application of Age Pension+ distinguishes AGILE Super+ from AGILE, where the feature is elective.
• For eligible clients, this combination of guaranteed lifetime income and potential Age Pension benefits can help improve overall retirement income sustainability*.

Helping advisers create retirement income confidence

One of the biggest challenges facing retirees is the fear of running out of money. As a result, many retirees spend less than they can afford, despite having accumulated significant retirement savings.

AGILE Super+ provides advisers with another way to help clients create what Allianz Retire+ describes as “income bandwidth” by allocating a portion of retirement savings to a future guaranteed income stream while maintaining flexibility across the remainder of their portfolio.

For example, advisers may choose to allocate a portion of a client’s retirement savings today, creating a future guaranteed income stream that has the opportunity to grow over time before being activated later in retirement. As the client’s broader portfolio evolves through investment returns and ongoing contributions, AGILE can represent a relatively smaller proportion of total assets while potentially contributing a disproportionately larger level of guaranteed income when switched on.

This layered retirement income approach can help clients feel more confident about spending and enjoying their retirement, knowing part of their future income is secure regardless of market conditions.

Chief Distribution and Marketing Officers Catherine van der Veen and Lucy Foster said: “Guaranteed lifetime income is not just about securing income. It’s about providing retirees with the confidence to use the savings they’ve worked so hard to accumulate.

“By creating certainty around future income, advisers can help clients make more informed spending decisions and approach retirement with greater peace of mind.”

The launch of AGILE Super+ reflects Allianz Retire+’s commitment to making guaranteed lifetime income solutions more accessible to Australian financial advisers and their clients.

By providing an additional implementation pathway alongside existing platform, trust and SMSF options for superannuation money, AGILE Super+ enables a broader range of advisers to access Allianz Retire+’s guaranteed lifetime income solution and incorporate it into retirement income strategies for eligible clients.

As demand grows for solutions that help address longevity risk and provide greater retirement income certainty, AGILE Super+ supports advisers with increased flexibility in how they implement lifetime income strategies.

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Alexis George

Zurich Financial Services Australia (Zurich) has announced the appointment of Alexis George as Independent Non-Executive Director to its Board.

Ms George has more than 30 years’ experience in financial services, including most recently as Chief Executive Officer of AMP. Prior to this, she held several senior leadership positions at ANZ, including Deputy Chief Executive Officer, Group Executive of Wealth Australia, and Global Managing Director of Insurance for ANZ Wealth.

The appointment follows the resignation of former Independent Non‑Executive Director, John Mulcahy, who has served since 2017 and brought significant industry experience to the role, including previously as Chief Executive Officer at Suncorp.

Geoff Summerhayes, Chair of Zurich said: “I’m delighted to welcome Alexis to Zurich’s Board. She brings exceptional depth and breadth of experience to the role and her insights will be invaluable as the organisation continues to grow and evolve across Australia and New Zealand. On behalf of the Board, I also want to sincerely thank John for his contribution to Zurich for close to a decade.”

Ms George has also previously held executive roles at ING Group, including Regional Head of Operations, Information Technology, Marketing and Product for Asia Pacific, Chief Executive Officer of Insurance & Direct Banking for the Czech and Slovak Republics, and Executive Director for Australia.

Justin Delaney, Chief Executive Officer of Zurich said: “Alexis has led large organisations through significant change. She is purpose-led with a clear focus on improving customer outcomes and strengthening internal culture. Alexis will be an important addition to Zurich’s Board as we continue to scale the business.”

Ms George said: “I am very pleased to be joining Zurich at such an important time. The business is growing rapidly and occupies a unique position as Australia’s only major composite insurer – offering both life and general insurance products. Zurich is making considered investments in a number of core capabilities, including technology, partnerships and its people. I look forward to contributing to that journey.”

Ms George commenced on Zurich’s Board and the Boards of its Life Insurance and General Insurance entities on 10 August 2026. She joins existing Non‑Executive Directors: Geoff Summerhayes; Noel Condon; Matthew Reilly; Nicolette Rubinsztein; and Mary Waldron.

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Alexander Euvrard

Self-licensing specialist My Dealer Services (MDS) is continuing to grow strongly as interest in the self-licensing model for advisers blossoms despite a concerted campaign against it.

MDS Director and Founder Alexander Euvrard said his firm had maintained leadership in the self-licensing space over the past financial year by facilitating 30 percent of new AFSLs in the country and hosting the first Self Licensing Summit open to all financial advisers.

MDS now supports 130 self-licensed AFSL holders and 450 advisers who manage more than $20bn in funds under management.

In the industry as a whole, more than 30 percent of Australian financial advisers now operate within a self-licensing model and interest in the model is growing because of its obvious benefits of greater control and freedom from the yoke of larger licensees, Mr Euvrard said.

During the past year MDS also rolled out a tranche of additional service offerings to its members including platinum partnerships with Morningstar, CFS and Paradino, a gold partnership with HUB24 and a silver partnership with Atlas Outsourcing.

Head of Strategy, Ashley Mahadeea said MDS’s partnership programme had a step change in FY2025-2026 and delivered even more value to members who now enjoy support from 20 service and product provider partnerships.

“By leveraging our collective scale, we’ve secured exclusive discounts and preferential pricing that would be difficult for individual AFSLs to access on their own. But our commitment goes beyond just cost savings. We know that our members’ time is invaluable, which is why we invest significant effort in researching and vetting best-of-breed solutions across the marketplace. Our mission is simple: to ensure that they have access to tools and services that drive real efficiency gains,” Mahadeea added.

Mr Euvrard said in the year ahead MDS would be stepping up its advocacy for the self-licensing model in the face of concerted opposition.

“Larger adviser groups see self-licensing as a growing threat and have launched two recent attacks against it. The first was these large groups using the façade of a Financial Services Council whitepaper to call for the lifting of the minimum ASIC levy for licensees to $25,000 while reducing the per adviser fee.

“This was a clear shot at the thriving self-licensing community which consists of much smaller adviser groups, often with only two or three advisers. If implemented, this proposal as measured per adviser, would make self-licensing roughly 14 times more expensive than sitting under a large licensee, which would be an unwarranted barrier to entry to the fastest growing part of the advice market.

“The second assault was the release of a CoreData report recently which claimed that 23% of self-licensed executives were weighing a move back to a licensed model. However, a survey our 450-strong member base in the last week found 95% firmly said no to going back to a large licensee model,” Mr Euvrard said.

“Perhaps the biggest myth about self-licensing is that it costs a lot more to be self-licensed than being an Authorised Representative of a larger dealer group. The truth is that with careful cost management and the use of efficient external support services, many self-licensed advisers find they can achieve cost parity with what they were paying in dealer group fees.

“The big difference and benefit is that they gain control of how they deliver advice and administer compliance. Self-licensing can be a source of competitive advantage for boutique firms and solo advisers who possess strong business management skills, have stable revenue, and a commitment to maintaining high ethical and compliance standards.

“Importantly, self-licensees get to build and promote their own brand without the constraints of being part of a larger group. The key is having the right support network and business structure, not necessarily to be a large size,” Mr Euvrard said.

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