Geoff Wilson

Addressing the contentious Division 296 legislation during his opening address at the SMSF Association’s 2025 Technical Summit, Association CEO Peter Burgess outlined the technical challenges with a back dated tax and why a deferred start date is necessary.

“Although the Government might argue this measure was announced two years ago, it is completely unreasonable to expect individuals to respond to legislation before it becomes law.”

“The Government has previously acknowledged the need for a long lead time to allow impacted members to consider the impact and make the necessary changes to their superannuation arrangements.”

“Adding weight to the need for a deferred start are the legacy pension amnesty rules that necessitate action being taken ahead of the start of Div 296 to avoid reserve allocations incurring this tax, and changes to 30 June total super balance calculations which, if backdated to 30 June 2025, could disrupt existing contribution strategies.”

Burgess said that while the Association was urging the Government to delay implementing this legislation, this did not alter its total opposition to the design of this tax – particularly the taxing of unrealised capital gains.

Joining Burgess on stage for the breakfast session at the start of day two of the Technical Summit, Wilson Asset Management’s Chair and Chief Investment Officer, Geoff Wilson AO endorsed the Association’s firm stance against the legislation.

Wilson, who has organised an online petition to galvanise opposition to Division 296, was steadfast in his opposition to the design of this tax and the wider implications it will have for retirement funding, investor confidence, and the role of superannuation in supporting the Australian economy.

During the breakfast, Wilson shared insights from Wilson Asset Management’s research, highlighting potential distortions to investor behaviour, capital flows, and the impact on SMSF liquidity.

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Matthew Haupt

Leading Sydney based fund manager Wilson Asset Management has launched a new listed investment company (LIC), WAM Income Maximiser (ASX: WMX), aiming to provide investors with a monthly income stream and capital growth with less risk.

WAM Income Maximiser aims to deliver investors monthly franked dividends and capital growth from investing in high-quality equities and corporate debt – the first Australian LIC to do so.

Chairman Geoff Wilson AO said: “The launch of WAM Income Maximiser addresses what we see as a critical gap in the Australian equity market, particularly where recent changes to abolish ‘bank hybrids’ have significantly reduced sources of franked income and an avenue of diversification for Australian retail investors.”

The initial public offering (IPO) capital raising is limited to $510 million AUD, with $180 million allocated to Wilson Asset Management’s existing shareholders. The IPO opened early on Wednesday 12 March 2025 and closes Friday 11 April 2025 at 5:00pm AEST.

The fund will be led by Lead Portfolio Manager Matthew Haupt and Portfolio Strategist Damien Boey (Ex-RBA).

Matthew Haupt said: “Since lodging the prospectus, we have received significant interest in the strategy. WAM Income Maximiser’s offering is unique in the Australian landscape and will provide retail investors with access to wholesale income markets they are typically unable to access. We have had more investors register to attend the Q&A webinar than any other webinar in our 27-year history.

“The WAM Income Maximiser portfolio will consist of an actively managed selection of high-quality, cash-generating stocks, complemented by a core allocation of investment-grade bonds. This multi-asset approach helps reduce volatility while broadening the equity universe beyond a traditional dividend-harvesting strategy,” Mr. Haupt said.

According to the prospectus lodged with ASIC, the Wilson Asset Management-backed fund is targeting payment of the Reserve Bank cash rate plus 2.5 per cent, initially targeting over 6% per annum including franking credits.

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Geoff Wilson

Leading Sydney based fund manager, Wilson Asset Management, is backing founder-led companies with the launch of their latest fund, the Wilson Asset Management Founders Fund.

Wilson Asset Management, which invests more than $5.9bn on behalf of over 130,000 retail and wholesale investors, launched the Founders Fund this week, funded by founder-led executives, CEOs, the firm’s staff and key high-net-worth backers who are aligned with the investment strategy. The investment portfolio will be managed by seasoned Portfolio Managers Tobias Yao and Oscar Oberg.

The launch of the Founders Fund reflects Wilson Asset Management Founder and Chairman Geoff Wilson AO’s long-held belief that investing in founder-led companies delivers outperformance over the medium to long term.

Geoff Wilson AO notes the appeal of investing alongside founders. “After over 40 years in financial markets there is one universal truth I have found: all the great businesses of the world are founder-led.”

Portfolio Manager Tobias Yao said: “Founder-led companies have generated significant returns across our Funds since 2018. These are businesses where the founders have a strong stake, driving an almost obsessive commitment to success.

“After taking a deeper dive into what is driving this performance, it became clear that unique attributes that founders bring to the table play a pivotal role – a compelling vision, long-term investment, and close engagement with shareholders,” said Mr Yao.

The anticipated interest rate cuts in 2025 could provide a welcome tailwind for the IPO market. Founder-led IPOs have historically outperformed their non-founder-led counterparts and the team will be actively assessing every potential investment, with a strong focus on identifying undervalued companies with a catalyst to outperform.

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Paul Xiradis

Ausbil Investment Management (Ausbil) is honoured to announce that Paul Xiradis, co-founder of Ausbil and our Executive Chairman, Chief Investment Officer, Head of Equities and Portfolio Manager for the flagship Ausbil Australian Active Equity Fund has been inducted into the prestigious Australian Fund Manager Foundation Hall of Fame.

“After managing money for over 45 years and 27 years at Ausbil, I am truly grateful to accept this award,” said Xiradis. “I extend my thanks to the Australian Fund Manager Foundation and dedicate this recognition to our clients, many of whom have been with us since the beginning and for whom our work is truly intended.”

The Hall of Fame inductees list includes some of Australia’s most respected investors, including Olev Rahn, Kerr Neilson, Anton Tagliaferro, Peter Morgan, Chris Cuffe, Chris Kourtis, Geoff Wilson, Catherine Allfrey, John Sevior, Phil King and more. The Hall of Fame induction ceremony is centred around the charitable philanthropy program of the Australian Fund Manager Foundation. Over the past 25 years, the awards night has raised millions for its charity partners, including Odyssey House NSW and the Sydney Children’s Hospital Foundation, amongst other charities.

“We have certainly seen a lot on this investment journey, and it is one I enjoy taking every day I come to the office. I co-founded Ausbil with a relatively simple investment philosophy, that earnings and earnings revisions are the key drivers of share prices,” said Xiradis. “Investment management is truly a team effort. Over the years I’ve had the privilege of working with incredible talent who have helped shape Ausbil’s success and continue to apply our approach across Australian and global equities.”

Ausbil’s Australian Active Equity strategy is over 27-years old and has generated a gross long-term performance since inception of +11.3% per annum (before fees), outperforming the benchmark (S&P/ ASX 300 Accumulation Index) by +2.8% pa since inception on 1 August 1997 on a gross of fees basis (as at 30 September 2024). Ausbil’s investment approach has delivered one of the longest track records in the market, as is evidenced by the following chart of net returns.

The Ausbil Australian Active Equity Fund (ARSN 089 996 127) (Fund) return is from its inception on 1 August 1997 to 30 June 2024 and is net of fees and costs, before tax and assumes reinvestment of distributions. Returns are based at 100 on 31 July 1997. The strategy Benchmark is the S&P/ASX 300 Accumulation Index. US Equities in AUD refers to the S&P 500 in AUD terms. Global Equities in AUD refers to the MSCI World Index (AUD). A-REITs refers to the S&P/ASX 200 A-REIT index.

Australian Fixed Income refers to the Bloomberg AusBond Composite 0+ Yr Index. Cash refers to Bloomberg AusBond Bank Bill Index. Gold in AUD refers to the Australian dollar equivalent gold price as quoted on Bloomberg. Australian Inflation refers to the headline quarterly CPI rate as reported by the Australian Bureau of Statistics. Investments in cash, gold and fixed income are generally considered to have lower risks when compared with investments in Australian and global equities.

“Paul is a real professional and has built a great business,” remarked Mark Knight, Ausbil’s Chief Executive Officer, who has worked with Xiradis for over two decades. “He eats, sleeps and drinks financial markets and he understands that he needs good people around him. This is a team sport.”

Since it began in August 1997, the Ausbil Australian Active Equity Fund has negotiated a ‘crazy’ set of tail events including the US Tech Bubble, the Global Financial Crisis, the European Debt Crisis, Brexit and its aftermath, the Fed Pivot, the once in a century COVID pandemic and recession, the invasion of Ukraine by Russia and the ensuing energy crisis, the rapid normalisation of interest rates across 2022 and 2023, and the high inflation crisis of 2023/2024.

“Paul tends to get the big shifts right. For example, staying out of the overvalued REIT sector leading into the GFC in 2008 or not becoming too defensive when the pandemic hit in 2020,” said Knight. “This has helped produce excellent long-term returns and has been terrific for our investors.”

“As a firm, we are proud of Paul’s success and wish to congratulate him on joining the elite ranks of the Australian Fund Manager Foundation Hall of Fame.”

Ausbil Investment Management was established in 1997 and manages over $20bn in funds under management as at 17 October 2024.

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Geoff Wilson

Wilson Asset Management, an Australian investment manager for eight leading listed investment companies (LIC), has appointment Equity Trustees to be responsible entity for its new Wilson Asset Management Leaders Fund.

​Andrew Godfrey, Executive General Manager, Corporate and Superannuation Trustee Services said: “We are excited to be selected as the responsible entity role for this unit trust by Wilson Asset Management and look forward to working closely with them.”

The Wilson Asset Management Leaders Fund will provide investors access to an actively managed investment portfolio, comprised of large-cap companies listed predominately on the ASX within the S&P/ASX 200 Index, with compelling fundamentals, a robust macroeconomic thematic and a catalyst.

Its aim is to provide investors a combination of capital growth and income over the medium to long term, in addition to preserving capital. The Fund will replicate the investment strategy of WAM Leaders Limited (ASX: WLE), an Australian ASX-listed investment company which listed in 2016.

Wilson Asset Management was established in 1997 by Geoff Wilson and currently manages over $5 billion of funds under management for over 130,000 retail investors. Wilson Asset Management is the investment manager for a diversified portfolio of listed investment companies investing in Australian large-cap equities, Australian small-to-mid-cap equities, global equities, Australian microcap equities, discounted asset opportunities and alternative assets.​

“Our expertise and decades of experience in fund governance means we’re well placed to work effectively with Wilson Asset Management,” added Mr Godfrey.

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