Here are the headlines from the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) and Australian finance circles on Monday morning.
But first, here are the data points:
Australian Dollar ($A) (AUDUSD): 71.10 US cents
Dow Jones (DJI): down 0.3%
Oil (WTI): $US67.97 per barrel
Gold: $US1,200 per ounce
Here’s Australian’s Investing News
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In Australian share market news, funds management and financial advice business Evans Dixon (ASX: ED1) announced the completion of its acquisition of corporate advisory business Fort Street Advisers. The business will merge with Evans Dixon Capital Markets to form a new division called Evans Dixon Corporate & Institutional.
“There is an undeniable opportunity to benefit from the expertise of Fort Street and Evans Dixon to create a leading Australian corporate advisory and capital markets platform,” Evans Dixon Executive Chairman David Evans said. The deal came at a price of $53.9 million.
National Australia Bank Ltd. (ASX: NAB) is another focal point for investors and the advice community alike following ASIC‘s announcement that it will take the bank to Federal Court. ASIC alleges NAB’s super funds wrongly charged their members up to $100 million for advice it didn’t give.
In a media release, ASIC said NAB’s NULIS and MLC Nominees businesses misled members in the MLC MasterKey Super products.
“ASIC also alleges NULIS and MLC Nominees deducted approximately $33m Plan Service Fees from 220,000 members of MLC MasterKey Business and MLC MasterKey Personal Super who did not have Plan Adviser,” ASIC’s statement read.
“NAB also deducted approximately $67m Plan Service Fees from 300,000 members of MLC MasterKey Personal Super where Plan Advisers were not required to provide services and members did not receive services (or any services they could not otherwise obtain for free).”
NAB and fellow wealth management businesses like AMP Limited (ASX: AMP) were recently questioned over improper advice and other concerns during the Royal Commision.
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