ASIC has permanently banned a Perth financial adviser following his convictions of fraud.

AMP has reported an underlying NPAT loss of $47 million in the full-year 2023 for its advice division as it focuses on making advice a standalone business and announced a new chair for its board.

Magellan has looked to a rival fund manager to appoint a new head as replacement for David George, who left the firm last October, while reporting a 24 per cent rise in statutory NPAT.

Smaller licensees should be aware that they are just as much on ASIC’s radar as their larger counterparts as increased data and technology means the regulator has greater transparency than ever, according to a compliance expert.

Advisory and asset management group Prime Financial has announced it will acquire a fund management platform and its two funds as it seeks to launch a diversified alternative asset management business.