Financial Standard

The Federal Government has backed an overhaul of Australia's regulatory sandbox framework, agreeing to repeal the legislation underpinning the Enhance Regulatory Sandbox (ERS) and replace it with a more flexible model designed to support financial innovation. The government has accepted all recommendations directed to it from an independent review of the ERS, while supporting recommendations directed to ASIC and industry.

Brookfield Asset Management has secured an initial US$1 billion mandate from the UK's Nuclear Liabilities Fund to manage a multi-asset portfolio. The mandate will be managed by Brookfield's Investment Solutions Group (ISG) and will invest globally across infrastructure, energy, private equity, real estate and private credit strategies. The portfolio is expected to combine fund commitments, direct investments and co-investments.

The Guardians of New Zealand Superannuation, the manager of the NZ Super Fund, has named its new head of strategic tilting. The role was vacated following the transition of Alex Bacchus to a new position as head of the asset allocation department last month. Sam Brodie has commenced in his new role, continuing his 13-year stint at the NZ$95 billion fund, where he worked across its risk and investment teams as portfolio risk analyst and analyst.

Melbourne-based advisory firm Aperio Financial Services has switched licensees and joined Akumin as demand grows among advice practices for support to scale operations and improve efficiency. Aperio, which has advised families, business owners and young professionals for almost 40 years, has joined Akumin with plans to expand its three-person financial planning division and enhance its client proposition. It was most recently licensed by ASVW Financial Services.

DWS Group announced that it will introduce a new global brand to reinforce its German and European heritage, reflecting its growth across regions and client segments. Effective early November 2026, the group will be identified as Deutsche Asset Management as the global umbrella brand, bringing together its services, expertise and performance the group delivers worldwide.

The looming passage of a major bill will amend how levies are collected under the Compensation Scheme of Last Resort (CSLR) and, in turn, speed up compensation payments to eligible victims. The reform is part of the Regulatory Reform Omnibus Bill 2026, which includes a proposed amendment to the Corporations Act that will reduce the disallowance period of the CSLR special levy instruments while retaining parliamentary oversight.

Following the departure of its chief operating officer, National Stock Exchange of Australia (NSX) chief executive Max Cunningham told Financial Standard about his plans for the exchange in the near future, including its first-ever listing of a Canadian company next week. Former chief operating officer Chan Arambewela left his role in June after some five years with the organisation.

Acclaim Wealth has appointed Tony Smith as head of distribution. Smith will lead Acclaim's distribution strategy, adviser engagement initiatives and business development activities nationally, with a focus on supporting existing adviser relationships and identifying new growth opportunities. Smith brings more than two decades of experience in financial services distribution, having held senior leadership roles with ClearView Wealth and CommInsure.

Five V Capital has named its chief financial officer, who most recently served as the head of finance for private markets and regulations at Barrenjoey. Keith Veitch has commenced in the role at the boutique investment firm, bringing 25 years of experience in financial services with deep expertise in partnering with advisory and financial markets businesses, the firm said.

New research has found Australian retirees will spend close to $121 billion from their superannuation in 2026, bolstering the Australian economy and supporting jobs. Commissioned by the Super Member Council (SMC) and conducted by ACIL Allen, the research surveyed around 2000 Australians aged 60 or over. New South Wales will see the biggest super spending of $44.5 billion this year, supporting close to 181,000 jobs. The state of Victoria will spend $28.5 billion, supporting 123,000 jobs.