☕️Advise me, Daddy

Good morning.

While low fees and strong returns remain the north star of the superannuation industry, there is growing appetite for tailored advice as Australians age and move from the accumulation phase into retirement.

Capital Brief analysis of the latest APRA data shows eight of the 10 biggest funds recorded negative net rollover figures last financial year, many for the second consecutive year, indicating members were jumping ship.

In FY25, industry funds Cbus, Rest, Australian Retirement Trust (ART) and HESTA each lost more than $1 billion in so-called competitive flows.

…Seems that we all just like a bit of…instruction.

🏆 LOI Subscriber #TBD

Market movers

Shares in ARB Corporation fell over 12% on Tuesday after the 4WD accessories manufacturer said it expects first-half underlying profit before tax to drop over 16% from a year earlier.

The quick sync

• Q-CTRL says its quantum tech is fixing GPS jamming now and quantum computing will deliver commercial gains by 2028. (Capital Brief)

• The NRF led Gilmour Space’s $217m raise amid scrutiny over its strategy and mandate. (Capital Brief)

• Fletcher’s $273m construction sale gets investor backing but more selloffs are expected. (Capital Brief)

• Ley’s push for a strong legislative response to the Bondi terror attack is colliding with the Coalition's deep instincts on free speech. (Capital Brief)

• Firmus opens Sydney office as it readies ASX listing and expands AI footprint nationwide. (Capital Brief)

Trading floor

M&A

• Fletcher Building sells construction division to Vinci for $273m. (Capital Brief) (Capital Brief)

• Kennedy sells Chadstone Patek Philippe boutique to Cortina Watch for $24.5m. (AFR)

• AMP’s new CEO Blair Vernon tasked with growth after clean-up; board may consider buying Colonial First State. (AFR)

• Netflix ups Warner Bros bid to all-cash USD27.75 per share in takeover battle with Paramount. (Capital Brief)

• Glencore shareholders demand Rio buy all assets, not just the best, and pay a premium. (AFR)

• Healthscope urges lenders to reject PEP’s bid for Prince of Wales Private Hospital, citing a $100m undervaluation. (AFR)

• Chemist Warehouse and Genesis Capital target Wesfarmers’ Infinity sale. (AFR)

• Goldman Sachs and QIA expand partnership with USD25b investment commitment in key sectors. (Capital Brief)

• Sony to cede control of Bravia TVs to China’s TCL Electronics. (Bloomberg)

• Musk asks followers if he should buy Ryanair. (FT)

Capital Markets

• Origin shares rise after Eraring power station closure delayed to 2029. (Capital Brief)

• Northern Star lifts FY26 costs after lower gold sales and higher royalties. (Capital Brief)

• CBA urges RBA to act against Apple’s dominance in mobile payments using new federal powers. (AFR)

• Hub24 posts record Q2 inflows, lifting FUA on strong adviser demand. (Capital Brief)

• 29Metals launches $150m equity raise after 182% share surge. (AFR)

• Telix Pharmaceuticals clears key China hurdle to file Illuccix prostate cancer imaging drug. (Capital Brief) (Capital Brief)

• BHP dips as higher Jansen capex overshadows production gains. (Capital Brief)

• Wesfarmers says Infinity Pharmacy expanded recklessly despite financial trouble, leading to store receiverships. (AFR)

• ARB shares slump after warning of a sharp half-year profit decline driven by margin pressure and weaker OEM sales. (Capital Brief)

• CBA is Australia’s top brand; Woolworths, Telstra, Coles, and Bunnings complete the top five. (AFR)

• Consumer confidence hits 18-month low as Australians pull back on big purchases amid rising inflation expectations. (Capital Brief)

• NRF leads $217m Series E in Gilmour Space amid past governance scrutiny. (Capital Brief)

• Regulators probe big telcos after 4G switch left thousands of phones unable to call emergency services. (AFR)

• Big super funds invest in advice to curb member outflows amid rising competition. (Capital Brief)

• Q-CTRL uses quantum sensors to fix GPS jamming, marking a first commercial quantum advantage. (Capital Brief)

• Bessent gets in touch with Japan as Treasuries get roiled. (Bloomberg)

• Palantir CEO Alex Karp says AI to make large-scale immigration obsolete.(Bloomberg)

• Danish pension fund AkademikerPension to exit US Treasuries. (Bloomberg)

• Scammers dupe billionaires seeking access to Trump in Davos. (Bloomberg)

• AI, Big Tech and Trump shine most brightly at Davos spectacle. (NYT)

VC 

• Nvidia-backed data centre startup Firmus Technologies opens Sydney office as it gears up for a high-profile ASX float. (Capital Brief)

• Ivo, a New Zealand AI legal startup valued at $530m, raises $55m in funding led by Blackbird. (AFR)

• AI security startup Dam Secure secures $6.1m seed funding to expand AI-native security platform. (Capital Brief)

• Nvidia invests USD150m in AI inference startup Baseten. (WSJ)

People moves

• AMP CEO Alexis George to retire, CFO Blair Vernon named next chief executive. (Capital Brief)

• Partners Group names Josh Hartz to lead new multibillion special situations fund. (AFR)

• NAB poaches CBA’s AI chief Mahya Knox to lead its AI strategy amid the banking tech talent battle. (Capital Brief)

• Dame Marie Bashir, NSW’s first female governor and mental health advocate, dies aged 95. (Capital Brief)

• Goldman Sachs grapples with top lawyer’s Epstein problem (WSJ)

The watercooler