IFL - Insignia Financial

[notting]

Bottom lines -
Just remember we are at the end of the Cycle not the beginning.
This is not the time to speculate on a fund manager with questionable credibility and a CEO who has jumped ship!

Both MQG and MFG the best an most brilliant fund managers in this country and arguable the world (done much better than Goldman Sachs since 2008 in terms of real money expansion for instance,) have just done capital raising. This is as good a indicator as you will get that the sh&t is about to hit the fan. They are ahead of the gain and geared up for what's to come.
MQG especially is very reluctant to do CRs as it is so reputable to do the right thing by share holders. So it's serious!

 

[HelloU]

Bottom lines -
Just remember we are at the end of the Cycle not the beginning.
This is not the time to speculate on a fund manager with questionable credibility and a CEO who has jumped ship!

Both MQG and MFG the best an most brilliant fund managers in this country and arguable the world (done much better than Goldman Sachs since 2008 in terms of real money expansion for instance,) have just done capital raising. This is as good a indicator as you will get that the sh&t is about to hit the fan. They are ahead of the gain and geared up for what's to come.
MQG especially is very reluctant to do CRs as it is so reputable to do the right thing by share holders. So it's serious!

hey, this is not a comment on your post as i have not read it yet ..... coz my head is spinning ..... cos the end of a cycle is the beginning of the next cycle (by definition) ....love ur work btw and laughing (hopefully with you but if not I will laugh alone - I can do a lot of things alone)

 

[sptrawler]

Bottom lines -

Both MQG and MFG the best an most brilliant fund managers in this country and arguable the world (done much better than Goldman Sachs since 2008 in terms of real money expansion for instance,) have just done capital raising. !

You do realise they went to $15 post GFC, from memory the Government guarantee saved their ar$e.
I remember this, because a couple of mates had them and were arguing whether to offload them or keep them. They both kept them and have done really well.
Wish I had bought in, hindsight is a wonderfull thing.

 

[sptrawler]

Bottom lines -
Just remember we are at the end of the Cycle not the beginning.
This is not the time to speculate on a fund manager with questionable credibility and a CEO who has jumped ship!
!

IFL has a rocket under it, does someone know something I don't?

 

[notting]

That's not a rocket, it's just running up to its div payment, after which it will most likely be more like and stone in a pond. Big demand for divs in general is helping at the moment too.
I'm waiting for this correction in gold to play out then will be going hard into that!!.
The world is on fire, literally.
Then there is the financial system -

 

[HelloU]

wasn't the div 19cents? dunno and not checking

this has run near 70cents or something, dunno and not checking ......

maybe the old index self fulfilling prophecy in play?? the more they buy the more they have to buy to keep up??

Last day today cum so will be interesting tomoz.

 

[sptrawler]

wasn't the div 19cents? dunno and not checking

this has run near 70cents or something, dunno and not checking ......

maybe the old index self fulfilling prophecy in play?? the more they buy the more they have to buy to keep up??

Last day today cum so will be interesting tomoz.

Well if ASIC go down in flames with WBC court case, it will be interesting to see how much appetite they have, to keep rolling out litigation.
I think the price is a reflection of confidence, that they have a good chance of clearing their name.
Interesting times, I do hold.

 

[notting]

There is resistance here at 6.
If it stays above that after the div payment it will be very strange indeed!

 

[HelloU]

Well if ASIC go down in flames with WBC court case, it will be interesting to see how much appetite they have, to keep rolling out litigation.
I think the price is a reflection of confidence, that they have a good chance of clearing their name.
Interesting times, I do hold.

I see asic are having another crack at that.
Agree Notting, and certainly I raise my eyebrows at the present (which again proves I have no idea) .... talk of ANZ thing getting priced in ..... dunno.

 

[notting]

Massive -
Update on Federal Court proceedingsIOOF welcomes today’s decision by the Federal Court of Australia in relation to proceedings brought by APRA against IOOF’s APRA regulated entities (IOOF Investment Management Limited and Questor Financial Services Limited) and five individuals who were responsible persons of those entities at relevant times. The Court held that IOOF’s APRA regulated entities and the five individuals did not contravene the Superannuation Industry (Supervision) Act 1993 (Cth). The Court also declined to make the disqualification orders sought against the five individuals,and awarded costs in IOOF’s favour. IOOF is currently reviewing the written judgment in detail and expects toissue a further announcement in due course.

 

[sptrawler]

Massive -
Update on Federal Court proceedingsIOOF welcomes today’s decision by the Federal Court of Australia in relation to proceedings brought by APRA against IOOF’s APRA regulated entities (IOOF Investment Management Limited and Questor Financial Services Limited) and five individuals who were responsible persons of those entities at relevant times. The Court held that IOOF’s APRA regulated entities and the five individuals did not contravene the Superannuation Industry (Supervision) Act 1993 (Cth). The Court also declined to make the disqualification orders sought against the five individuals,and awarded costs in IOOF’s favour. IOOF is currently reviewing the written judgment in detail and expects toissue a further announcement in due course.

I said it wasn't a lay down mazaire, APRA and ASIC are going to lose a LOT of taxpayers money IMO.
A lot of the problem IMO is the press is so used to getting whatever they write, come to fruition, that everyone thinks anything they write is fact.
The problem for APRA and ASIC is the courts only deal with facts, not warm politically correct, feel good intentions.

 

[notting]

This is a huge result.
It wasn't just the press it was people like MQG who saw the damage to be significant not just from APRA and ASIC but from follow up class actions that would have been very strong on the back of a conviction.
Now they got nothing.
There could be an appeal but not likely to be upheld.
Whilst there are still headwinds for the financial markets coming into US elections and the realization of the Trump Tax Cut Trillion Dollar Deficit Man vs God knows what market crashing Democrat he will be up against. Then a potential market explosion in China. Could be a very ugly period for fundies but not today it seems!

 

[sptrawler]

This is a huge result.
It wasn't just the press it was people like MQG who saw the damage to be significant not just from APRA and ASIC but from follow up class actions that would have been very strong on the back of a conviction.
Now they got nothing.
There could be an appeal but not likely to be upheld.
Whilst there are still headwinds for the financial markets coming into US elections and the realization of the Trump Tax Cut Trillion Dollar Deficit Man vs God knows what market crashing Democrat he will be up against. Then a potential market explosion in China. Could be a very ugly period for fundies but not today it seems!

My guess is a lot of APRA and ASIC's court actions will be reviewed, to make a decision whether to proceed or not, it will be interesting.
With regard Trump and China, it will be sorted and the main driving theme, for Trumps election campaign. This could be the start of the ASX breaking the shackles, just my gut feeling, which in the past has turned out to be wind.

 

[sptrawler]

This is a huge result.
!

You are not kidding notting, $6.30 this morning.
I wonder if the IOOF managers, will have some recourse against APRA, for being stood down?

 

[sptrawler]

I wonder if this is the beginning of the road back for IOOF, $4.80 one month ago, $6.70 today.
Maybe the charts will show it is just a flash in the pan, I hope not, I do hold.

 

[Faramir]

@sptrawler I think long term IOOF will return its formerly self (share price wise). I am left wondering should have I taken a contrarian position one month ago when things did look grim??? Well I said I don't understand this type of business - best to sit on the sidelines and wonder what would have been than to take a gamble. It would have been a gamble for me because I was not expecting last week's court case ruling to come out.

Good luck sptrawler, I hope it turns out OK for you in the long run.

 

[sptrawler]

IOOF to pick up ANZ's wealth management for $825m, a reduction of $125m on the original agreed price, due to changing market conditions.
That is as long as APRA approve it, big jump in share price on the news.
https://www.asx.com.au/asxpdf/20191017/pdf/449l56vqk960x0.pdf
https://www.asx.com.au/asxpdf/20191017/pdf/449l62rtt3djtg.pdf

I do hold IFL.

 

[sptrawler]

My guess is a lot of APRA and ASIC's court actions will be reviewed, to make a decision whether to proceed or not, it will be interesting.

APRA has decided not to appeal the decision against the Federal Court rulings, that ruled against them regarding IOOF entities and managers.
https://www.asx.com.au/asxpdf/20191018/pdf/449m9zv4x6shqs.pdf

 

[sptrawler]

IOOF quarterly accounts showing an increase in inflows, price rising accordingly.

https://www.asx.com.au/asxpdf/20191024/pdf/449tjlyr6d8qf0.pdf

I do hold

 

[sptrawler]

Still looking good, I may have survived this one, well and truely in the black.
For now.