Shares are set to open higher; S&P 500 resets record close for 30th time in 2024; Reserve Bank cash rate decision at 2:30pm AEST. Follow here for more updates.
It’s fitting that the privately held wealth provider Betashares would announce a $300 million investment from Singapore’s Temasek just six weeks after we learnt the 138-year-old funds management and wealth icon Perpetual was being broken up via a deal with private capital giant KKR.
In contrast, Betashares has come from nowhere to become Australia’s second-largest ETF provider, after Vanguard, in just 15 years; co-founder and chief executive Alex Vynokur says Betashares counts 1 million of Australia’s 8 million investors as customers, and the firm is getting 30¢ of every $1 flowing into the ETFs in Australia.
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