This can be expected to ensure bumper profits for Australia’s two main ASX-listed oil and gas companies — Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) — making them an attractive prospect for traders and investors. Increased profits in the oil and gas sector are due to the rise in global oil prices, creating windfall profits that could never have been generated by increased operational efficiency. On the other hand, as concerns about climate change drive the world toward a lower-carbon future, there are legitimate doubts about the future demand for oil and gas.

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But Perpetual told shareholders the offer “continues to materially undervalue the company”. “Perpetual’s board has considered a number of factors, including value, high conditionality, transaction and execution risks, in determining that the consortium’s revised Indicative Proposal is not in the best interests of its shareholders and has therefore rejected the offer,” the company noted in a statement on the ASX. The firm has again advised shareholders to “take no action”, adding it would inform the market of any subsequent developments.

But Mr George, who was appointed to the role of chief investment officer on Monday, believes in the firm’s capabilities to recapture its once glorified status. “This will not be growth for the sake of growth,” Mr George said. “It will be considered growth, driven by creating long-term shareholder value.”

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Previously, she worked at the Principles for Responsible Investment in Melbourne and spent five years at Schroders in the institutional team based in Tokyo. In her new role, Fidelity said that Ms Asai will help manage institutional client and consultant relationships and grow its institutional business. She will also work closely with the firm’s investment and sustainable investing teams to deliver sustainable solutions to institutional investors, and will report to the head of Fidelity’s institutional business, Tim Connolly.

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“This is a momentous achievement for our organisation and the industry as major banks exit from wealth management to simplify their businesses,” said Insignia chief transformation officer, Chris Weldon. “We’re thrilled to have successfully completed the P&I cutover and separation, and to have done so within our planned timelines.” According to Insignia, 1,257 employees transitioned from ANZ with 638 commercial licence arrangements separated from ANZ and 589 applications separated or migrated.

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