The ASX 200 (Index: ^AXJO) (ASX: XJO) was eventful again this week. Here are four big stories you may have missed that affected businesses in the ASX 200 index:
Fund managers finding it tough
One of the biggest trends in the investment world over the past decade has been a shift for investment money moving from actively managed funds to passive index-based ones from providers like Vanguard.
This week we saw the quarterly updates from Pendal Group Ltd (ASX: PDL) and Perpetual Limited (ASX: PPT). Both of them reported lower funds under management (FUM) by around $1 billion.
Fintech shares growing FUA strongly
But there are other shares out there reporting impressive growth. Businesses focused on growing funds under administration (FUA) showed another good quarter.
FUA for Hub24 Ltd (ASX: HUB) increased by around $1.5 billion over the September 2019 quarter and Netwealth Group Ltd's (ASX: NWL) FUA increased by $2 billion over the quarter.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel Pharmaceuticals share price was one of the best performers this week. It went up 39% after it announced that the US Food & Drug Administration has granted marketing approval to use SCENESSE for the treatment of EPP patients in the United States.
SCENESSE is the first global systemic photoprotective drug for the treatment of patients with EPP.
More remediation costs from Australia and New Zealand Banking Group (ASX: ANZ)
The major ASX bank is another one to announce expensive customer remediation charges which will be a drain on FY19's profit.
ANZ reported that its continuing operations net profit after tax would be hit by $405 million of additional charges (and $485 million before tax).
Discontinued operations will register a $154 million after-tax hit (or $166 million before tax).
