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Shaw and Partners has quietly chalked up a significant milestone in its growing wealth management business: its Separately Managed Account (SMA) platform has surpassed $3 billion in funds under management (FUM). The figure, while impressive on its own, is all the more noteworthy given the platform has added over $680 million in net new assets in just the past year - a combination of solid investment performance and steady adviser-led inflows.

Martin Crabb, Chief Investment Officer

It’s a textbook example of what happens when strong portfolio construction, a curated manager line-up, and tight operational execution align - but as with all things in the Australian platform space, the real story is what’s next.

From modest beginnings to a full-suite offering

What began in 2016 as a two-portfolio solution focused on Australian equities and hybrid income has grown into a full-service SMA suite spanning 18 distinct portfolios. The scope is now broad enough to offer exposure across Australian and global equities, small caps, fixed income, hybrids, liquid alternatives and multi-asset, goals-based options.

The strategy? Keep it simple for the end client while offering advisers access to institutional-grade managers, consolidated reporting, and efficient execution. With the managed accounts segment continuing to gobble up flows from traditional wrap and direct investing channels, Shaw’s expansion reflects a clear ambition to cement itself as a cornerstone player in the SMA space.

Leveraging external smarts - and internal strategy

One of the key differentiators of the Shaw model is its hybrid approach to portfolio management. Alongside in-house strategies, the firm has assembled a suite of external fund managers that reads like a who’s who of high-conviction investing: Munro Partners, T. Rowe Price, ClearBridge, Australian Ethical, Bennelong, and EFG, to name a few.

This blend gives the platform a curatorial edge - Shaw isn’t trying to outgun everyone in-house, but rather to act as allocator and gatekeeper, selecting proven managers with distinct styles. For clients, the appeal is clear: diversified exposures with simplified access, all inside a managed account wrapper that’s tax and administratively efficient.

Riding the wave, but with eyes open

The $3 billion figure positions Shaw as a mid-sized but fast-growing player in the SMA market. It’s worth noting that while it still trails larger platform players by volume - Praemium’s SMA FUA sits north of $12 billion - the growth rate at Shaw has caught attention.

Still, in a sector where size confers scale benefits but not immunity from volatility, success hinges on more than FUM. The true test lies in whether the platform can continue attracting flows in a competitive market flush with rivals and increasingly discerning financial advisers.

Performance dispersion, platform stickiness, cost-to-serve, and tech integration remain constant pressure points for anyone operating in the managed account space. Shaw has so far managed to navigate these challenges, bolstered by a leadership team with deep capital markets experience.

Industry recognition, strategic ambition

Recognition from peers hasn’t hurt either. Shaw has recently picked up accolades for its fixed income capabilities and landed multiple finalist spots in industry-managed account awards - from equities to multi-asset categories. The awards may not drive flows directly, but they do send a signal: Shaw’s models aren’t just placeholders - they’re being taken seriously.

Strategically, the firm is now eyeing further expansion across both Australia and New Zealand, leveraging cross-Tasman synergies following its acquisition of ISG. While details are scarce, it's clear that Shaw is positioning itself for trans-Tasman growth, drawing on both scale and boutique agility.

The CIO factor

Behind the scenes, much of the SMA success is credited to Martin Crabb, the firm’s Chief Investment Officer, who has overseen the build-out of the platform from its inception. Known for his clear-eyed analysis and strategic nous, Crabb’s role has been pivotal in shaping the platform’s evolution and manager selection process.

The momentum hasn’t gone unnoticed by advisers either. With the SMA platform now a central part of Shaw’s broader wealth offering, clients and intermediaries alike are increasingly viewing it not as a satellite allocation, but as a core portfolio tool.

So while $3 billion may be a milestone worth marking, it’s ultimately just another waypoint in what’s shaping up to be a longer journey. Sustaining flows, navigating market cycles, and keeping clients engaged will demand the same sharp thinking that got the platform here in the first place. For now, the runway looks long - and Shaw appears ready to run.

There’s no doubt artificial intelligence is doing the heavy lifting in project management software these days, but if you think Aussie buyers are dazzled by shiny new features alone, think again.

According to Capterra’s just-released 2025 Project Management Software Trends report, while AI is the leading trigger for new software investments in Australia, the real action is happening behind the scenes - where security protocols, hybrid methodologies, and emotional intelligence are increasingly pulling rank on core functionality.

AI or die? Not quite, but it’s close

A solid 60% of Australian project managers cite AI as the primary reason for their most recent software spend. That’s no small call in a market still jittery from staffing squeezes, ESG pressures, and digital transformation fatigue. With AI tools promising everything from workflow automation to predictive risk modelling, organisations are betting on software to help do more with fewer hands on deck.

But if the hype cycle is peaking, so too is the reality check. Four in ten buyers say they’re struggling to realise the full value of these tools - hampered by poor integration, clunky onboarding, and a workforce not yet fluent in AI feature-speak.

“Just because something can be automated doesn’t mean it should,” says Patrick Albina, director at Quintessential Consulting and a veteran of strategic transformation. His advice? Match tech with capability, not just ambition.

Security: the new make-or-break feature

Functionality used to top the PM software shopping list. Not anymore. Today, 70% of Aussie buyers rank security as their number one concern - a sobering shift that reflects both the power and the peril of integrating AI with sensitive business data.

And no wonder. After Trello’s headline-grabbing breach in July 2024 - which saw 15 million email addresses exposed thanks to an unsecured API endpoint - buyers are more alert than ever to the risks lurking behind weak access controls and overexposed data pipelines.

In Albina’s view, it’s not just about ticking the ISO27001 box. “Security has to be cultural, not procedural,” he says. “If your people are circumventing systems to get things done, you’ve already lost.”

Emotional intelligence: the new AI enabler

As AI handles the grunt work, human skills are making a comeback. Some 58% of project managers say their use of emotional intelligence has increased since adopting AI - think conflict resolution, stakeholder alignment, and that ever-elusive skill of reading the room.

“AI is fantastic at the ‘what’ and the ‘how’, but only humans can answer the ‘why’,” Albina explains. “Emotional intelligence helps teams navigate change, build trust, and make better decisions under pressure.”

It’s a timely reminder that the best tools in the world won’t fix a misaligned team or a project suffering from soft-skill deficits.

Hybrid methods trump orthodoxy

Gone are the days of religious debates between Waterfall and Agile purists. Thirty-five per cent of Aussie organisations now favour hybrid project management frameworks—mixing methodologies to suit regulatory environments, ESG imperatives, or just plain practicalities.

It’s a nod to the growing complexity of modern projects. As Albina notes, “Projects are no longer just about time, scope, and budget - they’re messy systems of people, shifting expectations, and regulatory change.”

The software is following suit. Tools that support flexible workflows and methodology mash-ups are rising in popularity, often bolstered by AI that recommends best-fit approaches based on project risk or resourcing levels.

Why some AI tools underdeliver

Despite AI’s appeal, 40% of respondents say integration issues, training gaps, and poor feature adoption are holding them back. That’s not just an onboarding gripe - it’s a sign of systemic friction between new tech and existing workflows.

Albina warns that without proper onboarding, “even the most advanced features go unused.” His fix? Start with pilot programs, invest in scenario-based training, and prioritise software that’s as intuitive as it is intelligent.

Final thoughts: tech with a human touch

If the report makes one thing clear, it’s this: AI isn’t replacing project managers - it’s redefining their role. The future belongs to teams who can combine the precision of automation with the nuance of human leadership.

Capterra analyst Laura Burgess sums it up: “The most effective teams will be those that balance innovation with a strong security culture and a commitment to ongoing learning.”

In short, project management software is no longer just about managing projects - it’s about empowering people. And in the age of AI, that’s a job no algorithm can automate.

Read the full report HERE

Blockhead Technologies, the Perth-based firm digitising gold’s backstory with its flagship ProvCheck® platform, has made a strategic leadership move as it sharpens its global growth ambitions. In a clear signal of intent, the company has appointed capital markets veteran Warrick Hazeldine as Chair, with a mandate to propel its international expansion and lock in ProvCheck as the gold industry’s digital gold standard.

Warrick Hazeldine

Founded to inject trust into the often opaque world of precious metals, Blockhead has been quietly building momentum with ProvCheck—a blockchain-enabled platform that digitally fingerprints every gold bar and dore from mine to market. By verifying provenance, tracking carbon emissions, and foiling fraud with AI-driven tamper detection, the platform aims to turn ethical sourcing from aspiration into actionable reality.

Now, with ESG scrutiny tightening and the gold price flirting with record highs, Blockhead’s moment may have arrived. Hazeldine, the former founding partner of Cannings Purple (now Purple Group) and a long-time advisor to ASX-listed miners, has stepped in at what CEO Greg Leach calls a “pivotal phase” for the company.

“Warrick has built and scaled businesses, understands the resources sector deeply, and brings a global network of investors and industry leaders,” Leach said. “His appointment reflects Blockhead’s ambition to establish ProvCheck as the international gold standard in digital provenance and ESG verification.”

Hazeldine, for his part, doesn’t mince words. “With the gold price at record highs, the industry must ensure provenance and ESG impact are transparently tracked,” he said. “ProvCheck provides that capability. Our goal now is to raise awareness across the global gold mining fraternity—miners, refiners, and ultimately consumers—that verified provenance is fast becoming a market necessity.”

A Fingerprint You Can’t Fake

ProvCheck is already more than a prototype or pitch deck. In collaboration with cornerstone client ABC Refinery—Australia’s only independent LBMA-accredited refiner—Blockhead has embedded the platform into real-world refining workflows. Each bar is tagged with a unique digital fingerprint, capturing data on origin, handling, and emissions from mining through refining and logistics.

The result is a tamper-proof, mobile-verifiable chain of custody. Buyers and investors can scan a bar and instantly access its provenance and carbon footprint via the ProvCheck app, delivering a transparency layer the gold market has long lacked.

LBMA has taken notice, accrediting ProvCheck as a Security Feature under its Gold Bar Integrity Initiative. That recognition doesn’t just open doors—it sets a precedent. Verified gold is now on a different playing field, with institutional buyers increasingly willing to pay premiums for bars with a traceable, auditable story.

“ProvCheck represents a step change in security feature technology,” said Ben Kirkwood, ESG Lead at Pallion, the parent company of ABC Refinery. “It provides a seamless way for investors and buyers to verify the authenticity and sustainability credentials of their gold.”

The Two-Speed Future of Gold

Blockhead’s pitch is simple: in a market where trust commands value, unverifiable gold is fast becoming second-tier. Regulators and buyers alike are tightening expectations, driven by the London Bullion Market Association’s Responsible Sourcing Program and the World Gold Council’s ESG frameworks. That’s creating a bifurcated future—one lane for verified, ESG-compliant gold, and another for discounted, opaque-origin bars.

As demand grows for transparent sourcing, Blockhead is angling to be the provider of choice. The company is now actively engaging with international refiners, miners, and funds to extend ProvCheck’s reach across borders.

From tamper-proofing to carbon accounting, the platform offers not just compliance, but competitive edge. Gold with a verifiable backstory isn’t just more trustworthy—it’s more tradable.

“Gold without proof is becoming harder to sell,” reads one of Blockhead’s flyers bluntly. It’s a message miners would do well to heed.

What’s Next?

With Hazeldine’s appointment, the company has added more than just a figurehead. It now has a chair steeped in resource-sector networks, with a track record of building visibility and momentum—precisely what Blockhead needs as it prepares to scale ProvCheck globally.

For investors watching the intersection of tech and mining, Blockhead may still be flying under the radar. But in a sector overdue for digitisation, and amid a global push for supply chain accountability, the company’s story is increasingly hard to ignore.

As Hazeldine puts it: “Verified provenance is fast becoming a market necessity.” With ProvCheck, Blockhead is aiming to make it a market expectation.

In a development that might make even seasoned naval brass sit up straighter, Perth-based VEEM Ltd (ASX: VEE) has lobbed a $14 million equity raise onto the ASX radar – and it’s no ordinary cap-in-hand moment. Instead, this is a calculated manoeuvre to cement VEEM's transformation from a marine engineering stalwart into a globally competitive defence manufacturer with sights firmly set on the US submarine supply chain.

And it’s a move that comes with some serious institutional and industry firepower.

Northrop, HII-NNS, and the Submarine Gold Rush

VEEM’s announcement is headlined by a 9-year Manufacturing Licence Agreement (MLA) with US defence juggernaut Northrop Grumman, allowing the West Aussie outfit to compete for a smorgasbord of pre-determined parts for the Virginia Class nuclear submarine program. Initial contract value? Up to US$33 million – though the real prize is long-term supply chain integration.

Hot on the heels of this is VEEM’s Level 1 supplier accreditation with Huntington Ingalls Industries’ Newport News Shipbuilding (HII-NNS), one of only two builders of nuclear submarines for the US Navy. The company has already received its first Request for Quote (RFQ) and expects a purchase order by the first half of FY26.

Why all the fuss? Because the US Navy is upping production of its Virginia Class boats from 1.2 per year to 2.0 by 2028, and potentially 2.33 thereafter. VEEM’s foundry capabilities—often lacking among Western suppliers—put it in pole position to meet swelling demand for precision castings.

“VEEM is uniquely placed to contribute to resolving the capacity shortage for defence-grade castings,” the company notes, with characteristic understatement.

A Capital Raise Anchored by Heavyweights

To bankroll this defence-fuelled trajectory, VEEM’s $14 million placement was pitched at $1.30 a share—a 13.6% discount to its last traded price of $1.505. While the markdown isn’t trivial, the placement was anchored by key supporters, including the founding Miocevich family (tipping in $1 million, pending shareholder nod) and Perennial Value Management, which ponied up $2.7 million for a 14.7% stake post-raise.

Post-raise, VEEM boasts a market cap just shy of $221 million and a very manageable pro forma net debt position of $0.6 million—effectively neutralised by the fresh equity injection.

Managing Director Mark Miocevich didn’t hold back: “These recent signed agreements with HII-NNS and Northrop Grumman... are a clear demonstration that we have now met the requirements of this huge market and are starting to reap the rewards.”

Singleton Joins the Crew

Adding ballast to the boardroom is David Singleton, former Austal CEO and defence sector veteran, who steps in as Non-Executive Director. Singleton’s CV reads like a naval procurement wish list: UK Ministry of Defence, BAE Systems, and a transformative stint at Austal, where he oversaw $2 billion in annual revenues and steered growth across four continents.

His appointment coincides with the retirement of long-time director Michael Bailey, marking a generational shift as VEEM leans deeper into defence and international markets.

What About the Core Business?

While defence is the shiny new armament, VEEM hasn’t abandoned its roots. Its propulsion and gyrostabiliser segments continue to deliver steady revenue, with global exports and tie-ins with firms like Princess Yachts and Volvo.

However, the company admits that its gyro segment has been slower to convert leads into orders, and the ramp-up in existing ASC submarine maintenance contracts is running slightly behind schedule. As a result, 1HFY26 EBITDA is expected to land modestly below the prior period. But the company is banking on a strong second half, aligned with the cyclical surge in defence contracts.

Outlook: All Ahead Full

By positioning itself at the confluence of surging defence budgets, AUKUS-driven capability uplift, and sovereign manufacturing ambitions, VEEM is not just making parts – it’s making a statement.

With a factory expansion underway, a $65 million contract with ASC already inked, and Hunter Class Frigate work potentially on the horizon, VEEM could soon find itself one of the most consequential non-prime contractors in the Australian defence landscape.

To borrow a nautical metaphor: VEEM has set its course, loaded the cannons, and now waits for the incoming orders to fire. Investors, analysts, and even naval strategists would do well to keep their periscopes trained on this evolving WA success story.

Memphasys (ASX: MEM) has pulled in fresh funds to accelerate the rollout of its Felix™ sperm selection system, completing a placement worth $840,000 and launching a non-renounceable rights issue to raise up to $1.12 million. Shares were issued at 0.3 cents, a 36 per cent discount to the recent five-day VWAP, with investors also offered one free option for every four shares subscribed, exercisable at 1.1 cents until November 2026.

Felix™ console and cartridge

The placement drew strong support from existing shareholders and new backers alike. Non-Executive Director Marjan Mikel is also set to chip in $20,000 of his own money, pending shareholder approval.

From Burn to Build – Costs Cut by 40%

Alongside the raise, management revealed a drastic rationalisation of operations, slashing annual operating costs from about $3 million to $1.8 million in 2026. Rather than simply banking the savings, the company is redeploying funds into scaling Felix™ manufacturing, stockpiling inventory, and targeting gross margins with a sub-$40 cost per cartridge.

Chairperson Lindley Edwards called the strategy “a disciplined, commercial focus” aimed at converting the company’s R&D heritage into a revenue-generating enterprise.

Contracts in Hand, Markets in Sight

Memphasys is already delivering on its expanded $390,000 agreement with International Test Laboratories, which now extends into Turkey and represents the company’s first contracted EU revenues. Negotiations are also underway in Japan, India and New Zealand, with “volume-based agreements” flagged for the coming quarters.

At the same time, Memphasys is progressing CE Mark certification, the regulatory gateway to Europe’s IVF market – the largest globally. Management is banking on early contracts to create the production volume needed to drive down costs and reinforce its razor/razorblade model.

Investor Sentiment Turning Positive

For years, Memphasys has been criticised for spreading its attention too broadly. Investors now appear to be responding favourably to the tighter focus. According to the company, institutional and strategic backers have praised the sharpened pathway, applauding both the cost discipline and the redeployment of funds into production.

Edwards said:

“With funding secured, we are executing binding contracts, advancing new deals, and scaling manufacturing to drive costs down. Further, we’ve cut operating expenses some 40% and redeployed savings into production and inventory, targeting margins of less than $40 per cartridge. This disciplined, commercial focus sets the foundation for sustainable revenues and long-term shareholder value.”

The Road Ahead

FY2026 is shaping up as a pivotal year for Memphasys. If the company can land its pending deals and deliver product at scale, it may finally move from being seen as a clever lab innovator to a revenue-driven medtech player. IVF clinics, however, will need to be convinced that Felix™ can become the new benchmark for sperm selection in a competitive field.

For now, Memphasys has bought itself time and flexibility. The capital raise and cost cuts provide the runway, but the true test will come in turning contracts into invoices and invoices into cash flow.