Latest news with #Implementation
Yahoo
28-05-2025
- Business
- Yahoo
UHNW Institute Sets First-Ever Industry Standards in Wealth Management with Launch of the Wealthesaurus, AIM Framework, and More
NEW YORK, May 28, 2025--(BUSINESS WIRE)--The Ultra High Net Worth Institute (UHNW Institute), an independent, nonprofit think tank advancing the practice of wealth management, is putting a stake in the ground: For the first time, well-defined standards and frameworks are bringing structure, clarity, and cohesion to how professionals serve ultra-high net worth (UHNW) individuals and families. With the rollout of a series of groundbreaking resources — including the Wealthesaurus, the AIM Framework and more — The UHNW Institute is delivering on its mission to empower UHNW families, educate advisors, and drive meaningful change across the industry. As an independent, objective organization, the Institute offers unbiased guidance and practical tools to elevate how professionals serve clients and how families make informed decisions across generations. The Institute's development and promotion of standards for managing family wealth will help families and firms identify service solutions that effectively align with each family's unique needs and goals. A First for the Industry: Standardizing the Language of Wealth Management Among the Institute's most significant milestones is the debut of its Wealthesaurus, the first-ever standardized glossary of UHNW wealth management terms. By offering clear, consistent definitions across disciplines — from tax and law to philanthropy and family governance —the Wealthesaurus lays the groundwork for stronger communication and alignment between professionals and clients. "This is about establishing the first industry-wide standards," said Steve Prostano, co-founder, chairman, and CEO of the UHNW Institute. "Without shared language and frameworks, even the most experienced teams struggle to deliver truly integrated wealth management. We're changing that—starting now." The AIM Framework: A New Standard for Delivering Advisory Services The Institute is also launching its AIM Framework — shorthand for the Assessment, Implementation, and Monitoring Framework — the first standardized model for delivering integrated wealth management. This framework provides comprehensive guidelines for how professionals across disciplines can deliver consistent, high-quality advisory services, whether the professionals are independent specialists or part of a multidisciplinary team. It outlines how to structure the advisory process from start to finish, offering a scalable, repeatable approach that elevates services, improves collaboration, and allows firms to grow more strategically. What's Next: A Pipeline of Industry-Changing Tools Building on this momentum, The UHNW Institute will continue rolling out additional groundbreaking tools and resources throughout the coming year. Each is designed to further standardize the industry, enhance transparency, and improve alignment between advisors and the families they serve. These innovations will reinforce the Institute's commitment to drive meaningful change and create a more structured, client-focused, and collaborative wealth management profession. Membership: Be Part of the Movement Professionals and firms can gain early access to these tools and help shape the future of the profession by becoming members of The UHNW Institute. Membership includes exclusive access to research, thought leadership, peer collaboration, an extensive resource library, and guidance on putting the Institute's frameworks into practice. "We're building something bigger than any one firm or discipline," said Prostano. "Our members are part of an industry-wide movement to define what excellence truly looks like in serving ultra-high net worth families." About the Ultra High Net Worth Institute The Ultra High Net Worth Institute is an independent, nonprofit think tank and learning exchange dedicated to advancing the practice of wealth management for ultra-high net worth individuals and families. By promoting objectivity, collaboration, and innovation, the Institute empowers families and professionals with the frameworks, resources, and research needed to make informed decisions and deliver exceptional service across generations. Learn more at View source version on Contacts Media Contact: Alexa Bartusiak ScullPublic Relations412.519.7265 AJB@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
28-05-2025
- Business
- Business Wire
UHNW Institute Sets First-Ever Industry Standards in Wealth Management with Launch of the Wealthesaurus, AIM Framework, and More
NEW YORK--(BUSINESS WIRE)--The Ultra High Net Worth Institute (UHNW Institute), an independent, nonprofit think tank advancing the practice of wealth management, is putting a stake in the ground: For the first time, well-defined standards and frameworks are bringing structure, clarity, and cohesion to how professionals serve ultra-high net worth (UHNW) individuals and families. 'Without shared language and frameworks, even the most experienced teams struggle to deliver truly integrated wealth management. We're changing that—starting now,' said Steve Prostano, co-founder, chairman and CEO of the UHNW Institute. With the rollout of a series of groundbreaking resources — including the Wealthesaurus, the AIM Framework and more — The UHNW Institute is delivering on its mission to empower UHNW families, educate advisors, and drive meaningful change across the industry. As an independent, objective organization, the Institute offers unbiased guidance and practical tools to elevate how professionals serve clients and how families make informed decisions across generations. The Institute's development and promotion of standards for managing family wealth will help families and firms identify service solutions that effectively align with each family's unique needs and goals. A First for the Industry: Standardizing the Language of Wealth Management Among the Institute's most significant milestones is the debut of its Wealthesaurus, the first-ever standardized glossary of UHNW wealth management terms. By offering clear, consistent definitions across disciplines — from tax and law to philanthropy and family governance —the Wealthesaurus lays the groundwork for stronger communication and alignment between professionals and clients. 'This is about establishing the first industry-wide standards,' said Steve Prostano, co-founder, chairman, and CEO of the UHNW Institute. 'Without shared language and frameworks, even the most experienced teams struggle to deliver truly integrated wealth management. We're changing that—starting now.' The AIM Framework: A New Standard for Delivering Advisory Services The Institute is also launching its AIM Framework — shorthand for the Assessment, Implementation, and Monitoring Framework — the first standardized model for delivering integrated wealth management. This framework provides comprehensive guidelines for how professionals across disciplines can deliver consistent, high-quality advisory services, whether the professionals are independent specialists or part of a multidisciplinary team. It outlines how to structure the advisory process from start to finish, offering a scalable, repeatable approach that elevates services, improves collaboration, and allows firms to grow more strategically. What's Next: A Pipeline of Industry-Changing Tools Building on this momentum, The UHNW Institute will continue rolling out additional groundbreaking tools and resources throughout the coming year. Each is designed to further standardize the industry, enhance transparency, and improve alignment between advisors and the families they serve. These innovations will reinforce the Institute's commitment to drive meaningful change and create a more structured, client-focused, and collaborative wealth management profession. Membership: Be Part of the Movement Professionals and firms can gain early access to these tools and help shape the future of the profession by becoming members of The UHNW Institute. Membership includes exclusive access to research, thought leadership, peer collaboration, an extensive resource library, and guidance on putting the Institute's frameworks into practice. 'We're building something bigger than any one firm or discipline,' said Prostano. 'Our members are part of an industry-wide movement to define what excellence truly looks like in serving ultra-high net worth families.' About the Ultra High Net Worth Institute The Ultra High Net Worth Institute is an independent, nonprofit think tank and learning exchange dedicated to advancing the practice of wealth management for ultra-high net worth individuals and families. By promoting objectivity, collaboration, and innovation, the Institute empowers families and professionals with the frameworks, resources, and research needed to make informed decisions and deliver exceptional service across generations. Learn more at
The Sun
25-05-2025
- Politics
- The Sun
Indonesia supports Malaysia's initiatives to restore peace in Myanmar
JAKARTA: Indonesian Foreign Minister Sugiono has expressed full support for Malaysia's various initiatives, as this year's ASEAN Chair, in facilitating a peaceful resolution to Myanmar's internal conflict. He reaffirmed Indonesia's readiness to continue actively contributing to the restoration of democracy and stability in Myanmar during the Extended Informal Consultation on the Implementation of the Five-Point Consensus (5PC) held in Kuala Lumpur on Saturday. 'ASEAN's strength lies in its unity. In facing the Myanmar crisis, we must speak with one voice and act with one purpose to push for the full implementation of the 5PC,' he said, according to a statement from the Foreign Ministry on Sunday. The meeting, held ahead of the 46th ASEAN Summit, served as an informal forum for ASEAN foreign ministers and special envoys for Myanmar to discuss developments in Myanmar and explore ways to effectively implement the 5PC. The 5PC was adopted by ASEAN in April 2021 following the military coup in Myanmar on Feb 1 that year. It calls for an immediate cessation of violence, inclusive dialogue among all parties, the appointment of a special envoy, the delivery of humanitarian assistance, and for the envoy to be granted access to all relevant stakeholders in Myanmar. Despite its significance, implementation of the consensus has largely stalled due to the junta's continued non-compliance, with the issue remaining a central concern in ASEAN's ongoing engagement with Myanmar. The 46th ASEAN Summit is being held under Malaysia's 2025 Chairmanship theme, 'Inclusivity and Sustainability'. This year also marks the country's fifth time at the helm of the regional grouping since its previous chairmanships in 1977, 1997, 2005, and 2015. ASEAN comprises 10 member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Sugiono reiterated the importance of fully implementing the 5PC and focusing on ending violence, expanding humanitarian assistance, and ensuring inclusive dialogue involving all stakeholders in Myanmar. 'Indonesia remains steadfast in its commitment to promoting a peaceful resolution in Myanmar. Regional stability can only be achieved if ASEAN stands united and acts based on the principles of consensus and solidarity,' he added.
Indian Express
20-05-2025
- Business
- Indian Express
Express Investigation: Tweak in Jal Jeevan tender rule removed cap on expense, led to Rs 16,000-crore extra cost
On Monday, the Government issued an order for 100 inspection teams to fan out across 135 districts in 29 states and Union Territories to review the work being carried out under its flagship Jal Jeevan Mission for supplying drinking water through individual tap connections to rural households — amid concerns within the administration over cost overruns and alleged lapses in award of tenders. An investigation by The Indian Express of the data uploaded by states and UTs in the Jal Jeevan Mission dashboard has revealed that a crucial change in the tender guidelines three years ago lifted the check on expenditure, and led to cost escalations. This resulted in additional costs totalling Rs 16,839 crore for 14,586 schemes — an increase of 14.58 per cent from their estimated cost. Before a tender is issued for a scheme, the government arrives at the estimated cost by adding various project costs including material and labour. Over the past month, The Indian Express scrutinised details of over 1 lakh schemes for which work orders were issued on or after June 21, 2022, when the rules were amended, to August 3, 2024 when the last set of work orders were recorded on the dashboard maintained by the Ministry of Jal Shakti. The key findings: These findings are significant in the wake of a Central Government committee led by the Expenditure Secretary recommending a 46 per cent cut in the Jal Shakti Ministry's demand for additional Central funding of Rs 2.79 lakh crore, and given the unease over some states having approved inflated work contracts. Tweak in criteria The 'Operational Guidelines for the Implementation of Jal Jeevan Mission: Har Ghar Jal', issued in December 2019, stated: 'In case of any cost escalation beyond the approved cost, it will have to be borne by the concerned State and UTs with legislature and no additional expenditure out of Central share will be permitted.' Crucially, the 2019 guidelines included the practice of 'tender premium' in its 'suggestive list of inadmissible expenses'. Tender premium refers to the additional amount quoted by a bidder that is higher than the Government's estimated cost. In other words, under the original guidelines, states were not allowed to use Central funds to award work tenders at a price higher than previously approved estimated costs. On June 21, 2022, the Ministry deleted the words 'tender premium' from the list of 'inadmissible expenses'. Instead, the amended guidelines stated that the approved cost 'shall be the cost as discovered through an open, transparent and competitive bidding process as per prevailing rules'. The new guidelines also stated that wherever the 'approved cost' is 10-25 per cent more than the estimated cost at which a tender was invited, approval by the head of the State Level Scheme Sanctioning Committee (SLSSC) should be taken before the contract is sanctioned. Overall, records show, the 1,03,093 schemes during this three-year period were sanctioned in 600 districts across 30 states and UTs with a cumulative cost of Rs 3,90,732 crore — 47 per cent of the amount that was approved for all schemes in the Mission since its inception. The Ministry of Jal Shakti did not respond to an emailed questionnaire from The Indian Express on the change in guidelines and the cost escalation. Sources said the Ministry — led at the time by Minister Gajendra Singh Shekhawat — changed the guidelines following demands from several states, including Madhya Pradesh and Rajasthan, citing a rise in cost of materials amid the Covid pandemic. Since the launch of the JJM in 2019, 6.4 lakh water supply schemes with a total estimated cost of Rs 8.29 lakh crore have been approved by states — more than double the scheme's original outlay of Rs 3.60 lakh crore, with Rs 2.08 lakh crore from the Centre. This year, the Jal Shakti Ministry, currently under Minister C R Patil, approached the Expenditure Finance Committee for approval of additional Central funding of Rs 2.79 lakh crore. However, as reported by The Indian Express on April 21, the Committee recommended only Rs 1.51 lakh crore in additional support.
Hamilton Spectator
19-05-2025
- Business
- Hamilton Spectator
Recommended A$0.08 Per Share Cash Offer
TORONTO, May 19, 2025 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (Xanadu or the Company) and Bastion Mining Pte Ltd (Bastion) are pleased to announce that they have entered into a Bid Implementation Agreement on 19 May 2025 under which Bastion will make an off-market takeover offer to acquire all the fully paid, ordinary shares issued in Xanadu (Xanadu Shares) which Bastion does not already own, at a price of A$0.08 cash per Xanadu Share (Offer). A copy of the Bid Implementation Agreement is attached as Annexure A to this announcement. The Offer is made by Bastion, which represents a consortium of Boroo Pte Ltd (Boroo) and Xanadu Director Ganbayar Lkhagvasuren (together, the Bid Sponsors). Boroo is a private Singapore-incorporated entity which invests in major gold projects internationally. Boroo key assets include Lagunas Norte, a producing gold mine in Peru and a portfolio of development-stage projects in South America. Boroo has guaranteed Bastion's obligations as bidder under the Bid Implementation Agreement. Xanadu's Takeover Board Committee1, together with Xanadu's legal and financial advisers, have carefully considered the Offer. The Takeover Board Committee Directors unanimously recommend that Xanadu shareholders ACCEPT the Offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable. Xanadu Executive Chairman and Managing Director, Mr Colin Moorhead, said: 'The proposed acquisition of Xanadu by Bastion is aligned with the Company's strategy of generating returns for shareholders and also providing a liquidity event. Bastion's Offer provides Xanadu shareholders with an attractive premium, which recognizes the Company's inherent value and considerable achievements in progressing the Kharmagtai Copper-Gold Project. The Takeover Board Committee Directors consider the Offer to be in the best interest of shareholders and unanimously recommend that shareholders accept the Offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable.' Mr. Ganbayar Lkhagvasuren, on behalf of Bastion, said: 'Together with my partners at Boroo, I am pleased to be making this supported Offer to Xanadu shareholders. The Bastion Offer provides Xanadu shareholders with the certainty of cash at a significant premium to Xanadu's share price, against a market backdrop of considerable uncertainty. Bastion is ideally positioned to advance Kharmagtai to the next stage of development with the benefit of Boroo's experience in acquiring, financing and developing mining operations in Mongolia.' Highlights Details of the Offer The Offer will be made by Bastion on behalf of the Bid Sponsors. The Offer price will be A$0.08 cash per Xanadu Share, which represents a premium of: Support from Takeover Board Committee and Major Shareholder Xanadu is pleased to advise that its largest independent shareholder, CAAF Ltd, has confirmed its intention to accept the Offer in the absence of a superior proposal and subject to the Independent Expert concluding that the Offer is fair and reasonable. CAAF Ltd holds a relevant interest in 11.85% of Xanadu's undiluted shares. Xanadu's Takeover Board Committee Directors: in each case in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable. Bid Implementation Agreement Under a Bid Implementation Agreement dated 19 May 2025 (BIA), Xanadu and Bastion have given undertakings to each other to facilitate the Offer. The Offer is subject to a limited number of conditions as noted below. Bastion has committed to declare the Offer unconditional upon achieving a relevant interest in the Company of 50.1%. The BIA also contains terms usual for a transaction of this nature, including customary exclusivity arrangements such as 'no shop', 'no talk' and 'no due diligence' restrictions as well as a right for Bastion to match any competing proposal. A break fee or a reverse break fee may also be payable in certain circumstances. Details of the key terms and conditions of the Offer are set out in the attached BIA. Full details of the Offer will be set out in Xanadu's Target's Statement (which will enclose a copy of the Independent Expert's Report). Equity Funding Arrangements To assist Xanadu in meeting its corporate and joint venture funding obligations during the Offer period, Bastion and Xanadu have entered into a share subscription agreement (Subscription Agreement) under which Bastion has agreed to subscribe for 286,829,633 Xanadu Shares at an issue price of A$0.06 per share (Subscription Shares). The issue of the Subscription Shares is expected to occur on 26 May 2025 (Settlement Date), unless the Subscription Agreement is terminated prior to completion. In particular, if a competing proposal is received prior to the Settlement Date and Xanadu either (1) does not confirm that the competing proposal is not a superior proposal in accordance with the BIA, or (2) fails to recommend that shareholders reject the competing proposal, Bastion may elect to terminate the Subscription Agreement in which case the subscription will not occur. If completion of the Subscription Agreement occurs as intended: Withdrawal of the 25% Put Option Resolution Currently, an extraordinary general meeting of members is scheduled to be held on 4 June 2025 at which members will be asked to consider and approve a resolution authorising Xanadu to exercise the put option which requires Jinping to acquire 25% of Xanadu's shareholding in Khuiten Metals (Put Option Resolution). However, in light of the Offer and the funding to be received by Xanadu upon issue of the Subscription Shares, the Takeover Board Committee has committed to withdraw the Put Option Resolution following successful completion of the equity funding arrangements under the Subscription Agreement. Indicative Timetable Further details regarding the Offer and Takeover Board Committee's recommendation will be outlined in Bastion's Bidder's Statement and Xanadu's Target's Statement, which are expected to be despatched to Xanadu Shareholders on or about 28 May 2025, following completion of the equity funding arrangement under the Subscription Agreement. Once the Bidder's Statement has been despatched, the Offer will open for acceptance. The Offer will initially remain open for a minimum period of one month. The Bidder's Statement and the Target's Statement will set out important information, including the Independent Expert's Report (with detail supporting the conclusion of the Independent Expert), how to accept the Offer, and the key reasons why Xanadu shareholders should accept the Offer. An indicative timetable for the Offer is set out below. Advisers Xanadu has appointed Jefferies (Australia) as its financial adviser, HopgoodGanim Lawyers as its Australian legal adviser and Bennett Jones LLP as its Canadian legal adviser. Bastion has appointed CIBC Capital Markets and Cormark Securities Inc. as its financial advisers, Allens as its Australian legal adviser and Stikeman Elliott as its Canadian legal adviser. Further Information The Xanadu Takeover Board Committee will keep shareholders informed of any material developments relating to the Offer in accordance with continuous disclosure requirements. Until then, there is no need for Xanadu shareholders to take any action. About Xanadu Mines Xanadu is an ASX and TSX listed Exploration company operating in Mongolia. We give investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX who jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project together with our 50-50 JV partner Zijin Mining Group. For further information on Xanadu, please visit: or contact: This Announcement was authorised for release by Xanadu's Takeover Board Committee. Forward-Looking Statements Certain statements contained in this Announcement, including information as to the future financial or operating performance of Xanadu and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xanadu, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements. Xanadu disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this Announcement or to reflect the occurrence of unanticipated events, other than required by the Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX). The words 'believe', 'expect', 'anticipate', 'indicate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements. All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein. For further information please visit the Xanadu Mines' Website at . ___________________________ 1 The Takeover Board Committee comprises all Xanadu Directors as at the date of this announcement other than Ganbayar Lkhagvasuren and Zijin's representative, Shaoyang Shen. 2 As at the date of this announcement, Colin Moorhead owns or controls 22,920,000 Xanadu Shares (representing approximately 1.20% of the Xanadu Shares on issue), Michele Muscillo owns or controls 9,059,981 Xanadu Shares (representing approximately 0.47% of the Xanadu Shares on issue), and Tony Pearson owns or controls 3,600,555 Xanadu Shares (representing approximately 0.19% of the Xanadu Shares on issue). 3 The Joint Venture Shareholders' Agreement dated 21 December 2022 between the Target, Jinping (Singapore) Mining Pte. Ltd and Khuiten Metals Pte Ltd establishing an incorporated joint venture in connection with the Kharmagtai Project.
