Robo-advice is the new black – or the new gold as the case may be – with former Wallabies captain Stirling Mortlock jumping ship from NAB to join former UBS fund manager Chris Brycki at Peak Advisors.
There is little detail on Peak's website about its business or its staff: "We work with high-net-worth individuals and families providing expert advice, personalised service and tailored financial outcomes," it says.
![Ex-Wallabies skipper Stirling Mortlock has teamed up with former UBS fund manager Chris Brycki at Peak Advisors.](http://web.archive.org./web/20170829070609im_/https://www.fairfaxstatic.com.au/content/dam/images/g/k/m/e/q/5/image.related.articleLeadwide.620x349.gxh37u.png/1500908835068.jpg)
But we know that Brycki is the founder of automated investment adviser Stockspot, and that Peak – like Stockspot – is a bet on robo-advice. This is the catch-all phrase for the new wave of digital investment services that are expected to disrupt the traditional players in the same way that Mortlock used to "disrupt" the opposition by running his six-foot three-inch, 100-kilo frame at them at full tilt.
Not all of the digital disruption has been positive for Stockspot.
![Illustration: John Shakespeare.](http://web.archive.org./web/20170829070609im_/https://www.fairfaxstatic.com.au/content/dam/images/g/x/h/u/8/o/image.related.articleLeadNarrow.300x0.gxh37u.png/1500941059329.jpg)
In December, Stockspot had sent out an email link that allowed a customer to access someone else's share trading account.
Ironically, It was a result of human error, according to Brycki.
"In any sort of business, mistakes happen. All you have to do is make sure you're doing the right thing by the customer," he said at the time.
Copping out
Colourful copper producer Cudeco might have finally achieved the dream of its founder, Wayne McCrae, and actually extracted some of the metal from its Cloncurry mine, but boy has it continued to be a bumpy ride for investors.
The turnover has been head-spinning since McCrae was shown the door by the company's Chinese backers who helped to fund the mine he had championed for so long.
CBD has extensively detailed the blizzard of announcements on new CEO and chairman appointments during the past two years, which was punctuated by the suspension of operations at its Rocklands copper mine in February after it failed a safety audit.
Not a good look given it had only just begun copper production after a decade lost in the wilderness.
The day after its operations had been shut by the safety audit, Dr Dianmin Chen brought forward his resignation as Cudeco's short-lived managing director – making it effective immediately rather than in April.
And amid all that fun, CBD had failed to appreciate the significance of an announcement very early in February that Cudeco was exploring options to repay a $US15 million loan to China Minsheng Bank due at the end of March – the first of a series due in 2017. Gulp.
We should have paid closer attention to the tanking share price, departure of the chief financial officer in May, and queries from the ASX weeks later asking how the miner has planning to continue funding its operations during the June quarter.
The ASX drew attention to the fact that Cudeco's cash outflows would exceed $82 million in the June quarter.
The company had just $3.6 million cash at the end of the March quarter, having generated cash flow of only $1.12 million for the period.
Capital raisings and short-term loans have helped the company eke its way through to the end of last financial year, but it still looks a bit precarious.
Just days before Cudeco was due to repay another $US15 million to China Minsheng on June 30, it received two short-term loans to cover the payment – but repayment on the short-term loans was due within weeks.
"It is the intention of the board to repay the loans by their due dates, with the company currently negotiating with parties to secure a longer-term restructured financing facility," it said.
The $US4.8 million loan was repaid on the July 10 due date, replaced by a six-month loan.
The $US10.2 million was expected to be repaid and refinanced with a longer-term loan before its July 21 due date.
On July 24, the company announced that the loan had been extended to August 21.
So, it sounds like the company's full-year results will make interesting reading – especially the auditor's report.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au