More than $US1.26 trillion in assets has changed owners through funds management corporate activity so far this year, according to figures by Putnam Lovell NBF Securities.
The figures by Putnam Lovell NBF, an investment bank specialising in the global financial services industry, show the sales of investment management firms announced in the first half of 2007 reached record levels. The total number of deals in the first six months of this year, are up by about 30 per cent to 112, compared with the total number of deals for all of 2006 which was 191. According to Putnam Lovell NBF the sales of investment management firms will continue because of new buyers from the private equity world, but also as the demand for alternative investment skills continues.
AustralianSuper’s appointment of a general manager, retirement to replace Shawn Blackmore, which follows ART's redeployment of Kathy Vincent to chief operating officer, shows that mega funds are back-pedalling on the strategy of having dedicated retirement C-suite executives. The role had been touted as the next big thing in super funds' organisational structures, but experts say what matters is there is senior accountability for decumulation.
Darcy SongDecember 4, 2024
