Fidelity Australia’s national accounts manager for NSW and Queensland, Tom Keenan, resigned on Friday and will soon resurface at another global asset manager.
I&T News understands that Keenan will take on a marketing role, focused on platforms, with Barclays Global Investors (BGI), after ending an 18-month term with Fidelity. BGI recently launched another foray into the retail market, bringing eight exchange traded funds (ETFs), based on international indices, into the listed Australian market. BGI expects a trend to fee-for-service financial planning will trigger interest in the vehicles, which it calls iShares, enabling it to further reach into the domestic retail market. With 190 ETFs and approximately half of the $US700 billion global market, BGI is the world’s largest ETF supplier. It plans to list more vehicles in Australia before early 2008. Before BGI entered the local ETF market, State Street Global Advisors was the primary issuer of ETFs to Australian investors. A Fidelity spokesperson said the manager was searching from within and outside the company to replace Keenan.
In most cases, the adage “time in the market beats timing the markets” would serve super funds which receive regular contributions and have long investment horizons well. But for the $37 billion closed-end State Super, which is in net asset outflow, time is one thing the fund does not have. CEO John Livanas outlines how State Super keeps volatility in check as the fund retreats from private assets.
Darcy SongMarch 27, 2025
