Aside from creating more choice for advisers and their clients, the proliferation of platforms has already led to a significant degree of consolidation, and this is expected to continue. The merger between Westpac and St George brought the BT Wrap and Asgard platforms together under one umbrella; the Australian Wealth Management and IOOF Holdings merger includes the Skandia platform business; and NAB acquired Aviva Australia’s wealth management business, including Navigator. Clancy says platforms are at an “interesting crossroads” in development, and the focus has evolved beyond “a fairly rudimentary” drive for choice, simplicity and efficiency. “Going forward the drive to innovate is huge,” he says. “In any marketplace as you get scale and experience costs inevitably come down and there’s a lot of competitive pressure to make platforms more efficient and a government requirement to continue to drive down costs within the super system.”
The senior investment leader describes the governance challenges as “huge” for funds moving into alternative asset classes because of the complexity and also because of the gap between the best and worst performing general partners and investment managers.
Matthew SmithMarch 10, 2021
This year’s single-best trade was Chinese mid-cap semiconductor and tech stocks, according to UBS O’Connor's Kevin Russell. This illustrates how China’s domestic consumption economy allows it to combat any trade wars with the US.
Jessica SierSeptember 24, 2020
While Sunsuper's access to cash and public market meant its alternatives allocations weren't tapped for liquidity to facilitate early release payments, Tomlinson said he could take advantage of some more liquid ‘hedge fund-type’ investments during tumbling markets.
Jessica SierSeptember 23, 2020