The Australian Prudential Regulation Authority (APRA) has fired a shot across the bows of not-for-profit super funds over capital adequacy in the light of the climbing compensation bills for unit pricing errors, which has reached a total of $750 million.
Future Fund growth to be much faster than expected
The Future Fund could reach its target of $140 billion in just six years, much more quickly than the officially forecast 2020 date, giving governments after 2012 an extra $12 billion a year to spend on their own projects, according to a study by Citigroup.
Absolute Capital needles $NZ50m for PINs
Absolute Capital has raised $NZ50 million from New Zealand retail investors for credit-backed notes guaranteeing a 9.25 per cent coupon with full principal protection, and will attempt to repeat the feat in Australia.
New head of quant for MIR Investment Management
The founding head of quantitative research at MIR Investment Management, Brett McElwee, has departed and been replaced by Charles Hyde, previously the head of equities research at CommSec.
Ex-BT investments head pops up at IXIS
IXIS Asset Management Australia has appointed Deborah Alliston as investment director, two months after her position running balanced funds at BT Financial Group was made redundant.
Hello, goodbye from Elvish at Bank of Ireland AM
Brett Elvish, the former executive director of Intech Investment Consulting, has had a quick change of heart about life as a funds management marketer, resigning from Bank of Ireland Asset Management (BIAM) after two weeks.
Salvos hosting business lunch to launch appeal
The Salvation Army will launch its 2007 Sydney Red Shield Appeal this month at a business lunch to be attended by 400 corporate leaders, as part of the year-round fundraising effort to finance its community programs.
CSTIM rebrands as Morse, expands Asian business
Funds management systems and management consultancy CSTIM is being rebranded as Morse, in line with the UK parent company, as it expands its presence in the Asian region.
ANZ review affirms future of custody business
The future of ANZ Custodian Services was assured by a bank review which took place at the same time as Westpac’s sub-custody business was sold to HSBC last year, division head Mandy Rashleigh has revealed.
Ex-consultant Leong to leave BNP PSS
BNP Paribas Securities Service (BNP PSS) deputy head of product, Wendy Leong, will shortly leave the custodian.
NZ Super outsources securities lending program to US-based manager
The NZ$12.2 billion New Zealand Superannuation Fund (NZ Super) has appointed eSecLending as the third party manager of its securities lending program.
AustralianSuper looks to further boost investment team
AustralianSuper is looking for two more analysts to round out its investment team following the addition of an Australian and international shares specialist late last year.
