US manager T Rowe Price will aggressively target the Australian retail space this year via platforms and has hired Louise Bradshaw as assistant vice president. Bradshaw will join group executive, Ed Brooks, from mid this year and will assist in the group’s retail push. T Rowe Price is not yet on any retail platforms.
KRA cuts to the core of advice
Despite being ensconced in Australia’s largest dealer group, the Melbourne AMP business of KRA Financial has created a boutique feel by asking its clients exactly what they expect from the financial advice process.
Emergence of the ‘professional buyer’ puts paid to shelf-space model
Retail distribution of managed funds is shifting away from the shelf-space model and towards advice-driven business as platforms take on the role as “professional buyers”, according to Cerulli Associates.
Shareholders and management big winners in AWM/Select merger
Everyone’s a winner at Australian Wealth Management (AWM) and Select Managed Funds judging by the share price hikes at both companies since their merger was announced last week.
… while Zurich exits industry fund admin
Zurich Financial Services Australia has decided to exit the member administration business for big super funds, outsourcing its only industry fund, the Accountants Superannuation Fund, to the administrator and trustee of Recruitment Super.
ASIC promises sensible attitude to policing new regs
The Australian Securities and Investments Commission (ASIC) will adopt “a reasonable and pragmatic approach” to compliance with the recently-introduced amendments to the Financial Services Reform Act it said yesterday.
Morningstar spends $83 million in institutional foray
Morningstar Inc, the recently listed US research firm, has paid $US83 million to buy asset allocation firm Ibbotson Associates – a deal that will help its Australian subsidiary expand into the fund-of-funds and superannuation markets.
Skandia drops defence pretence
Skandia, the pride of Sweden’s financial services sector, has finally admitted the obvious and called for an Extraordinary General Meeting to consider a new board in the wake of Old Mutual’s takeover bid.
Banker and marketer join the FPA board
The Financial Planning Association (FPA) has named the two independent directors who will be replacing the outgoing Kathryn Greiner and David Elsum.
Ipac hunts for CIO after Dutton transfers to Axa
A search is about to begin for a new chief investment officer at ipac Securities replacing Mark Dutton who will assume a full-time CIO role at Axa Australia.
Lonsdale to take extra risk
Lonsdale, the dealer group 70 per cent owned by Zurich, is about to start writing risk business in-house.
Bravura proposes one platform to rule them all
Bravura Solutions is consolidating its recent acquisitions into a ‘next generation’ platform which it plans to launch in October. The platform will be for the entire financial services industry and already has a number of seed clients, according to the group’s new chief technology officer, Enda Mahoney.
