Research house Lonsec has retained its “highly recommended” rating on the Hyperion Australian Growth Companies Fund for the third consecutive year. In its report, Lonsec notes that the fund returned an excess return of 1.92 per cent and 2.9 per cent over the five- and seven-year periods to June 2012, outperforming the Lonsec peer average … Read more
Over-the-counter (OTC) start-up, the Money Market and Debt Exchange (MMADX), has announced the appointment of former ABN AMRO executive, Mark McCarthy, as head of sales. MMADX is a start-up establishing a secure electronic communication network between banks and institutional asset managers, enabling trade in money-market securities, repurchase agreements and interest-rate derivatives in real time through … Read more
A majority of global institutional investors believes the world economy will be hit by a significant tail-risk event in the next 12 months, and list Europe and China as the likely sources. A survey of 310 institutional investors in Western Europe and the US, commissioned by State Street Global Advisors and conducted by the Economist … Read more
AMP Capital managing director Stephen Dunne told a media lunch in Sydney this week that he was frustrated by the “short-termism” of performance benchmarking and that AMP increasingly preferred an approach that looks at “what the client really wants from us.” “This is very much a move away from benchmark plus management,” said Dunne. “I … Read more
Australian mining booms have traditionally been followed by bust, but when the current cycle fades, the floating currency will insulate the economy from a hard landing, according to a research note from HSBC. HSBC’s chief economist for Australia and New Zealand, Paul Bloxham, says that the current mining boom – which he says has some … Read more
Emerging-market funds boutique, MIR Investment Management, has rebranded to become Metisq Capital, taking its inspiration from a word, which in Greek mythology, refers to “wisdom” and “deep thought”. Metisq, in which Challenger has a stake through Fidante Partners, currently manages around $1 billion with teams of analysts located in Sydney, Melbourne and Singapore. Its predecessor, … Read more
Ross Jones says he often makes the point that the Australian Prudential Regulatory Authority (APRA) has more power over a small credit union than it does over a multibillion-dollar superannuation fund. That is all changing, however, with the passage in the Senate of legislation giving APRA the responsibility to set standards for the super industry, as it does for insurance … Read more
The Australian Prudential Regulation Authority has released a discussion paper with 31 draft-reporting requirements and instructions for the superannuation funds it regulates. The proposals implement transparency and accountability recommendations from the government’s Stronger Super reforms and build on the proposals APRA consulted on in 2009. These are the first changes to reporting requirements since 2004. … Read more
Australian super funds are at their highest level in some years – just 1.4 per cent under their pre-global financial crisis highs, according to research house SuperRatings. The performance results come as Sunsuper announced it had reached $20 billion under management, after 15-per-cent growth in the last year. Sunsuper now has 1.2 million members and … Read more
Funds manager and infrastructure investor Industry Funds Management (IFM) has announced a partnership with the Asset Management Council (AMC) that it says will enhance its risk practices. IFM’s investment director for infrastructure, Danny Elia, will joint the AMC board under the new arrangement, which will run for the next five years. “Best-practice asset management is … Read more
In a case that should launch fresh legal action in Australia and could have global implications, a group of local charities, churches and councils has won a Federal Court victory against failed US investment bank Lehman Brothers. Seventy-two entities banded together in a class action to sue Lehman Brothers for $248 million, claiming the bank … Read more
Australia’s $43-billion hedge fund industry has survived the global financial crisis intact and has moved back into a “growth trajectory,” according to one of the judges at this year’s Hedge Fund of the Year Awards. Matthew Jeremy, the managing director of Caravel Consulting Services, said the awards – led by overall winner, the BlackRock Australian … Read more
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