The New South Wales Government wants to enter the annuity market by selling new capital-guaranteed debt securities, known as Waratah Annuity Bonds, to wealthy retail investors. The bonds, issued by government debt agency NSW Treasury Corporation (TCorp) to raise capital for infrastructure projects, will provide investors with monthly payments that rise with inflation. Each payment … Read more
In a building that is on the $20 bill, the latest generation of Australian venture capitalists are one floor above the pioneers, Allen & Buckeridge. Anne-Marie Birkill, Michelle Deaker and Paul Kelly are gathered in a small room in the red brick building on Sydney’s Bulletin Place that is more silicon alley than valley. Still, … Read more
Until last week I had never heard the words “greater good” come out of the mouth of someone in finance. “Doing good” was defined bizarrely by one person, who will remain nameless, as ensuring asset managers paid the least for their trades. The general partners at venture capital firm OneVentures define “the greater good” as … Read more
Nikko Asset Management, the $151-billion asset manager, remains interested in acquiring people and firms in Australia. “We’d like to grow the business any way we can,” says Blair Pickerell, the head of Asia for Nikko Asset Management. “If we see other teams that fit in and don’t conflict, we’ll pick them up.” Tyndall, the Sydney-based … Read more
In 2009 Ian Martin was put in charge of State Street custody business. The Boston-based firm wasn’t happy with the way that business was performing in Australia. Three years later in the “Balmoral” conference room at State Street’s Sydney offices on George Street, Martin and his head of sales Greg O’Sullivan can barely contain their … Read more
Superannuation funds and asset managers want advice on derivatives, investments in Asia, mergers and regulatory changes and JPMorgan has four bankers servicing such needs, says Robert Bedwell, a managing director at JPMorgan. Bedwell says his colleagues have been asked over the last 18 months about how changes in US law may affect their investments. JPMorgan … Read more
Schroder Investment Management Australia says Kent Jensen and Alex Mears have let the firm to pursue other interests. Jensen, whose stock research included media, mining services, paper and packaging, is returning to Norway to embark on a career outside asset management. Mears, who was responsible for uranium, oil and gas and utility stocks, will travel … Read more
Craig Hobart will resign from Tyndall Investment Management on April 1 and will be replaced as managing director of the $22 billion asset manager by Mike Davis. Hobart is leaving Tyndall after two years in which he oversaw the sale of the asset-management business to Nikko Asset Management and its integration into the Tokyo-based company. … Read more
DISCLOSURE: This story has been updated. Details are provided after the final paragraph. QSuper, the $32 billion superannuation fund, has chosen State Street over incumbent custodian National Australia Bank (NAB) following a six-month tender. Michael Cottier, chief financial officer at QSuper, has confirmed that State Street has been awarded a five-year mandate to be custodian … Read more
Superannuation funds, which collectively manage about $1.4 trillion, will be forced to merge to satisfy capital requirements imposed by the Australian Prudential Regulation Authority, says merger adviser Nigel Lake. APRA’s new capital requirements, to be enacted in July 2013, will force some of the funds to find capital, says Lake, joint chief executive of Sydney-based … Read more
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