Australian super funds may have costly obligations under the Foreign Account Tax Compliance Act (FATCA), a new chapter of the US Internal Revenue code aimed at boosting the tax take from Americans living overseas, warns the financial services division of Deloitte.
Aussie to peak at $1.05 vs USD
The Australian dollar will peak at $1.05 once the Reserve Bank raises interest rates later this year, predicts National Australia Bank senior currency strategist John Kyriakopoulos, but following this cyclical retreat he forecasts a long-term average which may surprise.
NAB Asset Servicing keeps Tassie client
National Australia Bank’s Asset Servicing division has been reappointed as custodian for a $2 billion-plus Tasmanian fund.
New multimanager chief for Mercer
The man responsible for Mercer’s $17 billion multimanager business in Australia has been restructured out of the firm.
La Trobe picks up innovation award from VFMC
Care Super has taken out the top gong for a super fund at the annual VFMC Investment Stewardship Awards, with Goldman Sachs coming first in the managers’ section and La Trobe Financial Services first in the ‘innovation’ section.
Copper Rock is alright for coal miners
An affiliate of Old Mutual Asset Management, specialising in global small cap equities, has won a mandate for more than $100 million from an industry fund.
Member advice moving rapidly into the cloud
Super fund members will be able to model their own financial scenarios through cloud-computing tools which funds can be set up and installed within a fortnight, in conjunction with Provisio Technologies.
Peak bodies applaud lifting of concessional caps
Industry groups have welcomed the Federal Government’s new rules making it easier for those nearing retirement to make catch-up contributions to their superannuation.
Eze Castle on a roll in Oz
Eze Castle has signed another Australian boutique with an offshore investment strategy to its order management system (OMS).
Wanted: successor to a custody legend at HSBC
HSBC’s local custody and clearing division is looking to fill the big shoes of its departing head of client management, who has spent six years at the bank and 14 before that at the Westpac sub-custody business it eventually purchased.
Asset tenders custody in defiance of merger trend
Asset Super’s decision to run a full custody tender means the $1.4 billion fund will fly solo for the foreseeable future, amid the consolidation trend in the superannuation industry.
