Russel Investments has recruited a former member of Access Capital Advisor’s portfolio construction and risk team as a Melbourne-based consultant.
MLC Private Equity to find new head
A third major departure has rocked the world of private equity, with David Krasnostein announcing he would step down as the head of MLC Private Equity.
Meet the new 'head of AustralianSuper'
There is a new ‘head of AustralianSuper’, but Ian Silk need not be alarmed – the role has been created by the big industry fund’s group insurer, Tower Australia, and filled by a salesman who will be well known to many at the fund.
‘Neutralising fee debate’ is the nice way to say it
‘Neutralising fee debate’ is the nice way to say it Last month, the chief executive of Colonial First State, Brian Bissaker, broke bread with a bunch of journalists for the first time in his four-year reign. The retail veteran was about to announce a 98.5 per cent reduction in the minimum investment for Colonial’s FirstChoice … Read more
In search of the Charlie Sheen effect
Perhaps more than any other industry, the super industry is used to change. Just think of the number of times that rules have been tinkered with over the years, before we even mention Jeremy Cooper. And we’re not afraid to try new things – even social media, writes FIONA REYNOLDS, CEO of AIST.
Look out for FoFA’s furfies
We have advocated and embraced much of the Government’s proposed reforms to financial advice. From the outset we endorsed the guiding principles of the Future of Financial Advice (FoFA) package. The Government has always acknowledged the reforms need to strike a balance to improve transparency and professionalism and at the same time ensure the affordability and accessibility of financial advice. When announcing the reforms last year, then financial services Minister Chris Bowen said: “Financial advice must be in the client’s best interest – distortions to remuneration, which misalign the best interests of the client and the adviser, should be minimised.” He went on to say: “In minimising these distortions, financial advice should not be put out of reach of those who would benefit from it.”
New York, London, Hong Kong … Brisbane
Australian hedge funds, including offshore funds sold in Australia, returned 0.18 per cent in January 2011. Long/ short equity and fixed-income strategies boosted the total with their respective 1.33 per cent and 1.06 per cent results. However, global macro, commodities, managed futures strategies and global macro funds-of-funds hurt posted -0.98 and -1.41 per cent returns.
American FATCAts could cost super funds
Australian superannuation 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. MICHAEL BAILEY reports.
Storms gather in the cloud
It’s the crim e that dare not sp eak its name – cyber-theft. Estim ated to cost Aust ralia $2 billion a year, cyber-fraud and identity theft could be an even larger problem than the investment and superannuation industry acknowledges, because no-one wants to admit that members’ accounts can be infiltrated. PHILIPPA YELLAND reports.
Emerging markets: understanding the risks
Emerging markets offer compelling long-term return potential, but continue to present risks that every investor should understand. NORIKO KUROKI, of the emerging markets equity team at J.P. Morgan Asset Management, discusses the risks inherent in emerging markets and looks at the effect they have had on economic and investment performance.
Boon for managers: Korea fund outsources billions
The National Pension Service (NPS) of Korea will outsource 26 trillion Korean won – the equivalent of $23 billion – to external funds managers this year as it moves towards its 2015 strategic asset allocation (SAA), which will see a dramatic increase in equities and alternatives. The fund’s long-term SAA sees domestic equities shifting to more than 20 per cent, from its current 15.9 per cent allocation, and by 2011 the fund aims to have that allocation sitting at around 18 per cent of the fund, the head of institutional networks and communications at the NPS, Ha- Young Kim, said. The other major shift will be in the alternatives allocation, shifting from the 2010 allocation of 5.5 per cent to 7.8 per cent at the end of this year, and ultimately to more than 10 per cent by 2014.
