Steve Merlicek
IOOF investments chief Steve Merlicek has recruited an international equities portfolio manager into his expanding team of sector specialists.
Morry’s merry band grows larger
Morry Waked has attracted another senior former colleague to his Australian equities quant boutique, but this one is via the Sydney office of a global funds manager other than BlackRock.
FSC conference diners leave big charitable tip
Proving that the financial services industry indeed has a heart, delegates kicked in more than $240,000 for charity at last Thursday’s Financial Services Council (FSC) Industry Excellence Awards Dinner.
Ad splurge assures good election for media stocks
A Labor victory would be good for banks, an Abbott Government would see mid-cap resource stocks spike, but the Federal Election itself is great news for the media sector, according to UBS Wealth Management’s review of the triennial Democracy Derby.
Morry's merry band grows larger
Morry Waked has attracted another senior former colleague to his Australian equities quant boutique, but this one is via the Sydney office of a global funds manager other than BlackRock.
Custody gets its own Clark Kent
Most of the time, Bryan Gray is a mere custodian, barely distinguishable from the thousands of other men in suits making their way around the metropolis. But once a year, a strange power comes over this mild-mannered middle manager.
Residential property – the bulletproof bubble
Unbalanced recently went very long Sydney property, so it calmed jangled nerves last month to hear Australian residential mortgagebacked securities described as “bulletproof ” by Aberdeen Asset Management’s head of Australian fixed income, Victor Rodriguez.
Meet the funds manager with no strategy
Unbalanced has never met a fund manager who didn’t claim some sort of ‘unique’ value-adding edge. However we’ve never heard a fundie say their big strategy is to not have a strategy at all, until we met Yves Choueifaty, of the appropriately- named Think Outside the Box Asset Management (TOBAM on his business card).
Jeremy, our members are profiting
Assuming Cooper’s key recommendations are effectively implemented most Australian workers should – at least in theory – be better off in retirement. One of Jeremy Cooper’s central aims was to design a system that delivered low-cost, commission-free super to most Australians regardless of their level of engagement. If Cooper succeeds on this front, then he will have achieved a fundamental shift in the way our compulsory super system operates. Already we have seen some retail funds respond to the Review’s preliminary findings by launching new products that replicate the key features of not-forprofit funds.
Family offices: it’s worth becoming a friendly neighbour
The top 250 Family Offices in Australia account for approximately $181 billion as at May 2010, with the largest 20 accounting for $67.7 billion. The range within that top 250 is from $7.17 billion to $200 million. There are a significant number of smaller Families in the $30 million to $200 million range that do not have the economies of scale to establish standalone Family Offices, rather they either use multi-family offices such as the Myer Family, with about 50 families apart from the Myer Family, or other service providers to provide the outsourced services. This sector is a significant user of private banking, accounting, taxation and investment management services.
Superpartners moves rapidly to advise
The GFC had an unexpected side-effect for Superpartners: members’ demands for general and personal advice forced the administrator to consider new software to deliver better advice more quickly. Provisio Technology’s software was put in place at first to address transition-to-retirement enquiries, says Marianne Walker, National Contact Centre Manager for Superpartners.
Keeping the lid on custodians’ liability caps
One Madoff aftershock that has hit the backoffice is custodians’ caution towards hedge funds domiciled overseas. The service providers want to ensure they can’t be liable for any fraud or investment risk involved with the offshore managers’ actions. This carefulness follows moves to limit, or ‘cap’, their liabilities for unit pricing errors and managers’ breaches of investment mandates.
