Already faced with its own million-dollar legal bills, MTAA Super has been hit with an order from the Federal Court to pay legal costs incurred by its former chairman, John Rickus, after unsuccessfully suing him.
Telstra Super loses alternatives boss
Nicole Connolly, head of alternatives at Telstra Super, will leave the big corporate fund to take a senior consulting role. Backoffice champions: ACSA award winners for 2010 announced
The Australian Custodial Services Association (ACSA) has announced the winners of the 2010 ACSA Awards.
BNY Mellon AM restructures, sheds high-profile strategist
BNY Mellon Asset Management (Australia) has seen its two most senior executives after managing director Bruce Murphy depart.
Ellerston didn't get Sevior, now loses one to Perpetual
James Packer’s Ellerston Capital, which tried unsuccessfully to poach Perpetual Investment’s head of equities John Sevior, has now lost its veteran long/short manager to that organisation, which has also just poached from Platinum Asset Management to incubate an Asian equities strategy.
Changing Stripes
Roger Ibbotson has stepped back from the investment consulting and academic fields – in which he built his reputation – to spend most of his professional time running money.
Unbalanced
New gig for AllianceBernstein face The face of AllianceBernstein for many, director of intermediary relationships Bruce Garratt, has left Australia for a US-based role with the manager. However there is some conjecture over whether Garratt’s move was prompted by the uncertain nature of his gig here – planners tied to AB’s majority owner, Axa, account … Read more
What’s wrong with our balanced approach?
More than halfway through the Government’s review of our super system, it’s clear that Jeremy Cooper and his review panel have big plans for the super industry. While acknowledging that our compulsory super system has served its members well, Cooper has made no secret that he has little time for the “it aint broke, why fix it?” view of the world. But it is Cooper’s proposed model for super funds – as outlined in the panel’s preliminary report – that has many in the super industry scratching their heads. Cooper’s new architecture essentially involves four categories of funds for four types of investors – a no-frills “universal” fund to cater for disengaged investors; a suite of “choice” funds for “engaged” members (defined as those who make an active choice); a “conservative” fund for “disconnected” investors; and a self-managed fund for those who wish to direct their own retirement.
SuperChoice switch from Westpac to ANZ ups transparency
SuperChoice, which processes super contributions made by 50,000 Australian employers, has eliminated the “hand-off ” it once had to make to Westpac via an interface with ANZ which allows it to track transactions every step of the way, according to chief executive officer Peter Philip. The superannuation sector is a “strategic priority” for ANZ, according to the head of its Funds Australia division Philip Carmont, so the banking relationship with SuperChoice “made sense” alongside other better known plays such as its buy-out of ING Australia and rumoured interest in IOOF.
‘Best execution’ in your ear over a beer
Instinet, the 11th largest institutional broker of Australian assets and biggest agency-only player, can now continue its calls for ‘best execution’ legislation from a desk in Sydney, after it received full ASX membership last month. The fee-bundled, uncompetitive nature of the Australian broking market is best illustrated by the difference in market share concentrations between … Read more
'Best execution' in your ear over a beer
Instinet, the 11th largest institutional broker of Australian assets and biggest agency-only player, can now continue its calls for ‘best execution’ legislation from a desk in Sydney, after it received full ASX membership last month. The fee-bundled, uncompetitive nature of the Australian broking market is best illustrated by the difference in market share concentrations between … Read more
