The owners of an online funds management system spun out of the Haines family’s Portland House Group in 2004 are actively marketing for the first time, with “fundamental style” managers and family offices of up to $500 million and 30-odd trades a day the target market. Funds Management Online (FMO) is an integrated fund accounting and front-office portfolio management system, which according to chief executive officer Martin Koopman is a moderately priced solution for investment firms still using spreadsheets.
Pillar separates contribution and benefit functions
Pillar Administration is undergoing an internal restructure that will see the amalgamation of its client teams by function, reducing the total number of teams from 27 to 18 and affecting 400 people within the organisation, with the changes expected to eliminate “single points of failure”. The restructure, which began this month and is due to be completed in November, will see the 27 client teams within the operations area merged by function, with 16 team managers appointed to oversee separate teams for benefit payments and contributions.
Pillar separates contribution and benefit functions
Pillar Administration is undergoing an internal restructure that will see the amalgamation of its client teams by function, reducing the total number of teams from 27 to 18 and affecting 400 people within the organisation, with the changes expected to eliminate “single points of failure”. The restructure, which began this month and is due to be completed in November, will see the 27 client teams within the operations area merged by function, with 16 team managers appointed to oversee separate teams for benefit payments and contributions.
STP demand signals green light for clearing house
Strong take-up of straight-through processing for superannuation contributions by QSuper and more recently, Tower, is indicative of the appetite for a national superannuation clearing house, according to the country’s largest clearing house, SuperChoice. Peter Philip, chief executive officer of SuperChoice, which has proposed a model which would see it become the central data exchange to which super contributions were transmitted, said the clearing house was definitely on funds’ agenda, “it’s just a matter of whether the government will proceed with its plans”. The Government earmarked $16 million over three years in the last Budget towards the development of an optional superannuation clearing house facility, which would be free for employers of less than 20 staff.
STP demand signals green light for clearing house
Strong take-up of straight-through processing for superannuation contributions by QSuper and more recently, Tower, is indicative of the appetite for a national superannuation clearing house, according to the country’s largest clearing house, SuperChoice. Peter Philip, chief executive officer of SuperChoice, which has proposed a model which would see it become the central data exchange to which super contributions were transmitted, said the clearing house was definitely on funds’ agenda, “it’s just a matter of whether the government will proceed with its plans”. The Government earmarked $16 million over three years in the last Budget towards the development of an optional superannuation clearing house facility, which would be free for employers of less than 20 staff.
Counterparty risk prompts changes in sec lending
More than two thirds of the institutions that made changes to their sec lending programs on the back of the global financial crisis cited less confidence in counterparty stability as the driver, research has revealed, however less than 20 per cent suspended participation following the market volatility. A survey by RBC Dexia of 86 investment managers and financial institutions globally showed just 17 per cent of respondents suspended their sec lending programs during the last eight months, while 60 per cent made no changes at all to their programs.
Counterparty risk prompts changes in sec lending
More than two thirds of the institutions that made changes to their sec lending programs on the back of the global financial crisis cited less confidence in counterparty stability as the driver, research has revealed, however less than 20 per cent suspended participation following the market volatility. A survey by RBC Dexia of 86 investment managers and financial institutions globally showed just 17 per cent of respondents suspended their sec lending programs during the last eight months, while 60 per cent made no changes at all to their programs.
Dispelling the myth – active managers can add value
The active versus passive management debate has again come into focus following the recent release of various research reports on the topic. The results both across and within asset classes were mixed, suggesting that the ‘active/passive debate’ ultimately comes down to manager selection and personal preference, according to BRETT HIMBURY, the managing director of Tyndall Investment Management. While it is inevitable that some active managers will underperform their respective indices at points in time, a significant proportion also outperform. A point that seems to be overlooked is that, while comparing a fund to the index is the most common measurement to use in the active/passive debate (as I have done in this article, to be consistent with recent publicly available research), in reality this is not comparing like with like, nor is it the real ‘investor experience’. An index is a theoretical measure, which an investor can’t actually invest in and isn’t representative of a typical managed fund.
Dispelling the myth – active managers can add value
The active versus passive management debate has again come into focus following the recent release of various research reports on the topic. The results both across and within asset classes were mixed, suggesting that the ‘active/passive debate’ ultimately comes down to manager selection and personal preference, according to BRETT HIMBURY, the managing director of Tyndall Investment Management. While it is inevitable that some active managers will underperform their respective indices at points in time, a significant proportion also outperform. A point that seems to be overlooked is that, while comparing a fund to the index is the most common measurement to use in the active/passive debate (as I have done in this article, to be consistent with recent publicly available research), in reality this is not comparing like with like, nor is it the real ‘investor experience’. An index is a theoretical measure, which an investor can’t actually invest in and isn’t representative of a typical managed fund.
When share dilution becomes the only solution
The greatest ever volume of equity raised by Australian companies in a financial year has revived businesses burdened by heavy debts, and settled investor anxiety about the survival of portfolio companies. But the dilution of profits across expanded shareholder bases is now entrenched, hurting returns unless companies ramp up earnings. SIMON MUMME reports. In late 2008, Paul Taylor and his Australian equities team at Fidelity Investments judged that roughly 50 per cent of the domestic market would conduct big capital raisings the following year. Six months on, after listed companies raised a record $90 billion for the 2008-09 financial year, the team was surprised by how far their estimate fell short. Like other domestic funds managers, Fidelity kept capital on the sidelines as the financial crisis hit markets, expecting companies would soon conduct equity issuances at steeply discounted prices.
When share dilution becomes the only solution
The greatest ever volume of equity raised by Australian companies in a financial year has revived businesses burdened by heavy debts, and settled investor anxiety about the survival of portfolio companies. But the dilution of profits across expanded shareholder bases is now entrenched, hurting returns unless companies ramp up earnings. SIMON MUMME reports. In late 2008, Paul Taylor and his Australian equities team at Fidelity Investments judged that roughly 50 per cent of the domestic market would conduct big capital raisings the following year. Six months on, after listed companies raised a record $90 billion for the 2008-09 financial year, the team was surprised by how far their estimate fell short. Like other domestic funds managers, Fidelity kept capital on the sidelines as the financial crisis hit markets, expecting companies would soon conduct equity issuances at steeply discounted prices.
While China may save us… Funds have work to do to adapt to post-crisis investing
The Australian Super and Investment Conference, on the Gold Coast September 16-18, looked at options facing the investment committees of super funds post-crisis. A record attendance of trustees, fund executives, managers and consultants seemed to agree on at least one thing – the world has changed inexorably. GREG BRIGHT reports. The big picture medium-to-longterm direction for institutional investors needs to be with the emerging markets, and in particular China, but the detail of portfolio construction is not so clear. In a post-crisis investment world the big picture seems relatively easy to see. Several speakers at the Australian Super and Investment Conference in September spoke of the anticipation of a continued growth in emerging markets in general, and China in particular, and only subdued growth, if any, in most of the West, and the US in particular, over the next couple of years.
