Hedge funds which survive the 50 per cent cull of the industry should be back “above water” by the first quarter of 2010, and absolute return adviser Cliffwater is taking advantage of better terms to refresh and even grow the fund-of-fund portfolios it assembles for its large US institutional clients. Cliffwater’s CEO and chief investment officer, Stephen Nesbitt, and managing director Thomas Lynch, were visiting Australia last month to promote a research relationship they have struck with Asia-Pacific alternatives consultant, Sovereign Investment Research.
Hedgies motivated as they swim back to surface: Cliffwater
Hedge funds which survive the 50 per cent cull of the industry should be back “above water” by the first quarter of 2010, and absolute return adviser Cliffwater is taking advantage of better terms to refresh and even grow the fund-of-fund portfolios it assembles for its large US institutional clients. Cliffwater’s CEO and chief investment officer, Stephen Nesbitt, and managing director Thomas Lynch, were visiting Australia last month to promote a research relationship they have struck with Asia-Pacific alternatives consultant, Sovereign Investment Research.
AXA leans on local knowledge in Chinese property hunt
AXA Real Estate Investment Managers (AXA REIM) entered the Chinese real estate market last month, signing a memorandum of understanding with Ping An Trust, a subsidiary of giant domestic insurer Ping An, to co-invest in residential projects within large cities. The deal marked the manager’s first strategic partnership in the region. It was in the process of signing a similar agreement with a “household name” financial institution in Japan, and is seeking co-investment partners in Australia and India, Frank Khoo, AXA REIM’s global head of Asia, said.
AXA leans on local knowledge in Chinese property hunt
AXA Real Estate Investment Managers (AXA REIM) entered the Chinese real estate market last month, signing a memorandum of understanding with Ping An Trust, a subsidiary of giant domestic insurer Ping An, to co-invest in residential projects within large cities. The deal marked the manager’s first strategic partnership in the region. It was in the process of signing a similar agreement with a “household name” financial institution in Japan, and is seeking co-investment partners in Australia and India, Frank Khoo, AXA REIM’s global head of Asia, said.
After-tax benchmarks to hit Aussie shores
Australian equities benchmarks showing the tax impacts of franking credits and off-market share buy-backs are expected to be the first in a series of tax-aware indexes developed by FTSE and the Association of Superannuation Funds of Australia (ASFA), with input from an industry committee focused on mitigating tax on investments. Paul Hoff, managing director – Asia-Pacific with FTSE, said providing general benchmarks measuring after-tax equity returns to super funds was a good commercial opportunity for the index provider. “While it was being dealt with on a customised basis by investment banks, there was not a benchmark in the marketplace,” Hoff said.
After-tax benchmarks to hit Aussie shores
Australian equities benchmarks showing the tax impacts of franking credits and off-market share buy-backs are expected to be the first in a series of tax-aware indexes developed by FTSE and the Association of Superannuation Funds of Australia (ASFA), with input from an industry committee focused on mitigating tax on investments. Paul Hoff, managing director – Asia-Pacific with FTSE, said providing general benchmarks measuring after-tax equity returns to super funds was a good commercial opportunity for the index provider. “While it was being dealt with on a customised basis by investment banks, there was not a benchmark in the marketplace,” Hoff said.
Fiduciaries and investors ‘divided’ over inflation
There is a fundamental disconnect emerging between fiduciaries, and their underlying “real” investors, on whether deflation or inflation is the prevailing investment theme, according to The Canonbury Group’s Pippa Malmgrem. The political and policy consultant to global investors was speaking directly after attending the annual central bankers’ summer retreat at Jackson Hole, Wyoming, where for the past seven years Malmgren has been one of a handful of ‘external’ delegates. Malmgren noted that while fiduciaries were tending to see and react to a deflationary environment, “real investors” like sovereign wealth funds and family offices were positioning for inflation in the longer term.
Fiduciaries and investors ‘divided’ over inflation
There is a fundamental disconnect emerging between fiduciaries, and their underlying “real” investors, on whether deflation or inflation is the prevailing investment theme, according to The Canonbury Group’s Pippa Malmgrem. The political and policy consultant to global investors was speaking directly after attending the annual central bankers’ summer retreat at Jackson Hole, Wyoming, where for the past seven years Malmgren has been one of a handful of ‘external’ delegates. Malmgren noted that while fiduciaries were tending to see and react to a deflationary environment, “real investors” like sovereign wealth funds and family offices were positioning for inflation in the longer term.
San Francisco Program 2009
Time Program 8.30 – 8.55 Registration 8.55 – 9.00 Conference opening by chair, Colin Tate, director of Conexus Financial. 9.00 – 9.15 Introduction and welcomeAustralian Consul General, Nigel Warren National manager, financial services, Austrade, Gary Johnston highlights the growth of Australia’s superannuation and investment market, fuelled by a mandated superannuation system, and the opportunities for … Read more
Outgoing Actuary of the Year calls for end to ‘retirement’
The GFC has added poignancy to Outgoing Actuary of the Year Darren Wickham’s push to scrap retirement, and he hopes the Institute of Actuaries Australia will continue to wield the axe as he passes the mantle to Kaise Stephan, chief actuary at Munich Re. Wickham, who is a principal at Mercer and was the Institute’s Actuary of the Year 2008, has argued that instead of a fixed age retirement for leisure, government should instead develop a Lifetime Income Policy which encourages flexible working arrangements throughout a person’s life while they are capable, and focuses on providing income during disability.
Outgoing Actuary of the Year calls for end to ‘retirement’
The GFC has added poignancy to Outgoing Actuary of the Year Darren Wickham’s push to scrap retirement, and he hopes the Institute of Actuaries Australia will continue to wield the axe as he passes the mantle to Kaise Stephan, chief actuary at Munich Re. Wickham, who is a principal at Mercer and was the Institute’s Actuary of the Year 2008, has argued that instead of a fixed age retirement for leisure, government should instead develop a Lifetime Income Policy which encourages flexible working arrangements throughout a person’s life while they are capable, and focuses on providing income during disability.
First State and NGS among finalists for Fund of the Year
Four new funds have been named as finalists for this year’s SuperRatings’ Fund of the Year award, with First State Super and NGS Super making the cut for the first time in the award’s history. REST and Telstra Super have joined Australian Super, Catholic Super, HESTA, HOSTPLUS, QSuper and Sunsuper in the list of 10 finalists this year, with the winner announced at the 7th annual awards night due to take place on 13 October in Melbourne. Jeff Bresnahan, managing director of SuperRatings, said the top 10 remained dominated by the not-for-profit sector, which over the long term rated ahead of the for-profit sector on both fees and returns. Seven of the 10 finalists are traditional industry funds.
