Citi is making a renewed bid for fund administration business in Australia, off the back of localising its Multifonds accounting platform as part of a worldwide middle-office deal with Dimensional Fund Advisors, and the relaxing of competitive tensions which occurred when BNP Paribas Securities Services Australia (another fund administrator) stopped using Citi’s global custody network in preference for its parent’s own. Citi decided it was more efficient to make Multifonds compliant with local regulations, such as the 12-month CGT concession, rather than “purchase a DST or a Simcorp”, according to Citi’s head of securities and fund services, Martin Carpenter.
Hedge funds bow to their insto masters
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Earlier this year, the US$181 billion California Public Employees’ Retirement System (CalPERS) announced it would restructure its relationships with its hedge fund managers to achieve better alignment of interests, more control of its assets and enhanced transparency. CalPERS has the scale and scope to be able to dictate terms to a much greater degree than other investors, but the move is indicative of a wider shift that’s occurring in the hedge fund world and managers are responding accordingly.
Hedge funds bow to their insto masters
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Earlier this year, the US$181 billion California Public Employees’ Retirement System (CalPERS) announced it would restructure its relationships with its hedge fund managers to achieve better alignment of interests, more control of its assets and enhanced transparency. CalPERS has the scale and scope to be able to dictate terms to a much greater degree than other investors, but the move is indicative of a wider shift that’s occurring in the hedge fund world and managers are responding accordingly.
British uni fund takes ESG lead, but mulls hedge fund application
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The £23 billion ($46.7 billion) Universities Superannuation Scheme is the UK’s second largest pension fund and a signatory to the UN’s Principles for Responsible Investment. Kristen Paech talks to the fund’s co-head of responsible investment, David Russell, about the role institutional investors are playing in effecting environmental, social and governance change – and the challenge of applying them to burgeoning hedge fund portfolios. Earlier this year, members of the Private Equity Council (PEC) in the US adopted a set of responsible investment guidelines to be applied prior to investing in companies and during the period of their ownership.
British uni fund takes ESG lead, but mulls hedge fund application
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The £23 billion ($46.7 billion) Universities Superannuation Scheme is the UK’s second largest pension fund and a signatory to the UN’s Principles for Responsible Investment. Kristen Paech talks to the fund’s co-head of responsible investment, David Russell, about the role institutional investors are playing in effecting environmental, social and governance change – and the challenge of applying them to burgeoning hedge fund portfolios. Earlier this year, members of the Private Equity Council (PEC) in the US adopted a set of responsible investment guidelines to be applied prior to investing in companies and during the period of their ownership.
The power of platforms in a consolidating world
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A flurry of recent consolidation in the platform market raises questions over the power this new era of mega-platforms could wield over fund managers. KRISTEN PAECH reports. In the 1990s, US research firm Cerulli Associates famously predicted there would only be five major platforms in the Australian market by 2004. While this turned out to be premature, a bout of consolidation over the last six months has significantly boosted the market share of those who’ve gone on the offensive, and increased the dominance of the major market players.
The power of platforms in a consolidating world
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A flurry of recent consolidation in the platform market raises questions over the power this new era of mega-platforms could wield over fund managers. KRISTEN PAECH reports. In the 1990s, US research firm Cerulli Associates famously predicted there would only be five major platforms in the Australian market by 2004. While this turned out to be premature, a bout of consolidation over the last six months has significantly boosted the market share of those who’ve gone on the offensive, and increased the dominance of the major market players.
A new model for industry funds
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The future of industry funds lies in member segmentation akin to the financial planning model and sustainable value propositions that no longer focus solely on growth and price, writes KRISTEN PAECH.
A new model for industry funds
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The future of industry funds lies in member segmentation akin to the financial planning model and sustainable value propositions that no longer focus solely on growth and price, writes KRISTEN PAECH.
Over to you, John Brogden… Gilbert’s legacy for IFSA – a group united
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Richard Gilbert steps down at the end of August after 11 years at IFSA, the last six of which as chief executive. In that time, membership has doubled, the members’ total funds under management has risen two-and-a-half times and the association’s influence grown immeasurably. He speaks with GREG BRIGHT about the highlights and lowlights of his tenure. When Richard Gilbert joined the Investment and Financial Services Association (IFSA), as deputy chief executive, in 1997, the industry was divided. IFSA had resulted from the merger of three organisations representing managers and insurers – the Australian Investment Managers Association (AIMA), the Life, Investment and Superannuation Association (LISA) and the Investment Funds Association (IFA).
Over to you, John Brogden… Gilbert’s legacy for IFSA – a group united
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Richard Gilbert steps down at the end of August after 11 years at IFSA, the last six of which as chief executive. In that time, membership has doubled, the members’ total funds under management has risen two-and-a-half times and the association’s influence grown immeasurably. He speaks with GREG BRIGHT about the highlights and lowlights of his tenure. When Richard Gilbert joined the Investment and Financial Services Association (IFSA), as deputy chief executive, in 1997, the industry was divided. IFSA had resulted from the merger of three organisations representing managers and insurers – the Australian Investment Managers Association (AIMA), the Life, Investment and Superannuation Association (LISA) and the Investment Funds Association (IFA).
Don Ezra’s three lessons for even better super
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In a book he has just co-authored on America’s burgeoning defined contribution retirement system, DON EZRA finds plenty of inspiration to be drawn from Australia’s example. However, the co-chair of global consulting at Russell Investments also finds three big areas for improvement. Australia has the most advanced defined contribution (DC) superannuation system in the world. No other country with developed capital markets has such a high ratio of DC assets to GDP.
