Former State Street Australia head David Travers has, just days after being made redundant, become local head of the rival custodian whose major client he spent much of last year trying to win.
Suncorp sacks six managers, hires four in world equity overhaul
Suncorp Investment Management’s $1 billion World Equities Trust has replaced nearly all of its underlying managers, in a bid to finally meet and exceed its objective of outperforming the MSCI by 3 per cent p.a over rolling three year periods.
ACT Treasury reviews global shares, inks new custody contract
The $3.5 billion ACT Department of Treasury is reviewing its active global equity managers and has also awarded a new, five year master custody contract.
Aberdeen boss to keep both jobs despite business trebling
Aberdeen Asset Management (Australia) chief executive, Bill Bovingdon, intends to continue in his dual role running Australian fixed income even when the size of his business trebles, assuming the April 30 completion of the assets-for-equity swap with Credit Suisse’s investment arm.
On for young and old in post-retirement pow-wow
It stands to reason that Vision Super, with more than half its members over 50 years of age, would differ markedly from the youthful Host Plus in the way it is positioning its post-retirement offerings. In the lead-up to Conexus Financial’s Post-Retirement Conference in Melbourne on February 10, see Amanda White talk to executives from both funds about their approach to the decumulation phase, in the latest Conexus Financial/FTV on-line video.
State Street downsizing claims another senior Aussie
State Street’s global headcount reduction has claimed another high-profile Australian scalp, with David Travers’ December retrenchment from atop the custody business followed last week by the departure of the regional head of State Street Global Markets.
Vale Sue Jorgensen
Sue Jorgensen, a well known and high-profile executive at BNP Paribas, died on December 22, after being diagnosed with Leukaemia in September.
SEC knew Madoff was a fraud
As more and more red-faced investors raise their hands to admit exposure to Bernard Madoff’s Ponzi scheme, the Securities and Exchange Commission is feeling equally embarrassed after a two-year-old report addressed to the organisation has emerged. Its title: The world’s largest hedge fund is a fraud.
Melda holds the fort at VFMC as chair search continues
Melda Donnelly, the founder of the Centre for Investor Education and director of Victorian Funds Management Corporation, has agreed to be acting chair of the funds management group as well as deputy chair, while the search continues for a permanent candidate.
…as fund awards $515m in new PE mandates
The $21 billion UniSuper expanded its private equity portfolio by allocating 10 mandates in the course of 2008.
