The deal announced today by LGIA to acquire Suncorp Portfolio Services was funded out of general reserves; the fund accumulated $100 million in general reserves over the last 10 years, mostly a result of capital it had set aside from conservative crediting rate estimates.
Treasury Group is looking for more acquisitions. After adding a seventh asset manager to its stable of boutiques, Treasury Group’s chief executive Andrew McGill expects to sign an agreement with an eighth asset manager before year end. “We’re in active dialogue with a number of parties,” says McGill. “I expect an announcement before the end […]
Superannuation funds, which collectively manage about $1.4 trillion, will be forced to merge to satisfy capital requirements imposed by the Australian Prudential Regulation Authority, says merger adviser Nigel Lake. APRA’s new capital requirements, to be enacted in July 2013, will force some of the funds to find capital, says Lake, joint chief executive of Sydney-based […]
It is casual Friday at Treasury Group. Its chief executive Andrew McGill is sans tie. Still, as befits a former investment banker and private-equity general partner, McGill, 44, has perfectly coiffured hair, cuff links from New Mexico and a black-faced Rolex given to him by his wife. McGill gives off more than a whiff that […]
Charles Beazley, the soon-to-be chief executive of Nikko Asset Management, has a personal story of rejection. Henry Jenner was consecrated Anglican bishop of Dunedin, New Zealand, in 1866. The prospective congregation feared the new clergyman was a papist. Shunned by the locals, Jenner had no choice but to return to England. The man’s ancestor is […]
Under a glass covered case at Perpetual Ltd.’s Sydney headquarters medals are displayed. One hundred employees enlisted for active service in 1940. Staff raised a fund for employees who served abroad during World War II. Now the firm’s employees are in another fight. Perpetual is the subject of takeover speculation. Investor Gary Weiss, says the […]
As many as six foreign asset managers come through the doors of the Financial Services Council every year interested in acquiring a stake in an Australian fund manager in order to enter an $1.8 trillion market. “Four to six times a year foreign fund managers come through our doors seeking opportunities to enter the market,” […]