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UBS hires head of wholesale distribution

Posted by Anton Murray Consulting on . Posted in News, Funds Management News


UBS Asset Management has hired Ben Williams as its new head of wholesale distribution for Australasia. Ben Williams joins UBS Asset Management from Lazard Asset Management where he is currently the national manager, retail. Mr Williams, who has also worked at BlackRock and Merrill Lynch in distribution roles, will be UBS Asset Management’s head of wholesale distribution in Australasia.

Commenting on the appointment, UBS chief executive for Australia and New Zealand Bryce Doherty described Mr Williams as a “highly experienced, widely respected and well-credentialed leader within the asset management industry”. “He adds considerable expertise to our already successful wholesale team and is a very welcome addition to UBS Asset Management,” Mr Doherty said. For his part, Mr Williams said, ” UBS Asset Management is building and managing everything you need to succeed as a long-term investor, so we plan on working with as many Australians as we can in the years ahead, and delivering the best of breed investment outcomes they desire.”

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Japan’s MS & AD Insurance Group buys stake in Challenger

Posted by Anton Murray Consulting on . Posted in News

The Australian

Challenger will have a new major shareholder after Japanese investors MS & AD Insurance Group revealed plans to buy a 6 per cent chunk of the Australian group. Challenger will carry out a $500 million share placement to the group and the transaction shows the growing interest from Japanese investors in Australian financial services. Tokyo reports say the group will spend $US401 million to pick up the stake.

Mitsui Sumitomo Primary Life Insurance has a distribution agreement with Challenger and the pair have formed a stronger partnership over the past year. Nikkei reported that MS & AD plans to lift its Challenger stake up to 10 per cent. MS & AD was advised by Citigroup while Challenger did not have external advisers.

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Aberdeen Completes Merger with Standard Life

Posted by Anton Murray Consulting on . Posted in News, Funds Management News


Newly merged entity Standard Life Aberdeen has announced the new leadership structure for its Australia business. Aberdeen Asset Management and Standard Life have completed their merger, first announced in March 2017, creating a new entity with just under $1 trillion in assets under management. The new entity, which will be known as Aberdeen Standard Investments, will be led in Australia by former Aberdeen managing director Brett Jollie.

Former Standard Life Investments (SLI) Australasia head Simone Bouch will head up distribution for the new firm. Stuart James, who was Aberdeen’s head of distribution in Australia, will retain a senior role in the business. Former SLI Australasia chairman Peter Young will continue to advise the business.

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August 2017

August 2017

Posted by Anton Murray Consulting on . Posted in Newsletters, 2017

Technology in Wealth Management: Friend or Foe?

For a while now Australian wealth has sat with the baby boomers but we’re seeing a shift towards younger millennials. What this means is that the needs and requirements of the industry are changing. Millennials are seeking increased efficiency and adaptation by established firms. Now more than ever, the retention of loyal customers must balance with clients demanding greater choice.

In the US, a huge $1 trillion each year passes down to younger generations and, according to UBS, millennials could be worth up to $24 trillion by 2020. In other words, investors under 50 are becoming more valuable to wealth and relationship managers. So, what does this mean for wealth management?

Over 60% of all retail banking transactions now occur online, and the finance industry is fast becoming one of the most digitised. Although traditionally high net worth clients have desired personal contact regarding their asset portfolio, this may no longer be the norm. Banking customers and clients are interacting with their banks via digital platforms much more often so it seems important and logical for wealth managers to utilise the power of online channels and social networks. In fact, a 2012 Forrester study showed that client-advisor relations via digital channels actually correlated to higher fees earned.

The lesson here is not that wealth management must wholeheartedly embrace digital channels and ignore traditional methods of communication. But it does appear that stronger client relationships, enhanced risk management and lower operating costs are achievable via the capitalisation of digital channels.

Digital technology can help clients connect with multiple sources of advice and multiple accounts which could in turn mean distinctly higher levels of investment activity for wealth managers. The key ingredients for stronger customer analytics, and crucially, future growth could lie in embracing the digital world.

Digital technologies have the propensity to answer unmet needs and ultimately provide clients with a superior experience, whilst simultaneously capitalising on evolving market prospects.

Meet two expanding banks that might now recruit you in Singapore

Posted by Anton Murray Consulting on . Posted in News, Investment Banking News, Market Commentary, Investment Banking MC

Simon Mortlock, efinancialcareers

Private bankers in Singapore have yet more potential employment options to consider after Indonesia’s Bank Mandiri and Liechtenstein’s VP Bank announced expansion plans in the Republic. But both firms will need to work hard to convince relationship managers to join them as larger competitors – from Julius Baer to Deustche Bank – also step up their recruitment. Bank Mandiri is opening a full branch in Singapore.

It will mainly target previously hidden Indonesian wealth in the city state – currently held by other banks and valued at $55.7bn – that has recently been declared under Indonesia’s tax amnesty programme. Recruiting new Singapore-based RMs will be problematic, however. While Mandiri is Indonesia’s largest bank, some Indonesian clients won’t want the same firm to manage their onshore and offshore assets, says a former Asian private banker who asked not to be named.

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