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Wealth products failing Gen Y, says KPMG

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

InvestorDaily

Existing financial products are not well suited to the needs and goals of professionals born between the early 1980s and the late 1990s, new research from KPMG has found. The consultancy firm’s Banking on the Future report on the financial habits of members of Generation Y found that products that were relevant to the cohort’s goals were “not particularly well formed” among most established financial institutions. KPMG found that savings accounts remained the “primary investment tool” for professionals within this age bracket, driven by a “desire for liquidity” among Gen Y professionals.

Additionally, Gen Y professionals were found to have a preference for short-term investments over long-term ones. “27 per cent of Gen Y professionals own shares, and the attraction of this type of investment is liquidity and the ability to turn these investments into back up funds for things like travel,” KPMG said. “In comparison, only 12 per cent invest in other wealth products (managed funds, derivatives, ETFs, etc).”

The rest of this article can be found at investordaily.com.au.

Aus forex industry sees record client inflows

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

InvestorDaily

The Australian foreign exchange industry saw a record number of new traders enter the market in the 12 months to November 2016, data from Investment Trends has shown. The research house’s 2016 Australian Foreign Exchange Report found a record 16,000 people began trading on foreign exchange markets for the first time in the 12-month period. The influx of new traders supported the industry’s growth, with the number of Australians making foreign exchange trades up to 50,000, 4 per cent higher than in 2015, and Investment Trends said it was “welcome news for an industry that has slowly but consistently contracted in recent years”.

“The Australian foreign exchange industry has returned to growth, in a perfect illustration of volatility-at-work,” said Investment Trends research director Irene Guiamatsia. “A third of those who started trading foreign exchange for the first time during 2016 said they saw opportunities in market movements that convinced them to take the first step.” The research also found the number of foreign exchange providers changing service providers last year was down to 14 per cent from 21 per cent the year prior, and current switching intentions are low.

The rest of this article can be found at investordaily.com.au.

UBS makes key hires in equity derivatives business in APAC

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

The Asset

UBS on March 16 announced a series of appointments in its equity derivatives business in Asia-Pacific, which is a key part of its global equity derivatives offering and a core component of its overall equities franchise in the region. Vikesh Kotecha is joining the bank in April 2017 as head of equity derivatives for Asia-Pacific with responsibility for trading, structuring and sales of the business in the region. He will report to Dushyant Chadha, global head of equity derivatives for the equity derivatives product and to Taichi Takahashi regionally for Asia-Pacific equities.

Kotecha, who will also join the global equity derivatives executive committee, has more than 20 years of equity derivatives experience and was most recently head of Asia-Pacific equities at Barclays in Hong Kong. Stephane Petermann is also joining UBS in April as head of equity volatility trading for Asia-Pacific. With more 25 years of experience in equity derivatives trading across equities and FX in Hong Kong, Paris and London, he moves from Societe Generale in Hong Kong, where he was most recently head of equity volatility trading for Asia-Pacific.

The rest of this article can be found at theasset.com.

AMP Capital dumps tobacco and munitions investments

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

The Australian

AMP Capital will dump nearly $600 million worth of investments in big tobacco, cluster munitions and landmines after overhauling its ethical guidelines. Although the divestment of $440mm worth of tobacco exposures will be the country’s largest tobacco divestment to date, the AMP Capital’s new rules, which also block holdings in biological and chemical weapons, don’t go as far as AMP New Zealand’s rules, which ban investment in nuclear. The ban on nuclear is followed by few other countries.

AMP Capital, Australia’s second-largest fund manager, has $130 million invested in manufacturers of cluster munitions and landmines, and that will also be divested. There are no companies with known exposure to chemical or biological weapons in AMP Capital’s portfolios, but they will be excluded in future. While Australia’s single biggest such move, the tobacco divestment only makes up around 0.3 per cent of AMP Capital’s $165.4 billion funds under management.

The rest of this article can be found at www.theaustralian.com.au.

Pimco Ends Relationship With Equity Trustees

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

InvestorDaily

Pimco Australia has internalised the responsible entity function for its 12 managed funds, formally ending its relationship with Equity Trustees. The move by Pimco to internalise the responsible entity (RE) function for its $10 billion in FUM comes after the company brought retail distribution in-house in December 2015. Equity Trustees issued a notice on the ASX that it had “retired” as RE of the Pimco funds on 27 February 2017, following the results of a unitholder meeting held on 23 February 2017.

As a result, Pimco will become RE for all 12 funds available for Australian investors, including the Australian Bond Fund, Australian Focus Fund, Capital Securities Fund, Diversified Fixed Interest Fund, Global Bond Fund, Global Credit Fund and Income Fund. Pimco head of Australia and New Zealand Adrian Stewart said the move to RE of the funds “underscores Pimco’s commitment to the Australian market”. “As RE, we will now have the platform to continue to innovate and deliver contemporary investment solutions in response to the changing needs of clients,” Mr Stewart said.

The rest of this article can be found at investordaily.com.au.