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SA Bank Levy Could Open Floodgates: UBS

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

InvestorDaily

South Australia’s state-based version of the federal bank levy is unlikely to be the last tax increase for Australia’s major banks, says UBS. South Australian Treasurer Tom Koutsantonis announced his own version of the federal bank levy in Thursday’s budget, which is expected to raise $97 million in 2017-18. The SA bank levy will have a similar model the federal levy, taxing 6 basis points of applicable bank liabilities.

The Australian Bankers’ Association (ABA) was quick to denounce the SA bank levy as an “outrageous tax grab”, labelling it as an example of “triple dipping” by the state government. ABA chief executive Anna Bligh called on the other state premiers and first ministers to “rule out a similar tax”. But UBS bank analyst Jonathan Mott said “Pandora’s Box is officially open”, and it is possible other states will follow SA’s lead and introduce further levies on the banks.

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

RBA backs new FX code of conduct

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

InvestorDaily

A new code of conduct for foreign exchange traders developed together with central bankers will help an industry “suffering from a lack of trust”, says the RBA. RBA deputy governor Guy Debelle delivered a speech backing the FX Global Code of Conduct in Sydney on Thursday evening. In the speech, Mr Debelle pointed to a “lack of trust” that is “evident both between participants in the market and, at least as importantly, between the public and the market”.

There have been a series of regulatory actions against foreign exchange traders and banks in recent years – most notably at Barclays, which pleaded guilty to FX rate rigging in May 2015 paying US$2.4 billion in fines. Barclay’s former head of foreign exchange spot-trading Christopher Ashton was fined US$1.2 million by the US Federal Reserve last month. Mr Debelle said the new code of conduct sets out global principles of good practice in the FX market that will “help to restore confidence and promote the effective functioning of the wholesale FX market”.

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

Bank levy must be reviewed, says Senate

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

A Senate report released yesterday has recommended the government’s bank levy be reviewed after two years to asses its efficacy and its effect on banking competition. The Senate Economics Legislation committee delivered its report into the Major Bank Levy Bill 2017 yesterday, with the Coalition-controlled committee recommending minor changes. The committee recommended a review of the bank levy – which is expected to raise $6.2 billion from the four major banks and Macquarie over four years – after a minimum of two years.

The report recommended the Senate economics legislation committee examine the efficacy of the policy, its effect on competition and whether the levy is required in perpetuity. Treasurer Scott Morrison has indicated the major bank levy’s objective is to ‘repair’ the federal budget. Second, the report recommended Treasury should closely examine technical aspects to the bills to determine if changes are required to avoid double taxation.

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

Melbourne Boutique Signs Distribution Deal

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

InvestorDaily

Melbourne global equities fund manager Munro Partners has entered into a distribution agreement with Grant Samuel Funds Management. Grant Samuel Funds Management (GSFM) will distribute the Munro Partners long/short global equities fund in Australian and New Zealand as part of a new partnership between the firms. Munro Partners is a partner-owned Melbourne boutique founded in July 2016 by former K2 Asset Management portfolio manager Nick Griffin.

Mr Griffin is Munro’s chief investment officer and has responsibility for the firm’s “flexible absolute return mandate”. Munro Partners is the fifth specialist fund manager to enter into a distribution partnership with GFSM. GFSM director and head of distribution Damien McIntyre said, “Munro brings a new capability to the opportunities we bring to investors, through a long/short international equities strategy that already has a strong track record.

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

Head of APAC Appointed at BNY Mellon

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

InvestorDaily

Global custodian BNY Mellon has appointed a new head of asset servicing for Asia-Pacific. Rohan Singh has been appointed head of asset servicing for Asia-Pacific at BNY Mellon, effective 27 June. Mr Singh will report to BNY Mellon executive vice president and chief executive of asset servicing Samir Pandiri. He will also join the firm’s Asia Pacific Leadership Council.

He has 27 years of financial service experience, and most recently led the south-east Asia region for Northern Trust (based in Singapore). Commenting on the appointment, Mr Pandiri said, “Rohan brings nearly three decades of asset servicing experience, working within large organisations across Asian markets and demonstrating a proven track record of increasing the management and relationship skills under his leadership. “His expertise and industry knowledge will be critical as BNY Mellon builds on strategic growth opportunities within alternative investments, exchange-traded funds, real estate, private equity and middle office solutions in the region.”

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