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New Executive Chair at AMP

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

AMP chair Catherine Brenner and group general counsel Brian Salter will exit the company just one week after the immediate resignation of CEO Craig Meller. The pair will leave the company, with interim CEO Mike Wilkins now announced as executive chair. A statement from the firm also stated that a review by external counsel including King & Wood Mallesons has found the board did not act inappropriately in relation to an independent review questioned by the royal commission.

A search for a permanent CEO and chair is currently underway. Mr Salter’s outstanding deferred remuneration will be forfeited as a result of the AMP board exercising its discretion, said the company in a statement. “The board has received advice from Philip Crutchfield QC, Tamieka Spencer Bruce of Counsel, and Tim Bednall of King & Wood Mallesons in relation to certain issues raised in the royal commission concerning the preparation of the Clayton Utz report on AMP’s fee for no service issue,” said AMP.

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

Moelis makes key distribution hires

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

InvestorDaily

Moelis Australia has announced changes to its asset management distribution team, with three new recruits joining the financial services firm. Speaking to InvestorDaily, Moelis Australia Head of Asset Management Andrew Martin confirmed the recruitment of Lee Hayes, Adam Mackie and Amanda Lambert. Lee Hayes has joined the firm as executive director of distribution for the asset management division. He joins from Macquarie where he was co-head of distribution for the Macquarie Specialist Investments business.

Moelis has also hired two vice-presidents of distribution, with Amanda Lambert joining from NAB Wealth where she was a Victorian state manager, and former Fidelity business development manager Adam Mackie also joining the team. “We bolstered our Australian Distribution Team in April with the appointment of Lee Hayes, Adam Mackie and Amanda Lambert who together bring a host of experience and knowledge across the asset management landscape,” Mr Martin said. “The appointments reflect increasing demand for our products and  reinforce Moelis Australia’s growth strategy in asset management.”

This article can be found at investordaily.com.au.

 

‘Mature’ market cycle is biggest risk: Fidelity

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

InvestorDaily

Chemical weapon attacks in Syria, trade wars with China and nuclear tensions on the Korean peninsula may seem important to investors, but they are something of a red herring, says Fidelity. Instead, the focus should be on the maturing global economic cycle and the extended market cycle across equity and bond indices, says Fidelity International chief investment officer for equities Paras Anand. “On one level, this explains the recent period of market volatility but this is arguably misleading as it demonstrates, in my view, a misunderstanding of what has driven returns over the past few years,” Mr Anand said.

“If you accept that excessively loose monetary policy has largely supported asset prices across the board, then your biggest fear should not be an economic slowdown driven in part by rising geopolitical tensions or a tit for tat trade war between the US and China. “It is, in fact, a buoyant economy (and a rate of price inflation) which continues to outperform the expectations embedded in the bond market in particular which should be of concern,” he said. Investors should take a more “benign” view of geopolitics, he said – but that should not make people “enthusiastic buyers” of equities.

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

Can ESG enhance long-term performance?

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

InvestorDaily

“It takes time to connect the dots, I know that. But I also know that there can be a day of reckoning when you wish you had connected the dots more quickly.” Al Gore

Responsible investing, call it ESG, has come a long way since Al Gore sharply raised the world’s awareness about climate change in his 2006 documentary, “An Inconvenient Truth”.  While investing with an eye on environmental concerns remains integral (the ‘E’), responsible investing increasingly incorporates company’s social behaviour (the ‘S’) and its governance (the ‘G’). Adding momentum to this style is the realisation that there are a growing cohort of investors, led by Millennials (which we used to call Generation Y), that are increasingly likely to make their investment decisions by taking into account such environmental, social and governance issues.

Indeed, $30 trillion of capital is expected to come their way to invest (inherited from Baby Boomers) over the next couple of decades. As we highlight below, a number of trends are emerging within ESG. Firstly, it is no longer an ‘all or nothing’ space, with investors increasingly seeking to progressively shift their portfolios onto a more ‘responsible’ footing, rather than a making a potentially riskier across-the-board leap. Secondly, a growing body of research is showing that an eye to ESG investing doesn’t negatively impact client returns and instead may enhance long-term portfolio performance.

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

AMP Names Acting CEO

Posted by Anton Murray Consulting on . Posted in News

Industry Moves

The AMP Limited board has announced that non-executive board director, Mike Wilkins, has been appointed as acting chief executive officer with immediate effect. The announcement follows revelations by the Royal Commission into misconduct in the Banking, Superannuation and Financial Services Industry, which prompted an unreserved apology from AMP for its misconduct and failures in regulatory disclosures in the advice business, and the immediate departure of CEO Craig Meller.

Wilkins, who first joined the AMP board in September 2016, has more than 30 years’ experience in financial services in Australia and Asia in sectors such as life insurance and investment management. Most recently, he served as managing director and CEO of Insurance Australia Group (IAG) and he is the former managing director and CEO of Promina Group and Tyndall Australia.

AMP’s chair, Catherine Brenner, apologised “unreservedly for the misconduct” and said: “The Board is determined that we will meet these challenges head on, accelerating changes in both culture and performance at AMP. We have been driving much-needed change and improvement in our advice business, which has undergone significant leadership and governance renewal over the past year but we know we have much more to do to.”

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