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AMP formalises deal with United Capital

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

InvestorDaily

AMP has revealed details of its cross-border partnership with American wealth management firm United Capital ahead of the release of a goals-modelling engine for consumers later this year. Yesterday, AMP issued a statement confirming the relationship with United Capital, which was revealed by InvestorDaily in June. The statement indicated that a formal collaboration agreement has been signed between the two financial advice giants, with AMP pointing to a congruent “goals-based advice approach and philosophy”.

Under the terms of the agreement, AMP has made a “non-material investment” in United Capital and will share knowledge and intellectual property. “We have known United Capital for some time and greatly admire its approach to advice,” said AMP group executive, wealth solutions and chief customer officer Paul Sainsbury. “It is regarded as one of the most innovative advice businesses in the US, having grown rapidly from start up to more than US$19.8 billion in assets under management.”

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

Citi to Target HNW clients

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

InvestorDaily

Citi Australia has unveiled plans to triple its wealth management business by 2020, supported by 100 new ‘relationship managers’ and an enhanced digital service. Global bank Citi Australia will hire 100 new relationship managers over the next three years for its wealth management business and roll out a number of technological solutions and offerings to boost clients’ banking experience. The bank plans to triple its number of high-net-worth (HNW) clients and will focus on meeting the needs of this “growing” demographic of investors with over $1 million to invest, according to a statement.

Australia is home to the third-largest pool of HNW people in the region, head of Asia-Pacific retail banking Gonzalo Luchetti said. “With nearly 70 per cent of high-net-worth individuals in APAC holding investments outside their home country, there is opportunity for CitiAustralia to leverage its global brand awareness in the region and capture a larger share of this group,” he said. Mr Luchetti said this expansion was not something new for the Australian branch.

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

International wealth hub sets up in Australia

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

InvestorDaily

A new social network hub dubbed Planet of Finance has launched in Australia, set to be unveiled at next week’s IFA Convention in Sydney. Headquartered in Monaco and now operational in 68 countries, Planet of Finance aims to “democratise wealth management” across the globe and has now set its sights on Australian financial advisers, said Michael Roberts, the firm’s Australian representative. Mr Roberts told InvestorDaily Planet of Finance chose Australia for its entry point to the Asian market due to the innovative nature of Australian financial service providers and the size of Australia’s wealth pool.

“Australians are among the world’s earliest tech adopters and have a ‘get up and go’ attitude,” Mr Roberts said. “Planet of Finance represents a new way of being a wealth professional.” The hub currently has 1,300 company members around the world, including fund managers, advisers and investors representing combined funds under management of $2.7 trillion, giving Australian users access to new service providers and prospective clients. “Investors will be knocking on their door rather than the other way around,” Mr Roberts predicted of advisers who sign up to the service.

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

Former Macquarie, JBWere exec joins boutique

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

InvestorDaily

Grant McCorquodale, a former senior executive with several institutions, has joined the board of Sydney financial advice boutique Core Private Wealth. Most recently head of personal and intermediary clients at FIIG Securities, Mr McCorquodale is well-known in the financial services industry and has held senior roles including executive director and head of advice at NAB’s JBWere subsidiary, head of cash services for CommSec Adviser Services and head of private bank and head of adviser sales at Macquarie. He will join the Bondi-based firm as a non-executive director to advise on growth strategy, Core Private Wealth’s Trevor Geffin told InvestorDaily.

“We are delighted that Grant has made the decision to enter the boutique financial planning space and partner with our firm,” Mr Geffin said. “Grant is a very highly regarded business leader in the wealth management sector and has been a successful adviser to many of Australia’s most successful business entrepreneurs, private families and not-for-profits.” The new board director described Core Private Wealth as a “blueprint for the adviser model of the future” and said he was looking forward to the opportunity.

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

ESG alone is not enough, says Australian Ethical

Posted by Anton Murray Consulting on . Posted in Funds Management News, Investment Banking News, Market Commentary, News, Wealth Management News

InvestorDaily

‘ESG integration’ is only one of many factors that characterise responsible investment, according to investment manager Australian Ethical. Aside from environmental, social and governance (ESG) integration, a number of other factors must be considered for responsible investment to truly live up to its name, according to Australian Ethical head of ethics Stuart Palmer. Mr Palmer outlined a number of other “dimensions” to responsible investment, including negative screening, positive screening, the influence investors had on companies and governments, and the impact of the UN’s 17 sustainable development goals.

Speaking in Sydney on Tuesday, Mr Palmer said that while it was a “good thing” that funds were taking environmental and social impacts into account, he indicated that there were limitations to only considering ESG integration. “One downside of purely ESG integration approach is that it tends to be what I call ethically passive,” Mr Palmer said. “To explain that, if I’m adopting an ESG integration approach and I’m considering continuing or furthering investment in fossil fuels, then I’m gonna think about things like how likely it is that governments are going to take strong climate policy action.”

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