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CBA announces CFSGAM IPO

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

InvestorDaily

The Commonwealth Bank of Australia has confirmed it will list wealth management subsidiary Colonial First State Global Asset Management (CFSGAM) on the ASX. In a statement, the major bank announced confirmation of its intention to pursue an IPO of CFSGAM on the ASX by the end of calendar year 2018. “We examined long-term Commonwealth Bank shareholder value and also considered the ability of CFSGAM to serve the interests of its clients, attract and retain key personnel and better grow its business,” the statement said.

“While CFSGAM has achieved significant growth, scale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits.” CBA have approached a number of candidates who have agreed to join CFSGAM’s board as independent non-executive directors in preparation for the potential listing, including John Mulcahy, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat, according to the statement. Mr Mulcahy would be appointed chairman of the board.

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

Citi Private Bank names new APAC strategist

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

InvestorDaily

Citi Global Consumer Bank’s head of portfolio advisory has moved to Citi Private Bank to take up the role of Asia Pacific strategist. Citi announced in a statement that Catherine Cheung has taken up the new Hong Kong-based position at Citi Private Bank (CPB). Ms Cheung has already started in the new role and will work with the private bank’s product partners and is responsible for promoting the bank’s investment strategy across Asia to internal stakeholders and ultra-high net worth clients, according to the statement.

Ms Cheung reports to CPB Asia Pacific chief investment strategist Ken Peng, who said the appointment of Ms Cheung would strengthen the bank’s “strategic investment advisory proposition”. “I look forward to Catherine bolster[ing] our capabilities and deliver[ing] timely and tailored investment views to our UHNW clients,” Mr Peng said. Before the move to CPB, Ms Cheung was in the Hong Kong-based role of head of portfolio advisory at Citi Global Consumer Bank, where she led a team that advised Citigold private clients on asset allocations.

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

ANZ experiments with AI underwriting

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

InvestorDaily

ANZ Wealth has announced a collaboration with the University of Technology Sydney’s Advanced Analytics Institute (AAI) to explore the applications of artificial intelligence in insurance underwriting. ANZ and UTS will work together to understand the ways artificial intelligence can improve the client experience, according to a statement by UTS’ AAI. “This collaboration combines the expertise of UTS and ANZ to explore how big data, client behaviour modelling, text mining and natural language programming, along with social and predictive analytics all can add value in the insurance sector,” UTS AAI associate professor Guandong Xu said.

“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes,” said Mr Xu. ANZ Wealth chief underwriter Peter Tilocca added that AI applications have the potential to provide clients with a higher standard of service. “A data-driven model provides the opportunity to create a more personalised, efficient service with improved quality assurance for our customers when they apply for insurance,” he said.

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

UBS Launches Global Gender Equality ETF

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

InvestorDaily

UBS has introduced the Global Gender Equality UCITS exchange-traded fund to its suite of investment products. The ETF is a joint collaboration between UBS Asset Management and UBS Wealth Management and invests in the Solactive Equileap Global Gender Equality 100 Leaders index, according to a UBS statement. The index is comprised of a hundred global companies with a “strong record” of gender diversity and sustainability based on 19 criteria for diversity, such as equal compensation, gender balance, work-life balance and sustainability policies.

Of the 100 companies on the index, 30 are highest rated stocks in the US, capping single issuers at 3 per cent of the ETF’s assets, the statement said. “With its broad criteria, the index provides a higher overall gender equality score than other Global Gender Equality Indexes, while providing stable risk-adjusted performance.” Commenting on the launch, UBS Asset Management head of sustainable and impact investing Michael Baldinger said that the ETF represented “another big step in sustainable and impact investing innovation”.

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

Institutional Investors Call for Climate Action

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

InvestorDaily

Institutional investors around the world have launched a new initiative calling on the globe’s worst polluters to take action on climate change. A total of 225 institutional investors have taken aim at more than a hundred of the world’s major corporate greenhouse gas emitters in the Climate Action 100+ initiative, calling for them to “act swiftly to improve governance on climate change, curb emissions and strengthen climate-related financial disclosures”, according to a statement. The announcement was made yesterday in Paris at the One Planet Summit marking the second anniversary of the Paris Agreement, and is the first implementation of investors’ commitment as laid out in the Global Investor Statement on Climate Change, which launched in September 2014.

The list of over a hundred polluters includes, but is not limited to, companies in the oil, gas, electric power and transport sectors, the statement said. California Public Employees’ Retirement System investment director of sustainability Anne Simpson said motivating the world’s largest corporate greenhouse gas emitters to align their business plans with that of the Paris Agreement would have “considerable ripple effects”. “Our collaborative engagements with the largest emitters will spur actions across all sectors as companies work to avoid being vulnerable to climate risk and left behind,” Ms Simpson said.

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