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ESG alone is not enough, says Australian Ethical

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


‘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.”

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JP Morgan Private Bank hunts for niche tech plays

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


Robotics and cyber-security may be hot investment themes, but accessing them is not easy, said JP Morgan Private Bank’s Asia head of investments. Hong Kong-based Christopher Blum said the best approach was to gain exposure to these areas through private equity investments and individual stocks, because of the lack of pure exposure provided by exchange-traded or mutual funds. “It has been challenging to find suitable products under the robotics theme,” he told AsianInvestor.

Rapid advances in technology have made automation via robotics cost-effective for companies across numerous industries. The term ‘robotics’ is used to encompass a variety of applications, such as automation, autonomous systems, sensors, 3D printing, data processing and voice recognition software. Robotics has garnered significant headlines and interest in recent years. Every major listed tech company is dabbling in at least some of these emerging trends.

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Brexit Prep: JP Morgan to Merge UK Private Bank into EU Wealth Arm

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

City A.M.

JP Morgan is working on a plan to merge its UK-based private banking operation into its wider European wealth arm ahead of Brexit. The Wall Street giant’s plan would see “a small number” of its 1,000 UK-based private bank jobs relocated to elsewhere in Europe, Sky News reported. The move, under which JP Morgan’s UK wealth management arm would become a branch of its European Union parent, is part of the bank’s wider Brexit contingency planning.

Prior to Brexit in March 2019, the firm is planning to move between 500 and 1,000 jobs from the UK to EU cities including Frankfurt, Luxembourg and Dublin. JP Morgan currently has around 16,000 UK employees. Brussels-based think tank Bruegel has estimated that the City of London could lose 10,000 banking jobs as a result of last year’s Brexit vote.

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NAB Recruits First State Advice Manager

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

Financial Observer

A former national advice solutions manager for non-profit superannuation fund First State Super has joined National Australia Bank (NAB) to become head of client services and paraplanning for the bank’s salaried financial advice division. In a statement, NAB Financial Planning (NAB FP) announced Rebecca Harrison would be coming on board to oversee delivery of the group’s national client service operations for advisers, paraplanners and support staff. Harrison has 20 years’ experience in the financial services industry, and prior to her role at First State Super was head of adviser services and strategic partnerships at IOOF.

Commenting on the appointment, NAB FP general manager Tim Steele said Harrison would play an integral role in the group’s leadership team. “We are delighted to welcome Rebecca to NAB FP and look forward to the contribution she will make to our business,” Steele said. “Rebecca has a track record of supporting teams to provide exceptional service to advisers, as well as a clear appreciation of how support for advisers contributes to positive outcomes for clients.”

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NAB Sells Singapore and Hong Kong Private Wealth Business to OCBC

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

The Australian

Oversea-Chinese Banking Corp said it would buy National Australia Bank private wealth business in Singapore and Hong Kong. “The purchase consideration will be at around the book value, or net asset value, of the business at the time of completion,” OCBC said in a statement. The deal is expected to be completed before the end of the year and will be accretive to earnings. The deal comes as banks in Singapore seek to beef up their sources of income as a subdued loan-demand outlook weighs on overall earnings growth expectations.

The private wealth business is made up of a mortgage portfolio, amounting to about $US1.7 billion worth of mainly residential mortgage loans, and a deposit portfolio made up of about $US3.05bn worth of deposits as of the end of February. The business serves a total of about 11,000 customers across the two markets. OCBC said the addition of mortgage loans will increase the overall size of its mortgage portfolio by about 4 per cent based on its mortgage-loan book of S$60bn as at end March 2017.

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