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CFA Recommends Sweeping Reforms to Wealth Sector

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

InvestorDaily

The global CFA Institute and its Australian subsidiary have released 10 major recommendations for reform in the wealth management industry and argue that simply disclosing vertically integrated conflicts is not enough. In a 60-page report titled Professionalising Financial Advice, the CFA Institute and CFA Societies Australia note that they do not see a single solution to the problems highlighted by the Hayne royal commission.  “Rather, we believe that reforms are needed in several areas, and that all these areas must be addressed together to ensure better outcomes for financial advice industry clients,” the Institute said.

“Prior to the Hayne royal commission, Australia has had many inquiries and reviews of the financial sector, which have produced a long list of recommendations, ranging from structural reforms and policy changes, to establishment of new regulatory bodies, to moves to improve professionalism and education standards in the industry.” The CFA Institute said it is clear that the effectiveness of reforms to date has been “questionable” and argues there is still much room for improvement in terms of outcomes for consumers. “Strong steps must be taken this time to ensure genuine, lasting change in the financial advice industry in Australia. Without such steps, problems will continue to recur, with no real change in the way businesses operate, as they have, following previous inquiries.”

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

AMP Limited Appoints New CFO

Posted by Anton Murray Consulting on . Posted in News

Money Management

AMP Limited has announced the appointment of John Patrick (JP) Moorhead as its new chief financial officer (CFO), effective 1 June. He would succeed Gordon Lefevre who would retire from AMP after five years as group CFO following an orderly transition. Moorhead would lead AMP’s finance function and would be responsible for capital management, treasury, mergers and acquisitions as well as investor relations. He would also join AMP’s group leadership team.

Moorhead, who would be reporting to AMP chief executive, Francesco De Ferrari, previously served as group CFO of the Virgin Group in the UK, and he was chief operating officer for Eight Roads, the proprietary investment arm of Fidelity international.

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

Equip Super and Catholic Super to Merge in Landmark Deal

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

Investment Magazine

Equip Super and Catholic Super will merge their operations in a $26 billion deal ahead of a full merger by 2020 in a further sign of consolidation in the $2.65 trillion superannuation industry. Under the terms of the deal, the funds, which have a combined membership of 150,000, have signed a memorandum of understanding to establish a joint venture trustee to oversee both entities from October 1. Subject to due diligence, the two funds expect to begin joint operations by the end of this year after being granted an extended public offer license from the prudential regulator.

The agreement will see the funds consolidate their trustee, administration and investment operations that would provide economies of scale and fee savings, without loss of brand identity or control of relationships with members, employers and other stakeholders. Equip Super chair, Andrew Fairley said the joint venture would contain costs and improve efficiency, bringing real benefits to members. The full merger will follow a successive fund transfer which the funds can begin as soon as the deal is signed.

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

Morgan Stanley Driving Fintech’s Capital Raising Process

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

InvestorDaily

The multinational investment bank will drive the capital raising process for one of Australia’s newest neobanks who is opening its doors to new investors. 86 400 is an aspiring bank that is currently been supported and fully funded by Cuscal Limited but is seeking new shareholders. Cuscal Limited, an independent payment provider will continue to support the neobanks as it enters its capital raising plan.

Robert Bell, chief executive of 86 400 said that Cuscal had helped the bank to invest heavily in their technology over the past two years. “Over the last two years – and with the support of Cuscal – we’ve invested heavily in building proprietary technology that will change the way retail banking is delivered in Australia,” he said. The capital raising is in line with the banks business plan, which requires more than $250 million of capital over the first three years of operation to fund its growing balance sheet.

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

ETF investors flock to fixed income

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

InvestorDaily

The first quarter saw global ETF investors rush into fixed income at the expense of equities, according to a BetaShares report. The ‘Quarterly Global ETF Review Q1 2019’ reported that the worldwide ETF industry ended the March quarter at a high of $7.7 trillion in assets under management, posting a quarterly growth rate of 12 per cent. BetaShares expects the industry to continue on a fast growth trajectory for the rest of the year, in line with the average growth rate of 20 per cent per annum in the last decade.

Australian, US and European investors bought more into fixed income over equities during the period. In Australia, bond products were the category observed to have the highest flows in the ETF sector, receiving more than $500 million of net inflows during the period. In the US, fixed income products had 68.2 per cent of flows in the quarter, while equities had 30.3 per cent.

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