News

News

BlackRock outlines preference for credit over equities

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

InvestorDaily

The world’s largest asset manager believes investment-grade credit will better weather a potential growth slowdown. During what it describes as a “new market regime” marked by higher volatility, the BlackRock Investment Institute has indicated that it prefers investment-grade (IG) credit over equities. In a note released this week, BlackRock’s strategists said they believed credit would be able to weather a predicted significant growth slowdown better than stocks could.

“Yields look more attractive than at the start of the year, in our view. That’s because of a surge in government bond yields and a widening of spreads, the risk premium investors pay to hold IG bonds over government peers,” they said. According to the strategists, the prospect of lower rates in the face of a growth slowdown resulted in a drop in yields since June, which boosted the performance of IG credit and triggered a rally in equities of over 10 per cent. “We still like IG credit at these levels,” the BlackRock strategists said.

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

Government launches review of ASIC funding model

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The current industry funding model has been in place for five years. The federal government has announced it has commenced a review of the ASIC industry funding model (IFM) that commenced in July 2017. Treasury will lead the review in consultation with ASIC, the Department of Finance and the Department of the Prime Minister and Cabinet.

According to the government, the review will be forward looking and focused on identifying any changes to the IFM that may be required to ensure the settings remain appropriate. “It is appropriate to review the IFM at this point given it has now been in place for five years, and over this period there has been substantial regulatory and structural changes within industry sectors resulting in increased cost pressures within certain sub-sectors,” the review’s terms of reference state. A number of issues fall under the scope of the review, which will each be considered and recommendations made where appropriate.

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

RBA to explore use cases of digital currency

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The central bank will also investigate the economic benefits of a digital currency as part of its new research project. The Reserve Bank (RBA) has launched a new research project to investigate the use cases for a central bank digital currency (CBDC) in Australia. Working in collaboration with Digital Finance Cooperative Research Centre (DFCRC), the project will involve the development of a limited-scale CBDC pilot that will operate in a ring-fenced environment and involve a pilot CBDC that is a real claim on the RBA.

The RBA stated that, while it and other central banks had undertaken considerable research on the feasibility and technical design of a CBDC, less attention had been given to the potential use cases and economic benefits. “The project with the DFCRC will help address this gap by focusing on innovative use cases and business models that could be supported by the issuance of a CBDC,” the RBA said. “The project will also be an opportunity to further understanding of some of the technological, legal and regulatory considerations associated with a CBDC.”

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

AIC names new CEO

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Navleen Prasad has been appointed as the new CEO of the Australian Investment Council following the departure of Yasser El-Ansary earlier this year. Ms Prasad has over 25 years of experience in financial and professional services including 19 years at Macquarie, where she was most recently head of government and external relations. She previously held client-facing roles in the taxation consulting divisions of Deloitte and PwC.

After an extensive global search, AIC chairperson Alicia Gregory said that the board was unanimous in its view that Navleen was the right leader. “We are delighted to appoint Navleen to the role of CEO. Navleen brings an outstanding understanding of the investment management industry combining strong policy, government and communications credentials underpinned by a high results orientation,” she said. “In a constantly changing environment, Navleen’s skills, experience and fresh perspectives will be highly valued by the council’s team and membership base.”

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

New survey suggests Aussies opting for investment info online over advisers

Posted by Anton Murray Consulting on . Posted in Investment Banking MC

ifa

A new survey has found that online trading sites now outrank advisers as the most popular source of information for Australian investors. Of the 752 investors surveyed by CoreData on behalf of online trading platform Moomoo, 38 per cent said that they sourced their investment information from online communities, ahead of traditional wealth advisers (29 per cent) as well as family and friends (32 per cent). Moomoo marketing director Andrew Rogan said that a shift in behaviour had been seen during the past year coinciding with a volatile period for stock markets and changing global market outlooks.

“These issues are regularly discussed in our community forums — people are sharing their experiences from around the world to help shape personal investment decisions,” he said. “There’s a wealth of information and experience available to investors willing to put the work into cultivating a strong community.” According to the survey, 47 per cent of investors aged over 60 now source their investment information online, overtaking the 38 per cent who said that they use traditional advisers.

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

Zurich finalises transfer of OnePath Life’s life insurance business

Posted by Anton Murray Consulting on . Posted in News

ifa

Zurich Australia has announced that it has finalised the transfer of the life insurance business of OnePath Life. The integration sees OnePath Life’s assets and liabilities, including all life insurance policies, transferred to Zurich which took effect on 1 August 2022. However, OnePath Life will continue to retain assets to “meet regulatory capital requirements”.

“OnePath Life policies are now treated as if they had been issued and administered by Zurich rather than OnePath Life,” Zurich said in a statement on Friday 5 August. “For OnePath Life policy owners — other than a change to the insurer and statutory fund to which it is referable — these policies continue to operate and be administered in the same way.” The move was first announced in May, with both Zurich and OnePath Life announcing their intention to make a joint application to the Federal Court of Australia.

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

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