News

News

Fund managers join diversity initiative

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

InvestorDaily

Vinva Investment Management and Schroders and Cooper Investments have signed onto diversity campaign Future IM/Pact, in an effort to attract more women into working in investment management. Launched a year ago, Future IM/Pact aims to attract more talent into the investment teams of super funds and fund managers, with an initial focus on appealing to women in university. The project was established following research in 2016 showing women comprised 24 per cent of Australian investment professionals.

In October, the campaign is hosting a student investment competition in Sydney and Melbourne, where gender balanced teams are to solve an investment challenge, competing to win a paid internship with a Future IM/Pact partner. A collective of 14 super funds, fund managers and industry participants are backing the initiative. Future IM/Pact founder Yolanda Beattie said new partners bring funding and scale to grow the campaign, as well as work experience and employment opportunities to tens of thousands of students. She added the upcoming competition will connect the campaign’s partners with a pipeline of female talent as well as encourage women to participate and challenge their investment skills.

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

Praemium FUA hits $16bn

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

InvestorDaily

The wealth platform provider has posted a 108 per cent increase in total funds under administration to $16.1 billion over the year to 30 June. Praemium’s Australian platform experienced a 24 per cent increase in FUA to $6.9 billion from net inflows of $1 billion. Australian revenue increased 14 per cent over financial year 2019 to $31.4 million. Australian EBITDA increased 21 per cent to $15.2 million, compared to $12.4 million for FY18. EBITDA margins were 48 per cent of revenue, up from the prior year’s 45 per cent.

Praemium’s International platform recorded gross inflows of $850 million, up 62 per cent in the prior comparable period, while FUA closed at $2.6 billion as at 30 June 2019, up 29 per cent for the year. However, the group’s international revenue based on its business units in the UK and Asia declined by 12 per cent for the year to $13.7 million. “The UK business was impacted by declines in global equity markets and outflows in the Smartfund range of managed funds,” the company said in a statement. “This was offset by growth in Asia for WealthCraft’s CRM and planning software, with revenue increasing 19 per cent to $0.8 million from a 33 per cent uplift in users over the past 12 months.

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

Investment case for gender equality clear and strong

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The investment case for advancing gender equality in corporations is strong and clear with a proven bottom line for diverse financial institutions according to a new report. Evaluating the glass ceiling, a new study by Calvert Research and Management has outlined the business case for corporations to support more diverse workforces throughout the organisations with a clear impact on the company’s bottom line. Calvert, an Eaton Vance responsible investing affiliate, said that investors needed to push for changes as it would have a material impact on long-term shareholder value.

A recent study by MSCI found that companies with at least three women on their boards had median increases of 10 per cent in return on equity and 37 per cent on earnings per share. In contrast companies with no female board members had decreases of 1 per cent and 8 per cent respectively. A McKinsey analysis further confirmed that companies in the top quartile for diversity on executive teams were 21 per cent more likely to outperform on profitability and 27 per cent more likely to have superior value creation.

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

BlackRock launches ESG global bond fund

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

InvestorDaily

BlackRock’s Australian arm has partnered up with VicSuper to develop and launch its new unlisted iShares ESG Global Bond Index Fund, with the companies reporting increased demand from Australian investors for sustainable products. The fund is benchmarked to a customised Bloomberg Barclays MSCI Global Aggregate SRI Select ex-Fossil Fuels Index (Australian dollar hedged). It applies the MSCI’s SRI method, excluding issuers across eight filters: tobacco, alcohol, gambling, military weapons, civilian firearms, nuclear power, adult entertainment, genetically modified organisms (GMOs) along with fossil fuels.

The last filter aims to exclude companies with an industry tie to fossil fuels, in particular, reserve ownership, related revenues and power generation. The fund is also excluding sovereign and government-related issuers with an MSCI ESG government rating below “BB”. The fund is designed for ESG-aware investors seeking a core fixed income exposure to global fixed income securities, BlackRock said, following the launch of its Australian Bond Index Fund in February.

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

Aus finance lacking in exports, female leadership

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

Despite the financial services industry remaining Australia’s largest, there are still deficiencies such as a lack of women in senior management roles and a failure to maximise exports, the Financial Services Council has ruled in a new report. The council’s 2019 State of the Industry report stated the sector now contributes $161 billion or 9 per cent the nation’s $2 trillion economy. The report also found Australian superannuation as at 2017, gained the highest five-year returns in the developed world, with the real annual return from 2012 to 2017 being 7.5 per cent, in comparison to other markets giving an average of 3.8 per cent.

About 70 per cent of the value of the financial services industry was found to be from banking and funds management (excluding super) while the remainder is from insurance, financial markets and related businesses. There are 10 per cent more employees in the sector than in 2017, now at 450,000. “Financial services is the largest industry in NSW and Victoria, and enjoys one of the fastest rates of productivity growth in the national economy. Its contribution to our export economy however remains nowhere near full potential,” Sally Loane, chief executive of FSC commented.

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

UBS Asset Management strengthens institutional team

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

UBS Asset Management has announced the appointment of Liam McDermott as a director for its institutional business development team. Mr McDermott joins UBS following eight years at BlackRock as an institutional account manager where his roles included managing relationships with superannuation, government and sovereign funds. Head of UBS Asset Management for Australia and New Zealand Bryce Doherty said he was delighted by the appointment and looked forward to Mr McDermott strengthening the team. “We felt it was important to increase our presence in Melbourne and adding someone with Liam’s experience to the team will ensure we continue to bring the best of UBS to Australian clients,” he said.

Our clients include

* Prior invoiced clients across the region.