News

News

Future Fund recruits new chief economist

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

InvestorDaily

Australia’s sovereign wealth fund has announced the appointment of a new chief economist for 2022. Starting from 27 January, Toby Johnston will join the Future Fund following a global search process from Wellington Management where he worked as global macro strategist for over 17 years. Mr Johnston, who will report directly to CIO Sue Brake, will primarily focus on providing strategic advice and analysis on relevant global macro-economic issues to the agency and board of guardians.

Ms Brake said Mr Johnston’s appointment is an “important senior role” for the fund. “Toby is a deeply experienced and highly regarded investment and economics professional with global expertise,” Ms Brake said. “His appointment further bolsters the agency’s strategic investment capabilities and will enrich the quality and value of the advice we provide to the board as it navigates the new investment world.”

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

CBA receives regulatory approval for Colonial sale

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

InvestorDaily

CBA has revealed that all regulatory approvals for the sale of superannuation business Colonial First State have been received. Commonwealth Bank of Australia (CBA) has announced all regulatory approvals have been received for the sale of a 55 per cent interest in Colonial First State (CFS) to KKR. The transaction is expected to complete on 1 December 2021.

CBA first announced the CFS divestment to KKR for $1.7 billion last May, but faced backlash from the unions with the ACTU arguing it would not be in the best interest of members for CFS to be majority owned by a foreign private equity firm. The completion of the transaction is expected to result in a pro forma uplift to the Group’s CET1 ratio by 30 to 40 basis points. Earlier this month, the big four banks confirmed NPAT of $2.2 billion for the quarter in an unaudited trading update, while also noting increases to household deposits (up 12 per cent to $20.4 billion), home lending (up 7.6 per cent to $10.1 billion) and business lending (up 13 per cent to $3.1 billion).

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

Rest to become first Aussie super fund to invest in crypto

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

InvestorDaily

Retail industry fund Rest is considering cryptocurrencies as a way to diversify members’ retirement savings. Rest has confirmed it could be one of the first APRA-regulated funds to reposition a small portion of the funds it manages on behalf of its members into cryptocurrencies. In a statement provided to InvestorDaily, chief investment officer Andrew Lill said that “while we are certainly considering cryptocurrencies as a way to diversify our members’ retirement savings, we will not be investing in the immediate future”.

“Any investment is more likely in the medium term.” Rest is currently conducting “extensive research” into the asset class prior to making any decisions. “We are also considering the security and regulatory aspects of investing in this class.”

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

Australia’s first crypto-ETF makes historic debut

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

InvestorDaily

Australia’s first crypto ETF has broken ASX trading records within hours of its arrival. A week after ASIC gave crypto-asset linked exchange-traded funds (ETF) the go-ahead, the BetaShares Crypto Innovators (CRYP) ETF has smashed trading records. CRYP debuted on the Australian Stock Exchange (ASX) at approximately 10:30am this morning at a price of $11.23 per unit.

Within the first 15 minutes on the market, the ETF experienced a surge in demand from investors. Trading volumes in that initial period are estimated to be around $8 million, which puts it on par with the record-setting first day trading volume of Hyperion’s Global Growth Companies Fund. However, that figure quickly tripled. Trading volume for the CRYP ETF was estimated to have reached approximately $28 million by 1pm.

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

Australian sustainable investments grow to new record

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

InvestorDaily

Over $38 billion is now invested in sustainable funds. Assets invested in sustainable funds in Australia and New Zealand reached a record $38.08 billion in the third quarter, up 11 per cent on the second quarter and jumping 73 per cent compared to a year ago. Morningstar estimated inflows of $2.61 billion for sustainable investments during this period, down from the record $3.78 billion clocked in the previous quarter, but still the second highest on record.

Fifty-two per cent of sustainable investment options with a five-year track record were found to have outperformed their category peers, said Morningstar global head of manager selection Grant Kennaway. “This is encouraging for investors looking to build environmental, social, and governance portfolios that align with their values, knowing that they won’t sacrifice returns when compared with investments in mainstream funds,” said Mr Kennaway. According to Morningstar, 144 sustainable funds were available to investors in Australia and New Zealand. No new funds were launched during the quarter, putting 2021 on track to be the slowest year for new sustainable funds since 2014.

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

Nuclear weapons ousted from responsible investment list

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

RIAA has redefined the meaning of a responsible investment product to exclude nuclear weapons and nicotine alternatives. Investors must exclude producers of tobacco and nicotine alternatives, as well as controversial weapons and nuclear weapons from their portfolios to gain certification from the Responsible Investment Association Australasia (RIAA). In a statement issued on Friday, RIAA said it has updated its minimum requirements to reflect the changes.

Namely, according to RIAA’s Responsible Investment Standard, responsible investment products must, at minimum, avoid significant harm – a requirement nuclear weapons are no longer believed to meet following the adoption of the Treaty on the Prohibition of Nuclear Weapons at the start of this year. As such, investors seeking Responsible Investment Certification will no longer be able to invest in companies which derive revenue from the development, production and maintenance of nuclear weapons, effective 1 January 2022. “With the adoption of this landmark global agreement to ban nuclear weapons, it is now incumbent on responsible investors to follow suit with their investment decision-making and portfolio construction,” said RIAA CEO Simon O’Connor.”

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

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