But, looking forward, some funds are expected to flourish more than others, mostly owing to the Hayne Royal Commission and the resulting product closures and remediation exercises. As such, while industry funds are expected to balloon on the back of their strong current positioning and lower fees on average, growth in the retail sector is expected by virtue of existing scale but at a more subdued pace. SMSFs, on the other hand, are tipped to decline in market share in the next two decades as their older demographic transitions to retirement.

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Mr Liddell previously held a number of senior sustainability positions during his tenure at Suncorp, most recently as executive manager for investment sustainability, where he also developed and implemented the firm’s first responsible investment policy. He has previously held roles at the Centre for International Financial Research, the Investor Group on Climate Change, Russell Investments and QIC. BetaShares CEO Alex Vynokur said the company was delighted to welcome Mr Liddell.

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She joins BlackRock with more than 15 years of experience in investment banking and was most recently a senior team member within JP Morgan’s strategic solutions group. According to BlackRock, the responsibilities of the role will include acting as a thought leader on a range of issues impacting the firm’s clients including embedding sustainability considerations in portfolio construction, risk management, trading and liquidity management, and the impact of regulatory changes. “The appointment of Tamara as our dedicated senior whole portfolio solutions client specialist reflects the rapid growth of our whole portfolio business and our focus on our clients as we help guide them through the dynamics of the wealth management environment,” said BlackRock head of client business, Australasia, Jason Collins.

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“Investors have undoubtedly shown an accelerated interest in ETFs on a global scale, highlighting what’s become the investment vehicle of choice for a large portion of the investing population,” said EPFR director of research Cameron Brandt. The firm has tracked ETFs since 2002 when assets totalled only about US$2 billion. ETF assets reached US$1 trillion in December 2009, US$5 trillion in January 2018 and US$7 trillion in October last year.

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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.”

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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).

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