Investment Banking News

Investment Banking News

Bonuses cut for many at ANZ

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

InvestorDaily

ANZ has announced wide ranging reforms to its remuneration structure with the biggest change to remove individual bonuses for many of its employees. The changes announced this week have replaced individual bonuses with an incentive based on the overall performance of the ANZ Group. These changes do not apply to ANZ’s executive committee which include chief executive Shayne Elliott, whose remuneration is structured in line with regulatory requirements.

Starting from October, the only variable remuneration most employees will receive will be in the form of a group performance dividend, based on the bank’s performance from a risk, financial, customer, people and reputation perspective. Mr Elliott said the royal commission had shone a light on the negative impact that individual bonuses within a bank can have on customer outcomes. “We are taking action to rebalance the way we pay people so that variable remuneration is a smaller part of our people’s take-home pay with these reduced bonuses to be determined by the overall performance of the bank,” he said.

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

Investors demanding more ESG and Impact Investing

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

finsia

Australian investors are catching up with European counterparts when it comes ESG and Impact Investing. That’s the view of one of the leaders in the fast-growing field who will be a keynote speaker at The Summit 2019 – The Age of the Customer – later this year. Giles Gunesekera, CEO of Global Impact Initiative, says consumers from all age groups are demanding to know where their superannuation funds are being held.

Both baby boomers and millennials want to have a clean conscience as well as a well-performing portfolio, he says. “Looking at the change, it’s definitely for the better from an industry perspective,” he said. “We continue to get lots of interest from people wanting to invest in different impact investing strategies.

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

Investor Community More Willing to Flex Muscle

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

InvestorDaily

The investor community is showing a willingness to flex their ownership muscle when it comes to engagement in responsible investing. The Responsible Investment Association Australasia (RIAA) recently released their responsible investment benchmark report and found that corporate engagement and shareholder action was the secondary strategy for most investors.  “We are finding that the investor community is more willing to flex their ownership muscle in terms of their ownership of customers. There’s a lot more proactive dialogue going on,” said Simon O’Connor, chief executive of RIAA.

While no single manager said their first strategy was engagement, 36 per cent said it was their secondary strategy, said Mr O’Connor. “You are seeing a greater propensity to vote in favour of ESG resolutions in AGMs and we’ve seen some fairly big votes in favour of companies aligning their strategy with a two-degree future for example. You’re also seeing a lot of investors getting behind listed companies to really ensure they realign their strategies to be in line with Paris agreement targets in particular,” he said.

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

Morgan Stanley Driving Fintech’s Capital Raising Process

Posted by Anton Murray Consulting on . Posted in Insights

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.

Singapore Ranks Third In Open Banking Index

Posted by Anton Murray Consulting on . Posted in Insights

finews.asia

Singapore ranks third on EY’s Open Banking Opportunity index, partially driven by proactive efforts by the Monetary Authority of Singapore (MAS) to progress open banking since 2016. It ranks behind China, but ahead of Hong Kong.

«The regulator has taken an innovative and collaborative approach in the way it works with the industry and other markets in the region. This balanced approach helps Singapore banks to advance significantly in this space, and encourages an innovative environment for adoption to take root naturally through co-creation without a mandated system seen in other markets,» said Andrew Gilder, EY Asia-Pacific Banking and Capital Markets Sector Leader, in a recent report.

China and Hong Kong

Open banking is thriving in China, driven by an innovation-focused economy and the world’s most digitally connected consumers. The country’s voluntary approach to regulation and demand from its fast-expanding, digitally connected middle class, rank it number 2 in the Open Banking Opportunity Index.

Hong Kong has huge Open Banking adoption potential given its digitally-active population. However FinTech innovation in the market is lagging, keeping it at sixth place in the Index.

«However open APIs, combined with other recent initiatives announced by the Hong Kong Monetary Authority such as virtual banking licences and a faster payments system, may be the catalysts that transform the market,» EY said in its report.

This article can be found at finews.asia

More women investing online but gender gap persists

Posted by Anton Murray Consulting on . Posted in Insights

InvestorDaily

Despite the number of women investing online doubling over the last five years, they still only represent a fifth of Australian online investors, according to a study. Research from Investment Trends has shown female online investors have been on the up, going from 76,000 in 2013 to 150,000 last year. The data also shows ESG factors tend to be prioritised more by women in comparison to men.

When it comes to their investment selection process, 29 per cent of women said it is ‘very important’ that their portfolio contains companies that have good and ethical ESG standards, compared to 19 per cent for male investors. The research comes as Fidelity International, Australia has published a report that has found women are investing less. Suzie Toohey, global head of Client Service and Sales at Investment Trends said that while the rise shows that more women are building their wealth and moving towards an independently secured financial future, more still needs to be done.

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

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