Wealth Management News

Wealth Management News

UBS embraces ESG with private wealth pivot

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

InvestorDaily

One of the world’s largest investment banks has announced that its US$2.6 trillion global wealth management business will now prioritise sustainable investments. UBS has announced that sustainable investments are now its preferred solution for private clients investing globally – making it the first major global financial institution to make the recommendation. “COVID-19 has put the exclamation point on one of the most important shifts in financial services in a generation,” said UBS co-president of global wealth management Tom Naratil.

“The pandemic has brought the vulnerability and interconnected nature of our societies and industries to the forefront of investors’ minds and shown that sustainability considerations cannot be ignored.” UBS believes traditional investments will remain “most suitable in some circumstances” but that a 100 per cent sustainable portfolio can deliver similar or higher returns, with major sustainable indices performing better than traditional equivalents over the last year. They also offer stronger diversification for clients investing globally. “Sustainable finance is a firm-wide priority for UBS and our aim is to help clients take advantage of new opportunities and manage 21st-century risks more smartly,” said Huw van Steenis, chair of UBS’s Sustainable Finance Committee and senior adviser to the CEO.

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

IOOF to buy MLC

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The wealth giant will buy MLC in a move that will reshape the face of Australia’s financial services industry. IOOF has announced it will buy 100 per cent of MLC for $1.440 billion. The acquisition is expected to deliver in excess of 20 per cent earnings per share accretion, including $150 million of targeted pre-tax synergies.

“The opportunity to acquire a highly complementary business of the quality and size of MLC is compelling,” said IOOF CEO Renato Mota. “MLC is a natural fit with IOOF and presents a unique opportunity to create value from synergies for the benefits of clients, members and shareholders. This is a once in a generation opportunity to create the leading wealth manager of the future.”

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

AMP Capital, HSBC welcome BHP climate lobbying reforms

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

AMP Capital and HSBC are among a group backing new changes made by mining giant BHP, as a result of investor engagements targeting its lobbying power. BHP has rolled out new global climate policy standards including national emissions reduction targets consistent with the Paris Agreement, with a focus on achieving net-zero emissions by 2050. The standards also hold policies to support the transition, including market mechanisms, carbon pricing, technology-neutral frameworks and the development of pre-commercial low emissions technologies; as well as principles for its lobbying.

BHP has released a new industry associations expectations policy stating it will work with lobby groups to establish public standards and plans for what they will advocate by the end of 2020, with an aim to monitor their activities in real-time. The lobbying activities of industry associations were identified as a key area for engagement between investors and companies in the 2019 Climate Action 100+ Progress Report, because of the role the groups can play in developing or blocking climate change policy. BMO Global Asset Management co-head of responsible investment Alice Evans said her firm believes BHP’s new governance approach will help prevent “misalignment between its climate change position and the way the company represents itself in public policy debates through industry associations”.

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

Institutional investors racking up bond ETFs: BlackRock

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The asset management giant has forecast that institutional investors will double fixed-income ETF assets in the next four years, after it saw the segment grow by 30 per cent in the last 12 months. BlackRock has projected that institutional investors will expand global fixed-income ETF assets to US$2 trillion ($2.8 trillion) by 2024, from the segment’s current 1 per cent market share of the US$100 trillion ($142 trillion) global fixed-income securities market. The sector has around 1,690 ETFs according to a new report from BlackRock’s ETF business iShares, which ended June at US$1.3 trillion in assets under management.

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

NAB Appoints New Executive

Posted by Anton Murray Consulting on . Posted in News

IFA

The bank has appointed an industry veteran with 25 years’ experience as its new head of business and private banking. Andrew Irvine will step into the role of NAB’s new group executive for business and private banking, and joins the bank from Bank of Montreal where he led the Canadian business banking division. He will be a member of the NAB executive leadership team.

“Andrew is an experienced banker and talented leader who will play a crucial role focused on NAB’s strategic pillars of delivering for customers and colleagues,” said chief executive Ross McEwan. “We have an ambition to grow our market-leading business bank by helping our customers grow. Andrew’s deep understanding of customers developed over a career in banking and his leadership in using data, insights and technology to meet their needs will be important to achieving this ambition.”

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

CBA Loses Private Banking Head

Posted by Anton Murray Consulting on . Posted in News

IFA

The head of the bank’s private banking business, and former head of its advice arm, will step down following the conclusion of an organisational restructure. Marianne Perkovic will depart CBA following a decision to combine the private banking business with its retail banking services division. Investor Daily understands other members of the Commonwealth Private leadership will remain in their roles to ensure continuity for clients.

“We can confirm that Marianne Perkovic will be leaving her position as [executive general manager] of Commonwealth Private, and will finish up with CBA in October,” a spokesperson told ifa sister title Investor Daily. “Marianne has been with CBA for more than 10 years, and been at the helm of Commonwealth Private since 2016. “She has been instrumental in driving multiple improvements within the business to make it simpler and better for our private clients, and will leave it in a strong position when she leaves CBA later this year.”

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

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