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Wealth management sector ready for AI

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

According to a joint report titled AI and the Modern Wealth Manager by software provider Temenos and Forbes Insights, 93 per cent of surveyed wealth managers said artificial intelligence would play a role in the future of their business. The report presents survey findings of 310 ‘wealth managers’ and high-net-wealth (HNW) investors from Asia Pacific, Europe, the Middle East, Africa, Canada, the US, and Latin America. Among the 219 surveyed ‘wealth managers’ were c-suite executives (25 per cent), heads of asset management (37 per cent), and heads of businesses at investment banks (76 per cent) and private banks (24 per cent).

Not only do wealth managers anticipate a future with AI in it but they are positive about it, the research findings indicated. “Eighty-six percent of wealth managers say the rise of digitisation is essential or good overall. This sentiment is even higher among high-net-worth individuals—96 per cent,” the report said. Companies and their wealth managers that failed to incorporate the “unstoppable trend” of AI technology faced an “existential crisis”, it also said.

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

Macquarie Restructures to Target HNWs

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

Macquarie will merge its private bank and private wealth divisions as part of a renewed focus on high-net-worth clients, resulting in some advisers leaving the business. Macquarie’s private bank business, which focuses exclusively on high-net-worth clients, has been folded into the group’s wealth management business. The merger of the two groups reflects a renewed focus on wealthier clients, which Macquarie defines as those with assets of $1.3 million of more.

The strategy reflects the path taken by NAB, which announced the sale of MLC and a renewed focus on its high-net-worth JBWere business. The merger will “impact a number of advisers”, according to a statement by the company. “Macquarie is supporting these advisers in a number of ways, including by facilitating discussions with other firms and assisting with their transition,” it said.

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

CBA announces CFSGAM IPO

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

The Commonwealth Bank of Australia has confirmed it will list wealth management subsidiary Colonial First State Global Asset Management (CFSGAM) on the ASX. In a statement, the major bank announced confirmation of its intention to pursue an IPO of CFSGAM on the ASX by the end of calendar year 2018. “We examined long-term Commonwealth Bank shareholder value and also considered the ability of CFSGAM to serve the interests of its clients, attract and retain key personnel and better grow its business,” the statement said.

“While CFSGAM has achieved significant growth, scale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits.” CBA have approached a number of candidates who have agreed to join CFSGAM’s board as independent non-executive directors in preparation for the potential listing, including John Mulcahy, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat, according to the statement. Mr Mulcahy would be appointed chairman of the board.

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

Citi Private Bank names new APAC strategist

Posted by Anton Murray Consulting on . Posted in News, Wealth Management News

InvestorDaily

Citi Global Consumer Bank’s head of portfolio advisory has moved to Citi Private Bank to take up the role of Asia Pacific strategist. Citi announced in a statement that Catherine Cheung has taken up the new Hong Kong-based position at Citi Private Bank (CPB). Ms Cheung has already started in the new role and will work with the private bank’s product partners and is responsible for promoting the bank’s investment strategy across Asia to internal stakeholders and ultra-high net worth clients, according to the statement.

Ms Cheung reports to CPB Asia Pacific chief investment strategist Ken Peng, who said the appointment of Ms Cheung would strengthen the bank’s “strategic investment advisory proposition”. “I look forward to Catherine bolster[ing] our capabilities and deliver[ing] timely and tailored investment views to our UHNW clients,” Mr Peng said. Before the move to CPB, Ms Cheung was in the Hong Kong-based role of head of portfolio advisory at Citi Global Consumer Bank, where she led a team that advised Citigold private clients on asset allocations.

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

ANZ experiments with AI underwriting

Posted by Anton Murray Consulting on . Posted in Market Commentary, News, Wealth Management MC, Wealth Management News

InvestorDaily

ANZ Wealth has announced a collaboration with the University of Technology Sydney’s Advanced Analytics Institute (AAI) to explore the applications of artificial intelligence in insurance underwriting. ANZ and UTS will work together to understand the ways artificial intelligence can improve the client experience, according to a statement by UTS’ AAI. “This collaboration combines the expertise of UTS and ANZ to explore how big data, client behaviour modelling, text mining and natural language programming, along with social and predictive analytics all can add value in the insurance sector,” UTS AAI associate professor Guandong Xu said.

“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes,” said Mr Xu. ANZ Wealth chief underwriter Peter Tilocca added that AI applications have the potential to provide clients with a higher standard of service. “A data-driven model provides the opportunity to create a more personalised, efficient service with improved quality assurance for our customers when they apply for insurance,” he said.

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