Wealth Management News

Wealth Management News

UBS Asset Management strengthens institutional team

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

UBS Asset Management has announced the appointment of Liam McDermott as a director for its institutional business development team. Mr McDermott joins UBS following eight years at BlackRock as an institutional account manager where his roles included managing relationships with superannuation, government and sovereign funds. Head of UBS Asset Management for Australia and New Zealand Bryce Doherty said he was delighted by the appointment and looked forward to Mr McDermott strengthening the team. “We felt it was important to increase our presence in Melbourne and adding someone with Liam’s experience to the team will ensure we continue to bring the best of UBS to Australian clients,” he said.

High-net-wealth investors unsophisticated in approach

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

A new report into the investing habits of high-net-wealth individuals has found that their portfolios are not very sophisticated. The inaugural State of Wealth report by Crestone Wealth Management and CoreData has found that the majority of high-net-wealth and ultra-high-net-wealth individuals invest in just three asset classes, cash, Australian equities and residential property. Head of strategy and development at Crestone Wealth Management, Clark Morgan said most of the respondents had very concentrated investments in just these three areas which surprised him.

“It is a bit of a shock how relatively unsophisticated the portfolios are – the HNW/UHNW investors appear to have a stated risk profile that is not actually matched by the portfolio, and their lack of diversification poses significant risks,” he said. Eighty-one percent held cash, while 56.4 per cent held Australian equities and 41.6 per cent held properties, making them the three biggest asset classes by quite a margin. Only 23 per cent had investments in international equities and only 9.6 per cent having international bonds with the barrier to investing internationally cited as cost.

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

FNZ’s exploding offers land agreed deal at GBST – for now, at least

Posted by Anton Murray Consulting on . Posted in News

AFR

Some heavy handed tactics and a big bag of cash have finally hurdled FNZ into pole position at takeover target GBST. It is understood GBST’s board flipped its recommendation over the weekend and signed a new takeover agreement with FNZ. The new deal is at $3.85 a share, to be done via a scheme of arrangement and is about as unconditional as a target company could expect at this stage.

It came after a couple of long nights of takeover talks and some unconventional tactics on both sides, including FNZ’s series of exploding offers. It is understood GBST will announce the new agreement on Monday morning, barring any overnight twists. The deal puts about a $270 million equity value on the Australian-based financial services technology company, which is about twice where it was valued prior to Bravura Solutions putting it in play in April.

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

Personalisation to Drive Future of WM

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The majority of wealth managers believe delivering more customised services to clients is essential to stay competitive, but a third are unable to deliver personalisation to the degree that they wish, according to a new survey. The Next-Generation Wealth Managers: Advancing Services and Personalisation with Technology report from Forbes insights and banking software company Temenos found that almost seven in 10 wealth managers believe that a virtual platform is essential to enhance the client experience compared to only 25 per cent three years ago. Nearly two-thirds of wealth managers (64 per cent) are segmenting their clients and creating detailed and distinct profiles, while around a third (32 per cent) are unable to match demand for personalisation in line with high-net-worth individuals’ (HNWI) expectations.

The report lists three pathways that will define the next generation of wealth managers: customer experience enhanced by digital services and personalisation, insight from artificial intelligence and analytics, and new markets defined by mass affluent and alternative investments as well as operational efficiencies. Pierre Bouquieaux, product director of wealth at Temenos, said delivering personalised customer experiences will become the key differentiator for wealth managers. “Both HNWIs and mass-affluent investors want to enhance their relationships with wealth managers through more personalised services,” Mr Bouquieaux said.

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

UBS inks major deal with Japanese banking giant

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The Swiss bank has revealed plans to launch a comprehensive strategic wealth management partnership in Japan. UBS and Sumitomo Mitsui Trust Holdings Inc. (SuMi Trust Holdings) have agreed to establish a joint venture, 51 percent owned by UBS, that will offer products, investment advice and services beyond what either UBS Global Wealth Management or SuMi Trust Holdings is currently able to deliver on its own. The JV will open UBS’s current wealth management customer base to a full range of Japanese real estate and trust services, while SuMi Trust Holdings’ clients – one of the largest pools of high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals in Japan – will be able to access UBS’s wealth management services, including securities trading, research and advisory capabilities.

“No wealth management firm today provides this range of offerings to Japanese clients under a single roof. UBS expects the new joint venture to fill this gap by offering expanded products and services to clients from both franchises,” UBS said in a statement. This is the Japanese market’s first-ever wealth management partnership developed between an international financial group and a Japanese trust bank. Subject to receiving all necessary regulatory approvals, the two companies plan to begin offering each other’s products and services to their respective current and future clients from the end of 2019. Also subject to approvals, these activities will ultimately be incorporated into a new co-branded joint venture company by early 2021.”

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

Compliance Culture Must Start with ‘Why?’

Posted by Anton Murray Consulting on . Posted in Insights

InvestorDaily

A good culture of compliance within wealth management businesses must start with why certain regulatory measures are being implemented in the first place, according to a panel of compliance experts. Speaking exclusively on the InvestorDaily webcast yesterday, Advice Compliance Support managing director Nikolas Kloufetos said that staff they need to understand why they’re undertaking compliance measures, noting it’s not enough for staff to simply be aware of them. “For example, you’ve got 10 documents and need to make sure [a certain] sentence is on all of them. Well, why are you doing that?” he said.

“If you start off with that premise then you might actually end up with a more concise document by removing stuff that may not need to be there. That’s just one example – maybe some kind of training, not necessarily on how you do it, but why you do it, and what the impact is across the organisation and on the customer.” Mayflower Consulting founder and chief executive Sarah Penn noted that, in an organisation with a good compliance culture, the customer has to be at the heart of what people do. However, she added that organisations also need to think about the current customer in the future, and not just in the present.

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

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