Wealth Management News

Wealth Management News

Perpetual profit leaps 113%

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Perpetual’s net profit after tax surged 113 per cent on the prior corresponding period, while its underlying profit after tax added 54 per cent to $79.1 million. In an ASX listing on Thursday, Perpetual confirmed operating revenue of $384.9 million, with growth of 37 per cent primarily driven by the full contribution of Barrow Hanley Global Investors, strong relative investment performance, higher average equity markets and continued growth in both Perpetual Corporate Trust and Perpetual Private. “We are delivering solid earnings growth across our business, with all four of our operating divisions demonstrating positive momentum. Pleasingly, we are making substantial progress in executing the group’s strategic priorities with both organic and inorganic investments supporting solid growth in underlying profit and improved returns to shareholders,” Perpetual CEO and managing director, Rob Adams, said.

“Our two asset management divisions, Perpetual Asset Management International (PAMI) and Perpetual Asset Management Australia (PAMA) have continued to perform well, maintaining their disciplined investment approaches, positioning us extremely well to benefit from a rotation to value across global equity markets.” PAMI assets under management (AUM) were $77.2 billion as at 31 December 2021, up from $66.5 billion on the prior corresponding period, while the Australian segment closed the half with AUM growth of 42 per cent to $25.6 billion. The advisory division, Perpetual Private, saw its underlying profit after tax expand by 56 per cent to $23.9 million, driven by positive net flows, strong relative investment performance and higher market related revenue, supported by the continuing success of the adviser growth strategy and the acquisition of Jacaranda Financial Planning.

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

AMP Capital announces new brand name

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

In another step towards its demerger from AMP Limited, AMP Capital has confirmed a new brand name. The new business will be called Collimate Capital when it lists on the ASX in the second half of 2022. The wealth giant said Collimate is “a metaphor for alignment, clarity and precision, which speaks to our vision and expertise in long-term value creation for our clients”.

“This is an exciting step along our journey to establish a new brand as we continue to drive the business forward,” AMP Capital CEO Shawn Johnson said on Thursday. “Today’s announcement is a strong symbol of our ongoing progress towards demerger. “The new brand matches our determination to work in parallel alignment with our clients, partners and communities to develop and deliver long term, sustainable assets and returns. As a demerged entity, Collimate Capital will provide a greater level of independence, stability and accountability to further enable the delivery of superior results for all of our investors and act on growth opportunities to raise equity and deploy new capital.”

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

2022 priorities for wealth managers revealed

Posted by Anton Murray Consulting on . Posted in News

ifa

Australia’s wealth and asset managers have proved to be largely resilient throughout the COVID-19 pandemic; however, it has certainly accelerated the relentless digitisation of all aspects of their business, said Rita Da Silva, EY Oceania wealth and asset management leader. “In 2022, as front and back-office functions evolve toward more automated process models to help manage costs and drive efficiencies, the industry will also need to focus on digitally enhancing their customer engagement and life-cycle models and distribution channels,” Ms Da Silva said. According to her, the coming years will see all client groups increase their demand for tailored investment solutions, advice and education, real-time personalised service, and the integration of non-financial goals.

“Balancing these demands remains a challenging prospect for the sector,” Ms Da Silva noted. Also, in 2022, she expects institutional clients to continue to reduce their number of asset manager relationships, putting smaller firms under pressure. In this environment, she said, any manager failing to create value will lose mandates, with many investors demanding solutions that preserve capital while delivering high yields.
The rest of this article can be found at ifa.com.au.

Schroders recruits new business development managers

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The asset management company has announced two new hires for its intermediary sales team. Krista Laios will join Schroders from MLC where she worked as an investment specialist within its management division. Prior to this, Ms Laios was an associate director for intermediary sales at NAB Capital Markets. With over 11 years’ experience in financial services, Ms Laios has held a number of roles in business development, sales and operations.

Meanwhile, Nathan Dickinson will also join Schroders as a business development manager, also moving across from MLC where he worked as an investment business development manager. Before entering sales in 2014, Mr Dickinson worked as a financial adviser at Centric Wealth and also held management roles at Zurich and Paragem. Schroders’ head of sales, Ray Macken, welcomed Ms Laios’ and Mr Dickinson’s industry experience and said they will bolster the company’s business development team.

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

 

BlackRock hires former Westpac exec as head of wealth for APAC

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

Former Westpac business division CEO Guilherme Lima joins BlackRock. BlackRock has named Guilherme Lima as its new Asia Pacific head of wealth. Mr Lima was formerly the CEO of Westpac’s business division, where he had led private banking, commercial banking and SME banking since 2019.

Prior to this, he spent more than a decade at HSBC with leadership roles in wealth, premier banking and strategy in Hong Kong, as regional head of retail banking and wealth management at HSBC Latin America in Sao Paulo, and as chief of staff to the group CEO in London. He was also formerly a partner at McKinsey in New York and Sao Paulo. Commenting on the appointment, Rachel Lord, BlackRock’s chair and head of Asia Pacific, said that the wealth market in Asia was “on the cusp of remarkable expansion and transformation”.

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

BT announces new CEO

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

BT has revealed who will step into the newly created role of chief executive. The wealth giant announced that Matthew Rady will take on the position where he will oversee a “combined business” that includes BT Platforms, including BT Panorama, BT’s Personal and Corporate Super, and Investments. Westpac Group chief executive Specialist Businesses and Group Strategy, Jason Yetton, said Mr Rady will help “drive positive customer and member outcomes through one BT Financial Group business”.

“I am pleased that someone of Matt’s calibre will join us to ensure the business enters its next phase in a strong position,” Mr Yetton said. Mr Rady previously worked as CEO at Allianz Retire and has held executive roles in companies including Macquarie Group and Iress. BT managing directors Kathy Vincent and Melinda Howes will report to Mr Rady. Mr Rady will start with BT in October.

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

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