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February 2019

Posted by Anton Murray Consulting on . Posted in 2019, Newsletters

Super funds are in a unique position. They can diversify their asset allocation by providing credit to non-financial businesses in the market for debt; as well as increasing the availability of credit to businesses that need it.

A recent Industry Super Australia report highlighted the benefits of Australian businesses borrowing from super funds to include the long duration availability and Australian Dollar denomination, removing currency fluctuations from the risk list.

Growing constraints on bank-based lending has seen super funds able to partner with banks to provide more comfort for corporates through the lending process. Large super funds like First State Super have hired ex-banking teams to front their lending strategy to put in place the controls, checks and return strategies well established within bank-based lending.

The corporate bond market could be a further diversifying tool for super funds to access long term returns as the superannuation industry heads into more of a growth phase. Cash, government bonds and gold have made up much of the defensive assets available to super funds, however some of the corporate debt taken up by those funds has originated overseas where corporate bond markets are more established, particularly in the United States. The Murray Inquiry noted in 2014 that 80 per cent of corporate bonds available to super funds originated overseas, a number that has no doubt decreased as the Australian marketplace has become more important.

The Industry Super Australia report also highlighted the importance of returns as a driving factor in the inclusion of any corporate debt allocation. Members funds have the potential to assist corporate Australia with their capital needs, but returns must be in line with required parameters. The report also noted that corporate Australia needed to acknowledge the role of consistent and ongoing contribution inflows. This is important to members and their retirement needs but also to businesses to access those funds through debt funding.

Financial Messaging Services Hits Record Traffic

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


A global provider of secure financial messaging services has reached an record high traffic of over 7.8 billion messages. SWIFT allows over 11,000 financial institutions to send secure, reliable and efficient electronic messages like payments to each other and 2018 was the company’s biggest year to date. Over 2018, an average of 31.31 million messages were sent daily which drove its annual traffic up to 7.8 billion an increase of 11.3 per cent from 2017.

The growth has been attributed to mass adoption of SWIFT gpi which now accounts for 55 per cent of cross-border payment instructions carried on the network. The biggest day for SWIFT was on 31 May when 35.22 million FIN messages were sent which chief executive Gottfried Leibbrandt said was a remarkable achievement. “Our traffic increase is remarkable, and I’m delighted we’ve hit an all-time high of 35 million messages in a single day.”

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Bracing for Brexit

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


Brexit has brought to the table a whirlwind of uncertainty and tragi-comedic drama to historically one of the world’s most stable democracies and its fifth-largest economy (just about), with potentially negative consequences for the world’s largest trading bloc and, most of all, the UK. So it’s no surprise that equity investors have generally taken it badly, with the Stoxx Europe 600 shedding 12.89% last year and the FTSE 100 losing 12.5% – its biggest annual decline in 10 years. With less than two months to go to the Brexit deadline on March 29, there is still deadlock and little sign of a deal that will command a majority in the British parliament and be agreed to by the European Union.

The chances of a ‘no deal’ are growing. For investors looking on from the outside, the challenge is clear: should I invest in the UK or should I not? Should I take advantage of the weak pound and oversold markets to gain exposure to world-class assets and companies, or maybe wait for a firesale, or should I rein it in and try to steer clear?

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BT Panorama Funds Up 32%

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


BT Panorama is set to surpass $15 billion in funds under administration with a 75 per cent increase in netflows since it introduced simple open platform pricing in July last year. The firm’s FUA were up by $3.6 billion, an increase of 32 per cent, while netflows grew between August to December to $814 million from $466 million. BT Panorama also increased its number of active advisers by 35 per cent, while customer accounts grew by 33 per cent.

The company noted it is now experiencing quarterly and annual FUA growth of 15 per cent and 85 per cent respectively. BT Panorama saw quarterly and annual netflows of 30 per cent while other platforms with positive netflows fell from the June quarter. Kathy Vincent, general manager, Platforms and Investments at BT Financial Group said the firm opening up its pricing has been a game-changer.

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Pengana Launches Australian First Trust

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


Australia’s first global private equity listed investment trust is set to be launched by Pengana to give investors exposure to the portfolio. The Pengana Private Equity Trust will provide investors with exposure to a globally diversified portfolio of private equity through an ASX-listed vehicle. Grosvenor Capital Management (GCM) has partnered with Pengana to construct the trust and will help the group to select investments for it.

Grosvenor is a global alternative asset manager with US$52 billion under management and with a long track record of investing in private equity. Private equity in the past has been the domain of institutional investors but, by trading on the ASX, the trust hopes to allow more investors access because of the potential of secondary market liquidity. Pengana’s chief executive officer Russel Pillemer said this trust would give retail investors opportunities they had never had before.

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