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Australian equities extend gains, boosted by energy and materials

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

The S&P/ASX 200 gained 1.18 per cent in August, according to data from S&P Dow Jones Indices, on the back of a strong month for the energy and materials sectors. After July’s rebound of 5.75 per cent, which came after three consecutive months of losses, the benchmark index is now up by 7 per cent for the third quarter. “Another 4 per cent is required to bring the benchmark back into the black for 2022,” said S&P Dow Jones Indices index investment strategy director, Benedek Vörös.

“The S&P/ASX 200 Energy was the star performer amongst Australian sectors in August, jumping 8 per cent and thereby extending its year-to-date gains to 44 per cent.” The materials sector was the next best performer in August, rising by more than 4 per cent, while communication services (2.55 per cent), industrials (1.23 per cent), consumer discretionary (0.95 per cent) and health care (0.42 per cent) all ended the month higher. Real estate was the weakest sector, falling by 3.23 per cent to be down 16.73 per cent year-to-date. Other sectors in the red for the month were consumer staples (-1.82 per cent), utilities (-1.61 per cent), financials (-0.63 per cent) and information technology (-0.07 per cent).

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

Perpetual and Pendal reach acquisition agreement

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

InvestorDaily

Perpetual has announced the acquisition of Pendal. Following an unsuccessful acquisition offer in April, Perpetual said on Thursday it has entered into a binding scheme implementation deed with Pendal under which it intends to acquire 100 per cent of shares in the investment manager. The acquisition is expected to create a leading global asset manager with significant scale and pro-forma assets under management of $201 billion.

Pendal shareholders will receive one Perpetual share for every 7.50 Pendal shares plus $1.976 cash per Pendal share. This implies an offer price of $6.02 for each Pendal share based on Perpetual’s closing price on Wednesday. As such, Perpetual and Pendal shareholders are expected to own approximately 53 per cent and 47 per cent respectively of the combined group shares on closing, based on the current number of shares outstanding. Tony D’Aloisio, current chairman of Perpetual and future chairman of the combined group said: “We are pleased that Pendal’s board of directors has unanimously recommended that Pendal shareholders vote in favour of the scheme, in the absence of any superior proposal and subject to the independent expert’s opinion that the scheme is in the best interests of shareholders.”

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

Government commits to sweeping super reforms

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

InvestorDaily

The new government wants superannuation funds to up their game regarding the energy transition and investing in housing.  Speaking at the Superannuation Lending Roundtable hosted by The Australian Financial Review this week, Treasurer Jim Chalmers proposed several sweeping reforms that could shake up the $3.4 trillion superannuation sector. Vowing not to mess with the fundamentals of the superannuation system, Mr Chalmers said the Labor government will instead “dispassionately” diagnose the challenges, and work at addressing them.

“We won’t be directing funds into asset classes or looking for new excuses to give members early access – that was a disaster in my view,” Mr Chalmers said, taking a veiled swipe at the former government, which at the height of the pandemic, allowed Aussies to withdraw significant funds from their super. To ensure this doesn’t happen again, the Treasurer said his government will shortly legislate a primary objective of the superannuation system. Labor has previously voiced its intention to cement super’s purpose in law. Just last year, the then opposition financial services and superannuation spokesman, Stephen Jones, said, “The purpose of super is to provide a secure dignified retirement – not to fix every other area of this government’s policy neglect.”

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

Vanguard to launch superannuation product by end of year

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

InvestorDaily

APRA has granted Vanguard Super Pty Ltd, a trustee of Vanguard Super, a registrable superannuation entity (RSE) licence, it announced on Friday. Speaking to InvestorDaily, a spokesperson for Vanguard said the company expects to launch its offer by the end of the year. “We are delighted to confirm that APRA has issued an RSE licence to Vanguard Super Pty Ltd, an important regulatory milestone,” Vanguard said.

“There is more to be done before we publicly launch Vanguard Super, however we are on track to open our superannuation offer to the public by the end of the year,” it added. Vanguard first announced its intention to enter the super sector in late 2019, with the appointment of Michael Lovett as the head of the new division. Speaking on Vanguard delving into super in late 2020, a spokesperson for the group said: “This is an ambitious plan, and it requires us to focus our long-term efforts on opportunities that enable us to better serve direct investors and their advisers.”

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

BlackRock adds APAC head of research to sustainable investing team

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

InvestorDaily

BlackRock has appointed Elaine Wu to the newly created role of APAC head of research for BlackRock Sustainable Investing (BSI APAC). Ms Wu has over 14 years of experience in equity research in the APAC region, and was most recently head of Asia ex-Japan ESG and utilities equity research at J.P. Morgan, where she is said to have been first to spearhead an ESG research for the firm. While initially focusing on climate transition and energy value chain throughout Asia, her research has expanded across markets and sectors.

She has earned first place ESG Analyst ranking in the Institutional Investor All-Asia Research Poll, and recognitions in Greenwich and the Thomson Reuters Asia Analyst Awards. Prior to J.P. Morgan, Ms Wu also previously held roles at Nomura and Lehman Brothers. As APAC head of research, BlackRock said that Elaine will drive the research agenda for BSI APAC and oversee the firm’s sustainability research across the region.

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

Major super funds and investment firms sign up to diversity initiative

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

InvestorDaily

Four of Australia’s largest investors have partnered with Future IM/Pact. Aware Super, UniSuper, Pinnacle Investment Management and TDM Growth Partners have joined the Future IM/Pact initiative aimed at improving diversity in Australian investing. Future IM/Pact was founded in 2018 to connect Australia’s top investors with women studying at university and early in their early career, and inform them about a career in investing.

Six of Australia’s 10 largest asset owners are now backers of the program, with the $150 billion Aware Super and the $105 billion UniSuper now sitting alongside the Australian Retirement Trust, QIC, VFMC and HESTA. “We’re seeing more super funds and investment management firms recognise the importance of working across industry to build the pipeline of female investors,” said Future IM/Pact founder, Yolanda Beattie. “Having 20 industry partners on board gives us more opportunities to share with our growing pool of female talent, more mentors to support their career journey, and more funding to inspire a passion among more women about a career in this hugely influential industry.”

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

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