Insights

Insights

New CEO announced at IOOF

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

IOOF has appointed a permanent chief executive following the resignation of Chris Kelaher back in April after 10 years in the role. According to a statement to the ASX, IOOF said the appointment of Renato Mota as chief executive is effective immediately. Mr Mota had been in the role of acting chief executive since December 2018 and prior to that was the group general manager of wealth management since January 2016. In addition, he joins the IOOF board as managing director.

According to the ASX announcement, Mr Mota will have a fixed salary (including superannuation) of $1.2 million. As for variable remuneration, he will have no short-term incentives; however, he will have a long-term incentive (LTI) of 100 per of fixed remuneration. Mr Mota will be straight into the deep end at the firm as the group faces a class action from Quin Emanuel Urquhart & Sullivan on behalf of investors who purchased shares in the company between 2015 and December last year. It is the second lawsuit to battle as IOOF subsidiary Australia Executor Trustees is also facing a $75 million case over the lost of investments from a scheme back in the ’80s.

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

Westpac Names Head of New Business Division

Posted by Anton Murray Consulting on . Posted in News

IFA

Westpac has appointed a new chief executive of its merged business division several months after announcing it would be exiting financial advice. Guilherme Lima joins Westpac from from HSBC in Hong Kong where he has been group head of wealth management and in prior roles led the retail and wealth management business of HSBC for the Latin American region, according to a statement. Mr Lima has 22 years’ experience in banking and consulting in Asia, Europe, Latin America and the US and is a former McKinsey partner. He will start in the role later this year subject to required regulatory and visa approvals.

In March, Westpac announced it would merge its private wealth, platforms and investments, and superannuation businesses into a new business division as part of larger restructure, including an exit of its financial advice business. Meanwhile, Westpac’s insurance business will move into its consumer division. Westpac chief executive Brian Hartzer said he’s delighted to welcome Mr Lima to the group executive team.

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

Facebook coin announcement stirs industry excitement

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

The fintech industry has expressed excitement over the announcement by Facebook that it was set to introduce a new cryptocurrency to market with the help of some of the biggest names in tech. The cryptocurrency, dubbed Libra, has been announced by a Facebook white paper stating their mission to empower billions worldwide to enter the financial market. “The mission for Libra is a simple global currency and financial infrastructure that empowers billions of people,” said the white paper.

The move has been met with excitement by industry players, and general manager of FinTech Australia Rebecca Schot-Guppy said such a rollout would open up new markets and promote fintech innovation. “Another exciting prospect out of this is that Facebook’s reach may also help finally educate the public on the power of blockchain and cryptocurrency. Calibra [digital wallet for Libra] could take these technologies mainstream and put them at the fingertips of every Australian,” she said. Co-founder and co-chief executive of Assembly Payments Simon Lee said it seemed like Facebook’s attempting to copy what WeChat and Alipay had done in China.

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

UK Neobank Fintech Launches in Aus

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

UK neobank Revolut has rolled out its beta launch in Australia with around 20,000 consumers on the waitlist to try out the fintech. The company is yet to gain an Australian banking licence, for now being classified as an electronic money institution. Revolut has previously said it is intending to add commission-free investing to its app, the details of its establishment are still to be announced.

For now, it is giving consumers the ability to exchange money to other Revolut customers in the UK and Europe instantly and for free, as well as spend and transfer abroad at the real exchange rate without fees or markups. Australian consumers will be able to hold and exchange 15 currencies directly in the app, including Australian, New Zealand and US dollars, British pounds and Euros. In the UK and Europe, customers can hold and exchange 29 currencies, a feature that Revolut plans to extend to Australians. Users can also spend and transfer cryptocurrency, with the app offering bitcoin, litecoin, ether, XRP and BCH.

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

Link gets green light on $450m Apex deal

Posted by Anton Murray Consulting on . Posted in News

InvestorDaily

ASX-listed Link Group will offload its corporate services arm to UK-based Apex Group for approximately $450 million after meeting all regulatory approvals. Earlier this year, Link Administration Holdings Limited announced the sale of its Corporate & Private Clients business (CPCS), part of the Link Asset Services division, to global fund administrator Apex Group for a cash-free, debt-free consideration of £240 million. Link Group this week advised that all regulatory approvals have been received and completion is expected to occur on 28 June 2019.

“After considering Link Group’s broader strategy, the decision was made to sell CPCS, and it is pleasing that all regulatory approvals have now been received to allow the sale to complete by the end of the financial year,” Link Group managing director John McMurtrie said. The net cash proceeds of the sale will be used to reduce Link Group’s debt and strengthen its balance sheet. Including the proceeds and excluding the EBITDA generated by CPCS, the pro forma net debt to operating EBITDA ratio is expected to fall into the bottom half of Link Group’s guidance range of 1.5x to 2.5x.

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