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Articles by John Dalzell
New competition cooperation framework likely to increase and intensify coordination between authorities in Australia, Canada, New Zealand, the United Kingdom and the United States | Dentons - JDSupra
On September 2, 2020, competition authorities from Australia, Canada, New Zealand, the United Kingdom and the United States signed the Multilateral Mutual Assistance and Cooperation Framework for Competition Authorities1 (Framework), a move that emphasizes the importance of cross-jurisdictional cooperation and the authorities’ commitment to pursuing competition matters even during a global pandemic. Cooperation across competition authorities worldwide is already extensive.
RBA governor talks down rate rises
Speaking at the A50 Economic Forum dinner in Sydney on Thursday, Reserve Bank governor Philip Lowe said that Australia does not have to “move in lock-step” with foreign economies by hiking interest rates. “We did not lower our interest rates to the extraordinarily low levels seen elsewhere after the financial crisis,” Mr Lowe said.
Former KPMG partner joins Westpac board
Peter Nash will join the board of Westpac, bringing with him more than three decades’ experience at KPMG Australia, during which he held the role of partner from 1993 to 2017 and national chairman for six years from 2011. He has been appointed as an independent non-executive director and will also become a member of Westpac’s Board Risk and Compliance Committee and Board Audit Committee.
Make ASIC a ‘champion for competition’: PC
In its draft report on competition in Australia’s financial system, released on Tuesday (6 February), the Productivity Commission argued for comprehensive reform of the regulatory environment. At present, the Australian Competition and Consumer Commission (ACCC) is the chief regulator when it comes to competition in Australia. However, the Productivity Commission noted that the ACCC is “not a counterweight to the financial regulator’s interests in stability”.
Robots can solve productivity woes: Nanuk AM
Speaking in Sydney on Wednesday, Nanuk Asset Management portfolio manager Binya Even defended against concerns that the increasing adoption of automation and robotics was rendering employees redundant. “There are a lot of kinds of dystopian fears that there’ll be mass unemployment, that everything will be done by robots. “But if we look at the medium term, say the next five to 10 years, I think robots can be a very positive influence to society,” Mr Even said.
PAN-Tribal adds key account manager
Nick Baring has been appointed to PAN-Tribal Asset Management as a key account manager, servicing adviser and dealer groups in Victoria. Mr Baring has 15 years of experience including roles in business development and account management at NAB Asset Management, MLC and CBA/Colonial First State. PAN-Tribal chief executive Colin Woods said that Mr Baring’s appointment would help the business grow its funds under management.
BEAR legislation passes Senate
Australian Treasurer Scott Morrison announced on Wednesday that the new accountability framework had been by passed the Senate, granting APRA new enforcement powers. Under the BEAR reform, the concept of an ‘accountable person’ is created and defined as a board member or executive with control over management of an authorised deposit-taking institution (ADI), and will need to register with APRA.
CBA’s half-year profit down by 1.9%
The Commonwealth Bank has missed analyst expectations in its annual result for the half-year to 31 December 2017, posting a cash net profit after tax of $4.73 million (down by 1.9 per cent on the prior corresponding period). The result is a “miss” compared to expectations from analysts like UBS’ Jonathan Mott, who predicted a cash net profit of $5.2 billion.
CBA half-year profit down 1.9%
The Commonwealth Bank has missed analyst expectations in its annual result for the half-year to 31 December 2017, posting a cash net profit after tax of $4.73 million (down 1.9 per cent on the prior corresponding period). The result is a 'miss' compared to expectations from analysts like UBS's Jonathan Mott, who predicted a cash net profit of $5.2 billion.
RBA keeps cash rate on hold
The RBA has continued to keep its cash rate steady at 1.5 per cent for the 17th month in a row. Market expectations for the cash rate overwhelmingly pointed to no change, with AMP Capital chief economist Shane Oliver stating it was “too early for the RBA to consider raising interest rates”.
Australian super continues to lead world: report
Compulsory superannuation has seen the Australian superannuation system grow faster than any of the 22 countries surveyed by Willis Towers Watson. The Global Pension Assets Study, conducted by the consulting firm's Thinking Ahead Institute, found that Australian pension fund assets grew by 7.1 per cent per annum (in Australian dollars) over the past decade. The ratio of Australian pension fund assets to GDP is now 138 per cent, up from 126 per cent in 2016.
Magellan announces two acquisitions
In a statement to the ASX accompanying its half-year result, Magellan has announced the acquisition of Australian equities manager Airlie Funds Management and US distribution firm Frontier Partners Group. The acquisitions come as Magellan announces a net profit after tax of $53.5 million for the half-year, down 39 per cent on the prior corresponding period. Magellan's underlying profit after tax was $109.2 million, up 25 per cent.
FTSE launches gender diversity indices
FTSE Russell has launched the FTSE All-Share Women on Boards Leadership Index and its Russell 1000 Women on Boards Leadership Index, according to a statement. These indices are the first two in a series that aims to provide investors with exposure to companies that demonstrate leadership in diversity. “This is achieved by adopting a factor-based approach, tilting stocks to overweight or underweight depending on their gender diversity at board level and social impact score,” the statement said.
US inflation fears send shares plummeting
Better-than-expected employment data released by the US Bureau of Labor Statistics on Friday caused US 10-year Treasury yields to rise sharply, reflecting fears about inflation. US 10-year yields hit 2.86 per cent by the close of trading on Friday, up from 2.4 per cent in early January – largely driven by the perception that wage inflation is starting to take root, which could result in faster rate hikes by the US Federal Reserve.
Clearview launches flat fee facility
The payment feature, named the Advice Implementation Fee (AIF) facility, is designed to help advisers charge a fee agreed to by the client, according to a statement. The facility, which is accessible through the ClearView website, was created in the wake of challenges advisers faced in adjusting to the Life Insurance Framework (LIF).
Grant Thornton appoints financial services partner
Himashini Weeraratne steps into the role with more than a decade’s experience in providing tax and compliance advice to financial service providers, fund managers and super funds, according to Grant Thornton. She also has experience in project managing, streamlining compliance processes and assisting clients with regulatory issues surrounding tax.
Cryptocurrency regulation in ‘embryonic state’: Treasury
Speaking at a media even in Sydney on Wednesday, Mr Sukkar said the departments had been thinking about regulation of cryptocurrencies but added that it was still early days. “I have been thinking about that, and working informally with Treasury – and with some people within the ATO quite frankly – as to how we characterise, potentially tax, and treat cryptocurrency,” he said.
APRA panel examining CBA’s ‘fall from grace’
APRA's prudential inquiry into CBA, announced by APRA on 28 August 2017, has released a progress report ahead of its 30 April 2018 final report. The panel running the inquiry – consisting of company director Jillian Broadbent, former APRA chairman John Laker and former ACCC chairman Grant Samuel – is looking to understand the reasons behind the "public 'fall from grace' of an otherwise iconic and financially very successful Australian financial institution".
Future Fund ups equities exposure
In a 31 December 2017 portfolio update released to the market yesterday, the Future Fund made what chief executive David Neal described as "material but modest" increases to risk in its portfolio. The fund's cash holding was reduced 2.5 per cent to 16.4 per cent, and debt securities were shaved by 0.2 per cent to 15.2 per cent. Developed markets were the biggest beneficiary, taking up an additional 2 per cent in the portfolio to 18.6 per cent.
APRA flags changes to insurance in super
In its 2018 policy priorities information paper, APRA said its policy agenda for the insurance sector “remains stable”, however notes that adjustments may need to be made to the regulation of insurance provided through superannuation. “Over the medium term, APRA expects that changes to the prudential framework for insurance may be needed to address issues with the provision of life insurance in superannuation, as well as potential innovative post-retirement products,” the paper said.
Investor confidence rises after 6-month drop
Investors across the world have exhibited an “improved appetite for risk” after State Street’s investor confidence index (ICI) rose 6.4 points to 102.1 points in January from a revised reading of 95.7 the previous month, according to State Street Global Exchange. The European, Asian and North American investor confidence indexes rose in the month of January by 16 points, 6.1 points and 1.7 points, respectively.
'Best in class' not enough for ethical investors
Speaking in Sydney yesterday, Future Super managing director Simon Sheikh – whose company excludes stocks that invest in fossil fuel, tobacco, gambling and live animal export – said the funds management industry has failed ethical investors. "Things like materiality thresholds don't make much sense to the retail investor," Mr Sheikh said.
BTIM Australia names new CEO
According to an ASX statement, Richard Brandweiner will take the reins of BT Investment Management Australia when chief executive Michael Bargholz retires at the end of July. Group chief executive Emilio Gonzalez said Mr Bargholz will leave the company with a “very capable management team” and thanked him for his contribution.
Janus Henderson sales director departs
Byron Slessar has left his role as sales director of Janus Henderson Investors to become distribution director at multi-affiliate Channel Capital. Before his time at Janus Henderson, Mr Slessar was audit-in-charge within KPMG Sydney’s financial services and audit division. Channel Capital has also appointed former Mason Stevens head of digital marketing strategy, execution and content development Angela Dovitsas as its new head of marketing, communications and content.
ASIC takes Commonwealth Bank to court
The corporate regulator has commenced civil penalty proceedings against the Commonwealth Bank for “unconscionable conduct and market manipulation” over its involvement in setting the BBSW in 2012.
Financial services firms blind to ‘social risk’
In a new paper titled Social Risks – for financial services business, Actuaries Institute member and former APRA deputy chairman Ian Laughlin has pointed to the public and media scrutiny the financial services industry had recently been subjected to and questioned business’ risk management functions.
Equip Super joins Clean Energy Council
Equip Super has joined the Clean Energy Council (CEC), a Melbourne-based not-for-profit that describes itself as "the peak body for the clean energy industry in Australia". The super fund will join the CEC as a corporate member, alongside ANZ, NAB, Palisade Asset Management, Tesla Motors and, somewhat surprisingly, Adani Group subsidiary Adani Renewables.
Life Code Compliance Committee chair named
The Life Code Compliance Committee (LCCC), the body set up to administer the FSC's Life Insurance Code of Practice, will be chaired by former ASX chief risk officer Anne Brown. Ms Brown, who was jointly appointed to the position by the FSC and the Financial Ombudsman Service (FOS), replaced Professor David Weisbrot who stepped down in November. She is currently a non-executive director of the Clean Energy Regulator and is a member of ASIC's Markets Disciplinary Panel.
IFM Investors ups stake in Decimal
Decimal announced to the ASX on Monday that IFM Investors, a fund manager jointly owned by 27 industry funds, has increased its shareholding to 15 per cent. IFM Investors acquired an initial 6.5 per cent stake in Decimal in January 2017, taking part in a $2.29 million capital raising. Monday's announcement will see IFM Investors acquire an additional 8.5 per cent of Decimal, with the placement of 28,900,000 ordinary shares at $0.03 a share.
Media Super invests $1m in orchestra fund
Media Super has invested $1 million in the fund and another $1 million to the Australian Chamber Orchestra (ACO) fund’s next acquisition, according to a statement. The ACO Instrument Fund allows wholesale investors to invest in “historic stringed instruments” and currently holds under asset two violins and a cello made from the so-called ‘golden age’ of instrument making during the 17th and 18th century. The three instruments together are worth around $7 million, according to the statement.
CBA appoints new chief executive
Matt Comyn, CBA's current group executive for retail banking services, has been appointed as CBA's new chief executive. Mr Comyn, who begins his new role on 9 April 2018, replaces outgoing CEO Ian Narev who announced he would leave the bank by the end of the current financial year. According to his contract, Mr Comyn's annual fixed remuneration will be $2.2 million.
83% of finance execs fear losing jobs to AI
Infosys’ latest research report on artificial intelligence, which spanned seven countries and received responses from 1,053 C-level executives, has revealed concerns about the technology are still being felt by business leaders.
FSC mounts defence of vertical integration
Last week ASIC released a report highlighting that financial institutions need to better manage conflicts of interest after a review of certain institutionally-owned licensees found high levels of in-house product bias despite broad APLs. In response, the FSC issued a statement that made the argument for the upsides of the vertically integrated model in operation at most institutional wealth management businesses.
CBA client compensation hits $6.87m
In August 2014, ASIC imposed additional licensing conditions on both Commonwealth Financial Planning and Financial Wisdom to ensure clients whose advice was reviewed by the AFSLs under past remediation programs were given access to legal or financial advice as well as a further, independent review. Independent compliance expert KordaMentha Forensic was also appointed to review the advice given by the licensees’ advisers to identify “high risk advisers and affected customers”.
Fintech industry association names new chair
Founder and chief executive of Melbourne-based marketplace lender MoneyPlace Stuart Stoyan will take on the role of chair as Simon Cant steps down after two years in the position. Mr Cant said he was stepping down due to a “growing workload overseeing an increasing number of portfolio companies at venture capital firm Reinventure”, according to a statement.
Crestone partner named OpenMarkets COO
Lee Redpath joins OpenMarkets with over two decades’ experience in senior roles at major consulting and finance firms, according to a statement. Prior to being a partner and head of operations and financial intermediaries at Crestone, Mr Redpath was an executive director and head of various departments at UBS Wealth Management during his time at the company spanning 2001-2015. Before that, he was a consultant at Accenture for four years.
Long-term trends boosting listed real estate
According to a note written by AMP Capital head of global listed real estate James Maydew, three areas earmarked to “perform particularly well” this year are data centres, e-commerce and demographics. “Firstly, the proliferation and dependency of data globally is driving the internet ecosystem of the cloud to new levels of mainstream adoption,” Mr Maydew wrote.
Global ‘transitions’ should guide portfolios
There are “four major transitions” underway that will have significant consequences for the world’s economies and societies, according to a note by Mirova chief investment officer for sustainable equities and fixed income Jens Peers and head of socially responsible investing research Hervé Guez.
Tyro names new chief executive
Robbie Cooke, managing director and CEO of Tatts group and former CEO of Wotif.com, has been appointed as the CEO of Tyro Payments. Mr Cooke fills the vacancy created by the resignation of previous Tyro CEO Gerd Schenkel, who resigned unexpectedly after only eight months in the job in June 2017. Tyro non-executive director Rob Ferguson has been the acting CEO of Tyro for the past seven months.
BlackRock attacks ETF ‘misconceptions’
BlackRock, which has US$3.9 trillion in passive assets under management, has sought to calm investor fears about the rise of indexing and, specifically, ETFs. In a note titled It's time to elevate the indexing debate, BlackRock vice chairman Barbara Novick said the "dramatic" growth of index funds has "generated skepticism among some and outright hostility from others".
BT Wrap adds Altrinsic Global Equities Fund
The Altrinsic Global Equities Fund, which is run by Connecticut-headquartered boutique Altrinsic Global Advisors, has been added to BT Wrap. The fund is an actively-managed equities portfolio which aims for outsized returns within a five-year period. Altrinisic Global Advisors is part of the NAB Asset Management stable of boutiques in Australia.
Bloomberg launches global gender equality index
Bloomberg has expanded upon the financial services gender equality index it launched in 2016 to create a new index that effectively measures gender equality of companies across all sectors. The new index is being used by investors as a “reference tool” to inform investment strategies, allow clients to compare and understand a company’s approach to gender equality and better “mitigate operational risks and maintain corporate competitiveness”, said Bloomberg in a statement.
KPMG appoints lead partner, global strategy
Prior to the appointment, Tim Thomas oversaw strategy and corporate development in the Asia-Pacific region as the Asia-Pacific vice president of Prudential Financial, a Fortune 500 insurance company based in New Jersey. He brings more than 20 years of strategic leadership, corporate development and operational management experience in Asia-Pacific to the new role, according to a statement.
Ophir AM hires new portfolio manager
Tim Mitchell has been appointed as a portfolio manager at Ophir Asset Management, focusing on mid-cap Australian equities. Mr Mitchell was most recently an equity analyst at Wavestone Capital. Before that, he was a sell-side analyst at Citigroup. He will work on the Ophir Opportunities and Ophir High Conviction strategies alongside senior portfolio managers Andrew Mitchell and Steven Ng. Mr Ng said, "We’re very excited to welcome Tim to the Ophir investment team.
Former Westpac GM to join zipMoney
Dianne Challenor will step into the new role on 1 February 2018 as general manager of global transaction services Westpac Institutional Banking, according to a statement. In this role, Ms Challenor oversees Westpac’s global corporate and institutional service product and sales teams across both domestic and international markets.
Cryptocurrencies facing new AUSTRAC rules
AUSTRAC has opened a draft consultation paper that lays out new anti-money laundering and counter-terrorism financing (AML/CTF) regulations, including new rules for digital currency providers. Currently, the AML/CTF laws apply to authorised deposit-taking institutions (ADIs), banks, building societies, credit unions and other persons or entities specified by AUSTRAC, but the new amendments will seek to extend them to digital currency providers.
Hub24 adds super contributions tracker
Hub24 has added a number of new features to its platform, including a super contributions tracker and an integrated records of advice service. The new functions were created as a part of an internal ‘hackathon’, in which Hub24 staff had 24 hours to develop and prototype ideas that would make the platform more effective, the company said in a statement.
Supervised Investments wins mandate
Infocus subsidiary Alpha Fund Managers has added another fund manager, Supervised Investments, to its roster. Sydney-based boutique Supervised Investments will manage the allocation within its global income fund, which invests in debt securities such as mortgage-backed securities (RMBS) and collateralised loan obligations (CLOs). Supervised Investments chief executive Michael Ohlsson said investors are currently focused on capital preservation.
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