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Articles by Leslie Mao
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.
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.
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".
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.
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.
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.
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.
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.
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.
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.
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