The government’s reform package may be flawed, but it’s crucial that the first tranche goes through parliament before the next election, Abood said. Further delays will stall vital investment in the financial advice industry.
The banks may not be perfect, but their collective role in facilitating a developed ecosystem, combined with the leverage they have through lending and capital allocation, means they often fall within Australian Ethical’s “investible universe”.
Magellan, Franklin Templeton changes lead appointments this week
Australia’s unemployment figures remained steady at 3.9 per cent for May despite more than 61,000 people entering the workforce. The extra workers that have joined is evidence that the workforce is starting to thrive and expand in the wake of the pandemic.
The May increase in employment figures is the seventh consecutive increase. The participation rate hit a fresh record high of 66.7 per cent while the number of people considered officially unemployed increased by 7,800. The message here is that more and more people are entering the work force. With the unemployment rate sitting close to a 50-year low, the under-utilisation rate has tumbled to a 40-year low.
There have been a few key movements this week, particularly at the top of some of Australia’s largest financial services groups.
The current head of APAC at Franklin Templeton, Vivek Kudva, will retire on July 28 after 16 years at the firm. In his place, the global asset manager has appointed Matthew Harrison and Tariq Ahmad for the roles of co-heads of APAC beginning in August.
Harrison is currently the managing director of Australia and Ahmad is the head of Asia distribution. Both will have joint responsibility for APAC strategy. Harrison and Ahmad will jointly develop and execute the overall APAC strategy. Franklin Templeton is confident that their combined experience will be crucial in capturing rapid growth opportunities in the backdrop of shifting market dynamics. Earlier this year, Franklin Templeton hired Anne Simpson to the newly created role of global head of sustainability and Michael Bowen as sales director, with more than 15 year’s experience.
Hamish Douglass is back, having taken medical leave, re-joining Magellan this week. The market has welcomed his return with shares rising on the back of the news. Mr. Douglass will start in his new consultancy role providing investment insights, including geo-political and macroeconomic views. The firm’s next CEO, David George, has brought forward his start-date to 19 July. He was previously expecting to commence work on 8 August.
Wealth manager Fidelity is set to lose four experienced Australian stock pickers: Kate Howitt, Anthony Macdonald, Sarah Thompson and Kanika Sood. Howitt is considered to be one of the most senior members of the Fidelity Australian equities team with some 20 years’ experience, having run the Fidelity Australian Opportunities Fund. The fund’s current assistant portfolio manager, Clare Coleman, has also been appointed as co-portfolio manager of the fund, ensuring continuity and a smooth transition. Casey McLean was appointed to act as the lead portfolio manager of the fund with effect from 1 October 2022.
State Street has appointed John Venardos as managing director of portfolio solutions. He joined the company following his previous role as MD and head of implementation at Russell Investments.
AXA Investment Managers has announced the launch of AXA IM investment institute and appointed chief investment officer Chris Iggo as chair. Iggo will lead the AXA IM investment institute advisory committee, which will meet quarterly to discuss key macro and research themes.
Ausbil have appointed 3 new BDMs to support its expansion plans. The asset manager has grown to over $16 billion in FUM. Dimitri Giannaras will join the NSW team while Marko Matosevic has been appointed to Victoria. Andrea McGarry has been promoted to BDM for Queensland and the Northern Territory.
