Australia second to Japan as institutional powerhouse
Australia has become the largest centre for institutional equities investment outside of Japan in the Asia Pacific region, a report has found
Australia has become the largest centre for institutional equities investment outside of Japan in the Asia Pacific region, a report has found.
According to the 2000 International Target Cities Report in New York by Thomson Financial Investor Relations found Australia had $US116.4 billion institutional equity assets under man-agement in 1999.
This compares with the next placed Hong Kong at $US100.4 billion and number four, Singapore, at $US67.4 billion.
Axiss Australia chief executive Les Hosking welcomed the report as further evidence of Austra-lia's growing role as a global financial centre. Axiss is an initiative of the federal government set up to enhance Australia's position as a global financial centre.
"The agglomeration effects of the largest pool of investment capital and skilled funds manage-ment staff in Asia-Pacific, ex-Japan, will mean long term dividends for Australia," Hosking says.
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