Financial services heavies to promote Melbourne
A bevy of Melbourne’s financial heavyweights have been appointed to the state government’s committee for boosting Victorian as a regional financial centre.
A bevy of Melbourne’s financial heavyweights have been appointed to the state government’s committee for boosting Victorian as a regional financial centre.
NAB’s Frank Cicutto, AXA’s Les Owen, Bendigo Bank’s Rob Hunt and ANZ’s John McFarlane have all been appointed to the 22-person committee.
The Finance Industry Consultative Committee will play a key role with the state government in the ongoing development of Victoria as financial centre, says Treasurer John Brumby.
“The government believes the financial services industry has a strong future and that renewed emphasis needs to be given to this important growth sector,” he says.
“With the participation of some of the most respected figures in the sector, the newly appointed committee will provide an excellent forum for industry to highlight to government emerging opportunities and issues, sector trends and skills needs.”
Other committee members include Vanguard Investments managing director Jeremy Duffield, JB Were executive chairman Terry Campbell, Hastings Funds Management managing director Mike Fitzpatrick and Industry Fund Services executive chairman Gary Weaven.
The branch secretary of the Finance Sector Union John Wilson has also scored a place on the committee.
Brumby says the state government is determined to secure a bigger share of the financial services sector for Victoria. Recently US investment bank Lehman Brothers announced its regional headquarters would be in Melbourne and the managing director Stevan Lambert will be a member of the committee.
Areas to be targeted by the committee include funds management, superannuation, venture capital and financial research and education.
Recommended for you
Wealth managers have said they are experiencing difficulties in aligning their company’s in-house views with the ever-increasing needs of clients, according to MSCI.
The financial advice industry is experiencing a “champagne problem” regarding pricing, with advice firms seeing no need to cut their prices to remain competitive.
Marking a decade offering managed accounts in Australia, BlackRock has elaborated on the changes it has seen in their usage by financial advisers, with net client flows rising from 4 per cent to 25 per cent.
AZ NGA’s CEO has unpacked how its recent $345 million debt facility from Barings will accelerate its advice network’s growth ambitions, and allow its largest firms to access a greater source of funding.
