Melbourne wants piece of action
The Victorian government is to embark on an aggressive campaign to launch the state as major centre for financial services.
The Victorian government is to embark on an aggressive campaign to launch the state as major centre for financial services.
Premier Steve Bracks says the government plans to woo financial services invest-ment to Victoria and challenge Sydney's current domination.
"The new Victorian government ... will work aggressively to attract new invest-ment from this sector to our state," he says.
His comments come amidst federal government initiatives designed to attract global financial services groups to Australia. There has been a perception in the Melbourne financial services community that Sydney was being favoured as the destination being pushed by Financial Services minister Joe Hockey.
Bracks denies his drive to put Victoria on the map as a major financial services player is driven by traditional interstate commercial rivalry. There are national ad-vantages in building strong regional financial service centres in Melbourne as well as Sydney, he says.
"And that we develop a regional presence in financial services on the basis of co-operation, rather than competition between cities, states and regions," he says.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
