NewsRoundup 23/11
The woes of the Australian dollar are continuing to benefit investors with a significant exposure to international funds.
While share markets in Australia and overseas look more and more bearish each month, the falling Australian dollar has helped international shares invested in Australian dollars. According to Ausbil Dexia, international shares returned 2.8 per cent in October in Australian dollar returns, thanks to a 5.5 per cent by the Australian dollar against the US dollar. In contrast, Australian shares were the worst performing sector in October, losing 1.2 per cent of their value over the month.
Investor strategy
Investor Group has signed up BT Funds Management's corporate superannuation in a bid to take on the corporate superannuation market. The group has adopted a corporate superannuation strategy and will roll out the BT Lifetime Super - Employer Plan trough its network of financial planners. Investor Group financial services division chief executive Tim Townsend says the group chose BT as a part of a strategic partnership, not simply to push the product. As part of the plan, a corporate super task force made up of 20 staff from 10 of the different firms will be established.
Deakin Enhanced
Deakin Financial Planning has continued its spending spree with the acquisition of WA-based Enhanced Remuneration Services. Under the terms of the deal, Enhanced will change its name to Deakin Salary Packaging and will roll out its remuneration, consulting and administration bureau expertise throughout the Deakin network. John Miglore will take the helm at Deakin Salary Packaging with a brief to seek out synergies with Deakin's financial planning business.
SSB wins tender
Salomon Smith Barney (SSB) has been awarded the mandate to manage MBF's $30 million corporate superannuation fund and provide financial planning to its MBF staff. SSB Asset Management's corporate superannuation master trust was chosen as the vehicle for the fund after a full tender process. SSB says its tender came through on its wide investment choice and commitment to member education. SSB has already conducted member education seminars for MBF in eight cities and regional centres around Australia.
AMP/GIO integrate
The integration of the GIO business into AMP Financial Services has reached the final stage with an application to transfer the business to be made to the Federal Court on December 8. The transfer will move the life business of GIO over to AMP adding the 350,000 policy holders of the former to that of AMP's 1.5 million life policy holders.
AMP Financial Services managing director Andrew Mohl says the transfer will not have a negative effect on any policy holder.
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