Opportunities for Aussie financial expertise lie in Asia Pacific
Australian financial services companies should embrace a regional mindset and become players in the Asia Pacific, according to life insurance veteran, Rob Macpherson.
Macpherson said the self-imposed absence and withdrawal by Australia’s leading financial institutions were lost opportunities with long-term ramifications.
He said instead of expanding overseas, the Australian industry “devoured itself”, leaving only the big four banks and AMP to remain.
“Not only did we lose long established groups like Colonial, Norwich, Scottish Amicable, Legal & General, T & G, Prudential, National Mutual, etc. – but in the consolidation process the ventures and operating licenses in Asia were jettisoned,” he said.
Looking to the future, Macpherson said there was still a place for Australian financial services expertise and know how in the Asia Pacific, particularly in “rising star” nations like Cambodia, Lao, Myanmar and Vietnam.
AUTHOR
Anastasia Santoreneos
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
