Victoria to lure industry south
The Victorian Government will aim to create a new ministerial position to forge a better link between itself and the financial services industry after completing an audit of the sector.
The Victorian Minister for Financial Services Tim Holding says the state’s strong infrastructure and depth of resources should encourage more independent financial planners and boutique investment managers to locate in the state.
“The audit makes it clear Victoria has many key industry advantages, including a strong professional services, a vibrant economy, low-cost infrastructure, a stable regulatory and political environment and a strategic regional location,” he says.
The financial services industry accounts for 8.2 per cent of Victoria’s economy and is the third largest contributor ($13 billion) after manufacturing and business services.
Holding believes Victoria should be more pro-active in attracting international companies to base themselves in the state.
“Victoria is well-positioned to pursue growing international opportunities, especially in providing financial services management for the Asian region.”
Other recommendations stemming from the audit include developing more education and training facilities for the financial services industry, and focusing on export opportunities.
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.
