Victorian campaign to attract financial services companies
The Victorian State Government has launched its latest push to attract more financial services companies to Melbourne.
The Government has released its new Financial Services Statement, which focuses on promoting the advantages of Victoria’s economy and business infrastructure to those companies considering a move. Victorian Financial Services Minister John Lenders said the state aimed to capitalise on its resilient economy by focusing on securing investment in the financial services sector and creating new jobs.
“The Government is taking action because financial services are a cornerstone of the state, accounting for about 9 per cent of the Victorian economy,” he said.
“This equates to about 100,000 jobs and is a major force driving all other Victorian industry sectors.” Lenders said the statement also proposes establishing Melbourne as a global centre of excellence in pension and funds management and a carbon market hub for the Asia Pacific. “This statement is an endorsement of the programs already underway to bring financial services investment to Victoria and provides a strategic direction for the future,” he said. “In particular, the financial crisis has reinforced the value of Victoria’s low cost, prudent approach to funds management and our prudent, well-regulated financial culture.”
The State Government said it would also continue to support the Melbourne Centre for Financial Studies and the Melbourne Financial Services Symposium as part of the promotion campaign.
“We will establish an Industry Engagement Group to ensure the financial services sector is part of Victoria’s skills network,” the minister said.
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
