IAM appoints Press, launches 2 bond ETFs
Income Asset Management (IAM) has hired former ASIC commissioner Danielle Press to its board as a non-executive director.
Press has been working with the firm for several months in a consultant capacity and has now been formally appointed as a non-executive director on its board.
IAM noted Press’ “extensive experience in capital markets, asset management and financial services regulation”, having spent five years at ASIC, having worked as the chief executive of Equip Super and managing director at UBS Global Asset Management.
This is her second post-ASIC role as she also chairs the superannuation trustee boards at Insignia Financial, which she took up in September. Insignia Trustees comprise IOOF Investment Management, NULIS Nominees (Australia), OnePath Custodians and Oasis Fund Management. Combined, these entities are responsible for five registrable superannuation entities, including MLC Super and AvWrap.
John Nantes, executive chairman at IAM, said: “We are excited to welcome Danielle to the board, given her extensive experience in financial services, investment banking, governance, regulation and risk management and fixed income, across both private and government organisations.
“Danielle joins the board at an exciting time in IAM’s growth trajectory, when the company has over $2 billion in bonds and loan FUA and over 2,200 wholesale clients, the $18 million capital raising has just completed, and a $4 million cost out program is well advanced.”
Press commented: “I’m excited to be joining the IAM board. The delivery of client-led fixed income solutions to both wholesale and retail investors has never been more important as the silver tsunami of people reaching retirement gathers pace. The ability to invest in income-generating assets will be top of mind for many people and, as such, access to the fixed income in all its forms will be critical.”
The firm said her appointment coincides with the launch of two Single Bond ETFs on Cboe, making corporate bonds like Tier 2 bonds available to retail investors in Australia.
The two ETFs will offer economic exposure to the interest returns and capital preservation of high-quality bank subordinated debt from Westpac and Commonwealth Bank.
Press remarked there has been an inherent gap in the market for single bond ETFs.
“With single bond ETFs, we are catering to the growing appetite from Australian investors for fixed income products that have lower volatility compared with equities and a greater level of income than cash and term deposits,” she said.
“With the hybrid market to be phased out, this is prime opportunity for investors to still access predictable income with minimal risk of capital loss,” she said.
AUTHOR
Laura Dew
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