The ASIC report into death benefit claims revealing the devastating impact of poor industry practices on grieving Australians has again highlighted the pressing need for change. While some funds have taken up the cudgels, others are still playing hardball on improving their service offering.
A Retirement Income Covenant obligation notwithstanding, there is still a paucity of these complex products on offer. The Advice Through Superannuation draft legislation might offer a way forward.
Perkins and Filippelis depart BNP, BNY Mellon
Two senior marketers have left their firms this month, Ian Perkins at BNP Paribas Securities Services and Phillip Filippelis from BNY Mellon Investment Management, both based in Sydney. Neither was free to comment last week.
Perkins had been with BNP Paribas Securities Services since early 2014, most recently as ‘head of asset owners’ for Asia Pacific, looking after big pension funds and sovereign wealth funds. He was a co-founder of Morse Consulting, in 2005, and led that firm’s expansion into Asia. Morse was acquired by Deloitte in 2016, after the firm had acquired the US-based investment management industry business consulting firm Casey Quirk a few months earlier. Prior to starting Morse, Perkins had senior marketing roles with the former RBC Dexia and State Street.
Filippelis was the Australia country head of BNY Mellon Investment Management since early 2015. Prior to that he was the managing director of Angelo, Gordon & Co, an American global credit and real estate manager, and prior to that a managing director and head of distribution for Asia Pacific at Societe Generale’s investment management arm.
Filippelis took BNY Mellon into the retail market in Australia in 2018 through a joint venture with Pinnacle Investment Management.
– G.B.
