Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
Lazard Asset Management expands into Singapore
Rob Prugue, head of Lazard Asset Management Asia Pacific, has been seconded for his third pan Asia “tour of duty” as Lazard further expands its Asian presence into Singapore.
As with Lazard’s Sydney, Tokyo, and Seoul offices, Singapore will exercise Lazard’s “three pillars”: domestic product for domestic clients; domestic product for offshore clients; and, imported global product for the domestic market. Lazard already has an institutional sales Asia coverage from Hong Kong, headed by Henry Choon.
Lazard further recognises, however, the importance Singapore plays within the regional wholesale investment distribution market, and is currently examining different options.
“Our entry into the Singapore wholesale market,” Prugue says, “is one of our biggest challenges as the wholesale community here is undergoing structural change, coupled with demographic and risk appetite shifts as seen here within Australia.”
Meanwhile in Australia, Lazard has recently recruited a marketer who has replaced a colleague who’s recently been transferred to Singapore, and is considering its options to replace Rob Clarke, who is due to retire in September after nearly 12 years with the firm.
Clarke, a former chief executive of Rothschild Australia Asset Management and an asset consultant at JANA, has been an important member within Lazard’s small but influential marketing group, headed by Susan Roberts, Prugue said.
Roberts herself was recently promoted to CEO for the Australian/NZ business, while reporting still to Prugue.
“Given our very low staff turnover and visible office culture, replacing any colleague is not an easy task,” Prugue said. “But add Rob’s extensive and valuable investment and industry knowledge, the difficult task is near impossible. It is for this reason that we selfishly hope that his transition into retirement is a slow and gradual transition. Sorry Jill (Rob’s wife).”
