The Coalition has pledged to give young Australians access to up to $50,000 in their retirement savings to get a toehold in the housing market. Super funds say it will only further inflate property prices.
Listed property, which found investor favour in 2024, is better positioned to weather market volatility with institutions eyeing improving valuations and development opportunities. For overseas players, a weaker Australian dollar is a bonus.
Baker hands Sentinel reins to Tricia Nguyen
Tricia Nguyen, a principal of Mercer, has been promoted to head of Mercer Sentinel following the move by Peter Baker to a part-time role with the business. The changeover had been planned for some time.
Nguyen, who became a principal of the group on joining Mercer Sentinel in 2015, said that her move was part of a well-planned process for Baker’s succession. He aims to have a better work/life balance while still being available for certain projects, strategy and helping with clients.
Baker, whose long career in asset servicing included the top regional and country head roles for State Street in Australia, the UK and northern Europe, followed by the Australian country head job at BNP Paribas Securities Services, recruited Nguyen as a consultant about six months into his role at Mercer. She had also worked at BNP Paribas, as relationship manager.
Sentinel, a global division of Mercer, provides advice and services for investment operations, including custody and operational due diligence, as well as securities lending. There are 12 staff looking after Australia and New Zealand.
Baker, a New Zealander, said last week (April 15) that the move was timely with the new extended travel bubble between New Zealand, where he still has family, and Australia. He also wanted to travel more in general when possible.
Simon Eagleton, Mercer’s leader of its institutional wealth practice, said the move was more than a year in the making. “Tricia has already been taking the lead on Sentinel’s services behind the scenes as part of Peter’s succession planning, and I’m confident this will be a seamless transition,” he said. “Peter remains an integral part of the team and will continue to provide his expertise in a part-time capacity.”
Nguyen, who had tended to concentrate on operational due diligence previously, said that George Takesian, would be taking more of a lead role with the ODD team. He had been at Mercer since 2010, originally joining the company in Boston.
Similarly, Ash Moosa would assume the role as lead consultant, heading up the custody consulting part of the business. He joined in 2015 from the ASX where he was manager of clearing and settlements.
“I will continue to be involved in both our ODD and custody services to support George and Ash on day-to-day as required,” Nguyen said.
