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Mega funds start mopping up

The trend towards super consolidation is continuing apace, but there will be fewer mega mergers. It’s now just a matter of mopping up. Mega fund mergers are likely to slow as boards realise the “significant transition planning and integration activity” required to pull them off – but the established mega funds will continue to gobble…

Lachlan Maddock | 18th Nov 2021 | More
Big super becomes the underdog

They might be behemoths at home, but Australia’s biggest super funds will be on the backfoot as they scour the globe for investment opportunities. NAB’s biennial FX Hedging survey is not only a good insight into super fund hedging strategies, but the state of the industry itself – particularly its growing interest in markets beyond…

Lachlan Maddock | 18th Nov 2021 | More
  • After Sydney Airport, listed infra takes flight

    The backyard keeps shrinking. And as another big asset disappears from the public market, Australian listed infrastructure investors will have few options but to look abroad for their exposure. The sale of Sydney Airport has generated plenty of headlines about the might of big super funds; no shortage of acrimony about another of Australia’s sparse…

    Lachlan Maddock | 12th Nov 2021 | More
    How indices tell the story in EM debt

    If super fund investment staff didn’t appreciate the importance of indices prior to the introduction of YFYS, they should do now. With fixed income, the indices tell an interesting, and in some ways counterintuitive, story. Notwithstanding the continued popularity of absolute returns-based portfolios, especially with the end investors, the new fund performance test implemented by…

    Greg Bright | 12th Nov 2021 | More
  • Tiger Cub prowls the peaks

    With markets as frothy as they are, you need to find the misfits – and play your cards close to the chest. It helps to be away from the pack. It often takes an outsider to reveal the idiosyncrasies of Australian society. The same can be true of its financial services. Adam Leitzes, founder and…

    Lachlan Maddock | 12th Nov 2021 | More
    ‘Financial repression’ rises from the ashes

    Tomorrow is starting to look a lot like yesterday, with policymakers leveraging lessons from post-war Europe to solve the new problems barrelling towards us. Free market thinkers will likely chafe. “Financial repression” is the institutional constraints on interest rates designed to reduce the government’s cost of funding and shrink public debt. The term, coined in…

    Lachlan Maddock | 5th Nov 2021 | More
    Aussie allocation creeps up among NZ managers

    Local equities fund shops have increasingly allocated to Australian shares over the last four years, a new Mercer NZ analysis has found, partly to ease pressure from ballooning assets under management. The Mercer study of a dozen NZ fund managers found Australian shares now represent 34 per cent of their collective portfolios compared to 26…

    David Chaplin | 22nd Oct 2021 | More
    Pockets of leadership ahead of COP26

    Usually restrained fund managers are venting their frustrations with governments and companies over climate inaction. The rebukes get louder as COP26 gets closer. Martin Currie, a global equities house with about $9 billion in Aussie shares, has made its position clear on what it would like to see come out of the Glasgow meetings for…

    Greg Bright | 22nd Oct 2021 | More
    Why the future of disruption is ‘weightless’

    The new players in any market are smaller, faster, and (sometimes) better. But that doesn’t mean they can’t be dragged back down to the earth. Disruption is hard to take. It’s not for no reason that Luddites smashed up textile machinery (history has not been as kind to them as it perhaps could have, given…

    Lachlan Maddock | 22nd Oct 2021 | More
  • Playing chess with One China Inc.

    In China, merchants have historically sat below poets in the social pecking order. Understanding why is the key to understanding the crackdown. China’s apparently punitive crackdown on its powerhouse fintechs is nothing new. “Look at the historical hierarchy of China; the courts and politicians are at the very top of the pyramid, where you can…

    Lachlan Maddock | 22nd Oct 2021 | More
    Confusion and conflict in climate equities

    Climate risk has “never been higher on investors’ agendas” – but the strategies they use to combat itoften have conflicting features. Lack of data only compounds the problem. Martha Brindle, director of equities in bfinance’s public markets team and Sarita Gosrani, director of ESG and responsible investment (both based in London) note that there are…

    Lachlan Maddock | 15th Oct 2021 | More
    How New Forests helped globalise an asset class

    When David Brand launched New Forests in Sydney in 2005, only 10 per cent of the global forestry asset class resided outside the US and the largest investor was America’s Hancock Natural Resources Group. Now, Hancock, a subsidiary of Manulife Investment Management, is still the largest forestry investor in the world, but Australia’s New Forests…

    Greg Bright | 15th Oct 2021 | More
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