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.
Mike Davis says sayonara to Nikko
(Pictured: Mike Davis)
Mike Davis, the managing director and country head of Nikko Asset Management in Australia, has resigned after three years at the helm. His tenure involved an integration of the former Tyndall business and an internationalisation of the Nikko business.
He will remain at the firm until later in March, assisting in the search for a replacement. Prior to joining Nikko, after its acquisition of Tyndall, Davis managed a boutique fixed interest firm, Causeway Capital, with his friend Tim Martin, who also spent three years at Nikko before leaving last year.
Davis said last Friday: “In my three years as MD, I have overseen the integration of the global business and matrix structure, an expanded product range and the more recent rebranding of the business, and feel that this is a good time to ‘pass the baton’ for the next phase in positioning the business as Asia’s premier global asset manager. I am planning to take a break before embarking on the next stage of my own career.”
Meanwhile, Nikko continues to roll out new investment strategies, as previously reported, and last week launched a new absolute returns fund.
