There are fewer super funds, and associations that represent them, than ever before. But multiple layers of industry representation working at cross-purposes means that true unity has remained elusive, according to the Financial Services Council.
The world’s largest sovereign wealth fund just made its largest return ever. But the probability of extreme market events has “arguably risen”, and it’s carrying out stress tests for a more uncertain future.
Paul Khoury out at Link Fund Solutions
Due to an overall strategic review at Link, Link Fund Solutions has been integrated into the broader Corporate Markets business in Australia and New Zealand.
“As a result of this restructure, the role held by Paul Khoury has been made redundant,” Link said in a statement. “Link Group acknowledges and thanks Paul for his contribution and support over the years.”
“The Fund Solutions business in Australia remains an important part of Corporate Markets’ strategic growth plans and the alignment of Fund Solutions into the broader business will better support the ability to offer an integrated suite of services to Link Group’s clients within the ANZ region.”
Link Fund Solutions in Australia was borne from White Outsourcing, which Link acquired from Steadfast Group in 2016 and rebranded. At the time, White Outsourcing has $43 billion in funds under administration, and Link described it as “one of the largest locally-owned asset services specialists in Australia”. In 2018 Link hired Khoury from State Street, where he was head of Global Services for Australia and New Zealand, a move that was seen by other custodians as a big win that showed Link was serious about its asset servicing growth ambitions.
Link Fund Solutions announced its first new client since joining the wider business – the QVG Capital Opportunities Fund – with some fanfare in 2017, though more recent views on the unit from Australia’s custody community have been mixed, with sources describing a business that had not achieved the scale to be truly competitive.
