An ASIC report notes the boom in demand for this asset, saying it heightens the need for “better-quality data” about the size of this sector where estimates range between $1.8 billion and $188 billion.
CPA Australia has weighed into the debate about the cost to oversee the industry, adding its voice to those who argue the fee structure favours the larger funds.
Placido to take a break after 24 years with RBC
Jose Placido, the expansionary chief executive of RBC Investor Services, will leave the firm next month after more than 24 years, to be replaced by two current RBC executives.
Tony Johnson, the global head of sales and distribution and Joanna Meager, the global head of client operations, will become co-heads of RBC Investor Services, in addition to their current roles, effective from March 1.
Placido presided over transformational growth of the business, particularly in the Asia Pacific region. He drove the acquisition of the former Perpetual Fund Services in Australia, which provided RBC with a regional spearhead, and personally recruited the current regional chief, David Travers, who is based in Sydney.
Johnson has been with RBC since 2003 and Meager since 2007. In their co-head roles they will now report to Harry Samuel, head of RBC Investor & Treasury Services. This is the new RBC segment comprised of Global Financial Institutions, Investor Services and Treasury Services.
