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.
Sipek departs from AMP Capital
(Pictured: Peter Sipek)
Peter Sipek, director of investment services at AMP Capital, has resigned and left the firm, having headed up investment operations for AMP’s funds management arm since 2006.
An AMP spokesperson said that the recruitment process was underway and, until the position was filled, Sharon Davis, AMP Capital’s chief operating officer, would oversee the investment services team.
AMP Capital is generally considered as having the best investment services unit of any Australian funds manager. Perhaps because of its history, also, of owning a standalone asset-servicing business – the former Cogent – it also has a uniquely close relationship with its custodian, BNP Paribas. BNP acquired the London-based Cogent in 2002 for about A$400 million. The business had been spun off, in the 1990s, from the former AMP Administration Service. AMP is BNP Paribas’ largest client in Australia.
Before joining AMP as head of investment operations, Sipek held a similar position at Colonial First State for about eight years. Before that he worked at Prudential Portfolio Managers, Tulley & Tokyo and National Australia Bank.
He had been an executive director of AMP Capital since December, 2011.
