POWERED BY MOMENTUM MEDIA
Custodians flag further consolidation
The Australian Custodial Services Association (ACSA) is flagging further consolidation across the financial services industry.
The chairman of ACSA, Bryan Gray, claimed the global financial crisis had established a new world order for Australia's investment and financial services community driving further consolidation as well as a raft of new regulation.
"A key change we are noticing is the convergence of institutional services across the traditional bank and custody divide," he said. "Major global bank providers are bringing their own operations together to provide traditional treasury, prime broking and cash clearing services alongside the spectrum of custody and securities services that have been developed to support Australia's superannuation and institutional investment community."
Gray claimed this would create greater efficiency for larger institutional clients as well as benefit custodians who could integrate previously segregated businesses to create a seamless solution for clients.
AUTHOR
Mike Taylor
Recommended for you
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
