Sydney-based investment management company RARE Infrastructure has hired the former AMP Capital Investors regional manager Steve Williams for its newly created role of regional manager of the retail distribution team.
Williams will be based in Melbourne, and will be responsible for developing and maintaining the company’s retail business across Victoria, Tasmania and South Australia.
He has over 20 years of experience in the industry, and most recently worked in a similar role as regional manager, Southern States at AMP Capital Investors. He has also worked for BT Financial Group, Ord Minnett and Fidelity.
RARE co-founder and senior portfolio manager Richard Elmslie said the company’s long-term goal was to have the retail business account for a third of the company’s funds under management.
“Having Steve on the team will help us achieve that goal more quickly,” he said.
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.