AUSTRALIA - Global asset managers are targeting the lucrative Australian market with Janus Intech planning a new office in Sydney, Global Pensions can exclusively reveal.
Meanwhile, London-based fund manager Gartmore has also confirmed to Global Pensions that it is investigating the possibility of an Australian base.
This follows the announcement in January by Credit Agricole Asset management that it will target the Australian and New Zealand markets with a Sydney office, after poaching Richard Borysiewicz from Skandia Australia.
Janus Capital International director of marketing and communications Neal Jenkins, said: “We see huge growth potential in the Australian marketplace. It is one of the fastest growing and most sophisticated pensions markets in the world.”
Consultant at Watson Wyatt’s Sydney office Jignasa Patel welcomed the influx of new talent. He said: “Any addition of experienced investment firms bringing in quality products can only add to investor choice and diversity, which we would encourage.”
He added this was more welcome in asset classes like global bonds and equities, where domestic houses may not have had sufficient resources or expertise.
“What will be interesting to see is the impact of new entrants on the existing managers and the market. We would hope that an increased number of quality products would raise the general level of market competition and efficiency,” he said.
The Australian superannuation market has some A$1trn in assets, with compulsory contributions fuelling the rapid growth.
An innovative funding structure has been agreed for Croydon Pension Fund. However, there are some concerns about the arrangement. Stephanie Baxter reports
Some 52% of red flags raised by schemes on suspected scam pension transfers involve advisers or unregulated introducers, a report by the Pension Scams Industry Group (PSIG) has claimed.
In this week's Pensions Buzz, we want to know whether bosses should have to pay into the same staff DB scheme as their workers rather than their own executive pension fund.
The Norfolk Pension Fund has been successful as the lead plaintiff in a class action case that went to jury trial in California involving securities fraud.