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.
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