Radical shake-up looms for Australia's wealth and funds sectors
The domestic wealth and funds management sectors are being sideswiped by volatile markets and unrelenting fee pressure, and may look radically different by the year-end, as consolidation forces again sweep the industry.
Insignia Financial, Perpetual's wealth unit and Platinum Asset Management are among assets in the crosshairs of mergers and acquisitions, and private equity and Commonwealth Bank-owned Colonial First State may soon join their ranks. And there could be others.
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The Advertiser
a day ago
- The Advertiser
Mal's Mission: How Meninga plans to poke the Bears
After unveiling Mal Meninga as the Perth Bears' inaugural head coach, the club's chief executive says criticism of the NRL's start-up franchise is proof they are on the right track to winning new supporters in the AFL-made West. At a press conference at League Central in Sydney on Friday, Meninga signed a three-year contract with the Bears, who will enter the NRL in 2027. It marks the 64-year-old's first foray into club coaching since he left the Canberra Raiders in 2001. Meninga will be 69 by the time his contract expires. The Immortal, who has enjoyed a decorated representative coaching career in charge of Queensland and Australia, will relinquish his role with the Kangaroos ahead of this year's Ashes series to help the Bears build a roster to be competitive in a little over 18 months time. "This is bigger than me," Meninga said. "This new pioneering venture over to WA and the opportunity to be involved in the growth of the game, to grow a club the Perth Bears is too good to refuse. "I feel very honoured, very nervous, and I think it's a huge responsibility." The Bears can talk to off-contract players come November 1, but their hardest challenge may be winning over fans, sponsors and a media who are already heavily invested in the AFL. "Mal is an Immortal of the NRL, he is also an Immortal of our national sporting landscape, Mal is part of the Australian identity and we're honoured he's taken this opportunity," said club chief executive Anthony De Ceglie. "We've gone from one Bear in me, to two Bears in Mal, we've doubled our staff overnight. "It's small steps, we need to listen to the legacy of the North Sydney Bears and the fans in WA who have a proud tradition and who have kept the candle burning and we need to marry those two things together to make this a huge success." A former high-ranking executive at Seven West Media - the company which owns the AFL broadcast rights - De Ceglie knows the NRL's 18th side has work to do. Already the local Seven West-owned newspaper The West Australian has been critical of the venture which has been backed by WA State government cash. "Normally if you're doing something right, you have a few critics along the way," De Ceglie said. "I've been totally blown away by the amount of messages of people who want to get involved in the Perth Bears … I'm very optimistic this will be a huge success. "It'll be up to the Perth Bears to earn the respect of the newspaper. "If we're a success on the field, and if we're a success off the field, then we should be in those sports pages. "If we're not, the only people missing out are the readers of the newspaper." Meninga is yet to finalise his coaching staff nor a recruitment team who can help him bring the Perth roster together with a relatively short lead-in time. When the Redcliffe-based Dolphins entered the NRL in 2023 they missed out on several big-name targets in the recruitment space. But their squad - which won nine of their 24 games in their inaugural season - earned the respect of rival clubs for their effort and determination. "I don't think we'll have too many worries about talking to players and managers about the opportunity to come play in Perth," Meninga said. "We've got a story to tell. We have to understand what we're trying to achieve and that's my job initially to get the right people and resources around us to help understand what that story is." After unveiling Mal Meninga as the Perth Bears' inaugural head coach, the club's chief executive says criticism of the NRL's start-up franchise is proof they are on the right track to winning new supporters in the AFL-made West. At a press conference at League Central in Sydney on Friday, Meninga signed a three-year contract with the Bears, who will enter the NRL in 2027. It marks the 64-year-old's first foray into club coaching since he left the Canberra Raiders in 2001. Meninga will be 69 by the time his contract expires. The Immortal, who has enjoyed a decorated representative coaching career in charge of Queensland and Australia, will relinquish his role with the Kangaroos ahead of this year's Ashes series to help the Bears build a roster to be competitive in a little over 18 months time. "This is bigger than me," Meninga said. "This new pioneering venture over to WA and the opportunity to be involved in the growth of the game, to grow a club the Perth Bears is too good to refuse. "I feel very honoured, very nervous, and I think it's a huge responsibility." The Bears can talk to off-contract players come November 1, but their hardest challenge may be winning over fans, sponsors and a media who are already heavily invested in the AFL. "Mal is an Immortal of the NRL, he is also an Immortal of our national sporting landscape, Mal is part of the Australian identity and we're honoured he's taken this opportunity," said club chief executive Anthony De Ceglie. "We've gone from one Bear in me, to two Bears in Mal, we've doubled our staff overnight. "It's small steps, we need to listen to the legacy of the North Sydney Bears and the fans in WA who have a proud tradition and who have kept the candle burning and we need to marry those two things together to make this a huge success." A former high-ranking executive at Seven West Media - the company which owns the AFL broadcast rights - De Ceglie knows the NRL's 18th side has work to do. Already the local Seven West-owned newspaper The West Australian has been critical of the venture which has been backed by WA State government cash. "Normally if you're doing something right, you have a few critics along the way," De Ceglie said. "I've been totally blown away by the amount of messages of people who want to get involved in the Perth Bears … I'm very optimistic this will be a huge success. "It'll be up to the Perth Bears to earn the respect of the newspaper. "If we're a success on the field, and if we're a success off the field, then we should be in those sports pages. "If we're not, the only people missing out are the readers of the newspaper." Meninga is yet to finalise his coaching staff nor a recruitment team who can help him bring the Perth roster together with a relatively short lead-in time. When the Redcliffe-based Dolphins entered the NRL in 2023 they missed out on several big-name targets in the recruitment space. But their squad - which won nine of their 24 games in their inaugural season - earned the respect of rival clubs for their effort and determination. "I don't think we'll have too many worries about talking to players and managers about the opportunity to come play in Perth," Meninga said. "We've got a story to tell. We have to understand what we're trying to achieve and that's my job initially to get the right people and resources around us to help understand what that story is." After unveiling Mal Meninga as the Perth Bears' inaugural head coach, the club's chief executive says criticism of the NRL's start-up franchise is proof they are on the right track to winning new supporters in the AFL-made West. At a press conference at League Central in Sydney on Friday, Meninga signed a three-year contract with the Bears, who will enter the NRL in 2027. It marks the 64-year-old's first foray into club coaching since he left the Canberra Raiders in 2001. Meninga will be 69 by the time his contract expires. The Immortal, who has enjoyed a decorated representative coaching career in charge of Queensland and Australia, will relinquish his role with the Kangaroos ahead of this year's Ashes series to help the Bears build a roster to be competitive in a little over 18 months time. "This is bigger than me," Meninga said. "This new pioneering venture over to WA and the opportunity to be involved in the growth of the game, to grow a club the Perth Bears is too good to refuse. "I feel very honoured, very nervous, and I think it's a huge responsibility." The Bears can talk to off-contract players come November 1, but their hardest challenge may be winning over fans, sponsors and a media who are already heavily invested in the AFL. "Mal is an Immortal of the NRL, he is also an Immortal of our national sporting landscape, Mal is part of the Australian identity and we're honoured he's taken this opportunity," said club chief executive Anthony De Ceglie. "We've gone from one Bear in me, to two Bears in Mal, we've doubled our staff overnight. "It's small steps, we need to listen to the legacy of the North Sydney Bears and the fans in WA who have a proud tradition and who have kept the candle burning and we need to marry those two things together to make this a huge success." A former high-ranking executive at Seven West Media - the company which owns the AFL broadcast rights - De Ceglie knows the NRL's 18th side has work to do. Already the local Seven West-owned newspaper The West Australian has been critical of the venture which has been backed by WA State government cash. "Normally if you're doing something right, you have a few critics along the way," De Ceglie said. "I've been totally blown away by the amount of messages of people who want to get involved in the Perth Bears … I'm very optimistic this will be a huge success. "It'll be up to the Perth Bears to earn the respect of the newspaper. "If we're a success on the field, and if we're a success off the field, then we should be in those sports pages. "If we're not, the only people missing out are the readers of the newspaper." Meninga is yet to finalise his coaching staff nor a recruitment team who can help him bring the Perth roster together with a relatively short lead-in time. When the Redcliffe-based Dolphins entered the NRL in 2023 they missed out on several big-name targets in the recruitment space. But their squad - which won nine of their 24 games in their inaugural season - earned the respect of rival clubs for their effort and determination. "I don't think we'll have too many worries about talking to players and managers about the opportunity to come play in Perth," Meninga said. "We've got a story to tell. We have to understand what we're trying to achieve and that's my job initially to get the right people and resources around us to help understand what that story is."
AU Financial Review
2 days ago
- AU Financial Review
Texan investment giant's $1b buy order pumps up CBA's share price
A Texas-headquartered investment manager has spent as much as $1 billion buying up Commonwealth Bank shares over the past fortnight, helping push the market capitalisation of the lending giant over $300 billion. Fisher Investments, founded by billionaire stockpicker Ken Fisher in 1979, manages more than $US299 billion ($459 billion) for thousands of clients. Sources said Fisher was buying on behalf of clients who wanted to increase the exposure of their share portfolios beyond volatile markets in the United States.
West Australian
2 days ago
- West Australian
Australia in driver's seat but US trade deal some time away, says CBA
The chief economist at the nation's biggest bank has warned an Australian trade deal with the US could be some time away given the complexity involved and America's push for increased market access. Commonwealth Bank's Luke Yeaman also said there was a risk that if Donald Trump does not strike deals with key trading partners before the July 9 deadline — when the pause on the US President's reciprocal tariffs is due to resume — he may 'lose patience and reinstate unilateral tariffs . . . sparking another round of volatility in global markets'. It comes as the Australian sharemarket swung on Friday following turmoil in the US, following an ugly exchange between Mr Trump and Elon Musk that wiped more than $US150 billion ($231b) off the value of Tesla. Prime Minister Anthony Albanese also signalled he was prepared to make concessions allowing American beef into the country as deliberations ramp up. Mr Yeaman said Australia remained in a 'relatively strong negotiating position' as the country's tariffs are equal to Mr Trump's global minimum level of 10 per cent. He said the recent move to double steel and aluminium taxes to 50 per cent would be a concern, but the Federal Government won't feel pressured to conclude an agreement quickly. 'Using the UK deal as a template, an Australian trade deal could still be some time away,' Mr Yeaman said. 'There are obvious areas for co-operation (critical minerals), but addressing key US asks around market access for US beef exports, the Pharmaceutical Benefits Scheme, regulation of US tech companies and defence spending won't be easy.' Last month, the UK became the first country to agree to a trade deal with the US since Mr Trump imposed the sweeping tariffs in April. Prime Minister Keir Starmer this week said Britain was hoping to ink a pact with the US in the next two weeks to avoid the new tariffs on steel. Mr Yeaman said those talks — alongside America's negotiations with China and the European Union — provided important insights into the Trump administration's thinking. He said last month's US-China trade war pause showed both countries have an economic 'pain threshold' they are unwilling to cross — albeit a high one. 'This takes some severe downside scenarios off the table, but tensions will remain high and further bouts of escalation are likely,' Mr Yeaman said. 'Whenever two superpowers 'play chicken' there is always a risk of a head on crash. With US-China tariffs escalating to over 125 per cent, it appeared that could be the outcome (and a severe global recession). 'Both countries have now shown that they do not want to go down that road — the economic costs are simply too high.' But despite the de-escalation, Mr Yeaman remained doubtful a comprehensive US-China trade agreement would be settled by August 14. AMP deputy chief economist Diana Mousina said financial markets appeared to remain confident Mr Trump would pull back from the brink. 'US sharemarkets have had a massive rally in recent weeks, and are up by 19 per cent since the post-Liberation day lows,' she said. 'It is hard to see this positive momentum continuing when Trump's tariffs are still up in the air.' There were plenty of risks weighing on shares including the trade battles, American debt and tensions in Iran, Ms Mousina said. The Aussie dollar could remain weak in the near-term, she said.
