POWERED BY MOMENTUM MEDIA
Government accused of disadvantaging funds management sector
Australian fund managers are being placed at a disadvantage because of government delays in implementing an Investment Manager Regime, according to the Federal Opposition.
The Opposition spokesman on Financial Services, Senator Mathias Cormann, has used answers provided by Treasury officials to claim Government inaction is denying Australian fund managers the opportunity to access new investment funds from overseas.
He said a recent Treasury response to a question on notice confirmed the funds management industry was being hampered by delays to the implementation of the Investment Manager Regime recommended in the Johnson Report.
Cormann said development of the legislation necessary to give effect to the regime had been flagged as far back as December 2010, but was now being treated as a low priority by the Government.
He said this brought into question the Labor Government's commitment towards making Australia a regional financial services centre.
"A robust and internationally competitive Investment Management Regime would allow Australia's world-class financial services industry to compete for investment from overseas investors, especially from the emerging economies in Asia," Cormann said.
However he claimed this was being denied to the local industry by delays and the low priority the Minister for Financial Services, Bill Shorten, was directing to the issue.
Recommended for you
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
Cbus Super has unveiled Advice Essentials Plus, a new service offering affordable financial advice to both members and their partners.
The fund has launched a new tool to help deliver personalised financial education and digital personal advice to eligible members.
The QAR lead reviewer has told a Senate committee that the government’s demands of super funds conflict with their original purpose.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
