Weekly wrap: Aged care costs set to skyrocket

by |
The Aged Care reforms due to come into effect on 1 July 2014 will see retirees paying more for their admission to, and ongoing care in, aged care facilities says Anna Lawton, senior manager, aged care services at Equity Trustees Limited.
How much they will pay will depend on their asset and income level, whether they remain homeowners once in care, and how much they pay for the cost of accommodation. The current system of accommodation bonds will be replaced with refundable accommodation deposits (RAD). Period payments will be replaced with daily accommodation payments (DAPs).

Pengana Australian Equities Market Neutral Fund has returned 9.6% pa over past 5 years with zero correlation to the ASX 300, proving that market neutral strategies work.
The company questions the portfolio construction approach of passive core/alpha producing satellites as it does not address the issue that the majority of the portfolio’s risk and return is dominated by equity markets. Instead it believes in placing risk at the centre of the mandate and allocating it to the most attractive investments for that level of risk and with low correlations.

In another first for credit specialist La Trobe Financial Services Pty Limited (La Trobe Financial), both La Trobe Financial as the Trust Manager and Commonwealth Bank of Australia Limited as Lead Manager, today confirmed that they have priced a capital markets $102m RMBS issue.
The transaction is La Trobe Financial’s first issue, and allows La Trobe Financial to broaden its funding capabilities with an RMBS programme as one component of the Group’s overall funding strategy from both domestic and overseas institutional grade investors.
 
In late February, SME Association of Australia (SMEAA) Founder and executive chairman Matthew Johnson announced his intention to step down as the EC of the SMEAA due to growing business commitments.
Incoming chairman Craig West is the CEO of Succession Plus, a long-term advocate and supporter of the SMEAA. He confirmed that the board had a number of immediate priorities the first being the appointment of a CEO for SMEAA and he expected to make that announcement before the end of this month. Another will be the expansion of the board with the addition of new directors with a diverse and dynamic blend of business skills, backgrounds and expertise at the helm to lead the Association. 

Australian Ethical Investment has just announced the appointment of Dr Stuart Palmer to the position of head of ethics.
Dr Palmer’s role will include working with the company’s ethical advisers CAER and the investment team to further develop the company’s ethical investment frameworks, which govern the way Australian Ethical interprets its ethical charter. He will also manage corporate advocacy.

IFM Investors have announced that Dan Vanden Boom is joining the business as director of business development, Australia.
Vanden Boom joins IFM Investors after a successful career at Morgan Stanley Investment Management. He has 15 years’ experience in financial services across a range of roles at a senior level. Vanden Boom will report to the executive director of business development, Eddy Schipper, who moved to Japan at the start of this year to build IFM Investors Asia offering to clients.

Boutique funds management company, Insync Fund Managers, has appointed David Johns as its Business Development Manager.
Johns has over 25 years’ experience in financial markets across stockbroking and funds management, both international and domestic. His appointment follows the recent hiring of Nitesh Patel as a senior investment analyst and assistant portfolio manager at Insync. “The new positions reflect the growth of Insync’s business,” said Marcus Tuck, head of research and sales at Insync. “David is a very experienced salesperson who will help us spread the Insync message of high quality global investing with downside protection more widely through the marketplace.”

Australian Ethical has appointed a new BDM to represent its funds in NSW, VIC, ACT, SA. He will report to Adam Kirk, the general manager of distribution at Australian Ethical.
Prad Navaratnam has a background in fund administration with Colonial First State and at KPMG’s superannuation administration arm. He moved to Macquarie in a sales role with their cash management account before joining Australian Ethical. In his own time, he works with many organisations including ongoing help with refugee advocacy.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

WP forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions