Weekly wrap…ANZ looks to seal Chinese deal

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ANZ today announced it will look to extend its existing relationship with the China Development Bank to support a focus on high quality foreign direct investment in Australia by Chinese enterprises, in line with projections that the value of China’s outbound deals could reach as much as A$200 billion by 2030.
The expected widening of a 2009 ANZ-CDB agreement follows a meeting between CEO Mike Smith and China Development Bank chairman Hu Huaibang at a CEO roundtable held in Beijing on Saturday. ANZ will build on its role as trusted advisor to CDB and support the overall objectives of the new Chinese leadership, which is seeking greater transparency and accountability around its outbound investments and better commercial outcomes.

In a break with tradition, young people are taking a more active interest in their superannuation with the 30-49 year old group being the most concerned about planning for retirement, according to the latest quarterly MLC Wealth Sentiment Survey.
Both men and women in this age group rated their concern about having adequate funds for retirement at 73%, with people over 50 and 18-29 year olds having an equal level of concern (64%). The survey of over 2,000 Australians also revealed Queenslanders were most concerned about super adequacy, missing investment opportunities and changes to superannuation rules. People from Western Australia and Tasmania were the least concerned. Those who have children are more concerned about having enough for retirement compared to those who don’t have children. The more children the family has, the more concerns there are.

ANZ have appointed a new head of global banking to provide global clients with complex cross-border banking and capital markets services.
Sameer Sawhney has been appointed head of global banking, international and institutional Banking, reporting to CEO IIB Andrew Géczy.  Sawhney is currently managing director of global transaction banking. Since joining ANZ in 2008, Sawhney has held senior roles in institutional banking with coverage across Asia Pacific, Europe and America. Previously Sawhney worked for Standard Chartered Bank in various wholesale banking roles in India, the Middle East, Dubai, Hong Kong and Singapore. 

Cyclists in the financial planning community can now register online to join the 2014 Future2 Wheel Classic.
Their challenge is raise $100,000 by riding from Melbourne to Adelaide, 13-19 November, arriving to a reception on the eve of the FPA Professionals Congress. Now in its fifth year, the Future2 Wheel Classic has become an iconic fundraising event both for the cyclists who take part and in the wider financial planning profession. Funds raised enable Future2 to make grants to community not-for-profits that give disadvantaged kids all over Australia a new start and hope for a better future.

Specialist corporate advisory firm Chase Corporate Advisory Chase has bolstered its senior ranks to capture growing demand from the medium to large financial services sector (financial planning and accounting) for M&A and related transaction services expertise.
The firm announced the appointment of Greg Quinn as Director – Advice, to lead the growth of its Advice practice (Financial Planning & Accounting). Greg Quinn was previously the Regional General Manager Partnering & Acquisitions at ipac Securities Limited, a wholly owned subsidiary of AMP Limited.

Colonial First State (CFS) has announced that FirstChoice Lifestage has reached $1 billion in funds under management, achieved in less than 300 days since its inception in June 2013. 
FirstChoice Lifestage is CFS’s flagship MySuper product, after CFS was the first retail fund in Australia to receive APRA product authorisation for MySuper last year. The $1 billion milestone comes as another success for the FirstChoice Investments team after the FirstChoice Multi Manager funds (FirstChoice Moderate, Growth and High Growth) were all ranked number one in performance over five years in the recent Chant West survey, released in February 2014.
 
The Australian exchange traded fund (ETF) market reached another high at the end of March with AUM reaching $10.7bn.
In a reversal on previous periods, March saw Australian investors seek more defensive investments of fixed income and cash, with Australian equities largely out of favour and signalling concern over local growth prospects.

The economic implications of an ageing population need to be confronted and are faced by all OECD countries, including Australia.
Industry Super Australia (ISA) urges the government to consider all policy levers available to it to address the economic challenges of the ageing population, and to seek political and community consensus on the measures to be adopted and establish stable, long term settings for the retirement income system. 

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