WEEKLY WRAP: New business head for Suncorp

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Suncorp Bank has appointed Steven Degetto as its new head of third-party intermediaries business to replace outgoing executive Steven Heavey. Degetto has been acting head for the past three months.
Advisory and marketing firm Brookvine has a new distribution partnership with leading US micro capitalisation equities manager, Thomson Horstmann & Bryant. Brookvine will provide structuring, fund raising and investor relations services for the manager across Australasia. THB is a US micro cap specialist with more than 30 years’ experience investing in the hard-to-reach, smallest segment of the US sharemarket.

The Treasury has announced it will discuss concerns that have been raised by start-ups in relation to Employee Share Schemes. The Government will start direct consultations with interested stakeholders for two weeks from today. Consultations will be conducted in Melbourne and Sydney; there is also the option to hold teleconferences with those otherwise unable to attend.

Bendigo SmartStart Super has been awarded a 5-star rating by CANSTAR in the pre-retiree superannuation category for superannuation funds that anyone can join. Bendigo said that places it in the top 10% of funds rated in the pre-retiree category.

Kardinia Capital has appointed Peter Lucas as investment analyst, expanding its investment team – headed up by portfolio managers Mark Burgess and Kristiaan Rehder – to three. Lucas, previously executive director of Melbourne Institutional Sales with Nomura Australia, joined the team on 6 January.

Treasury Group has increased funds under management by $1.6 billion in three months. Its quarterly figures released to the Australian Stock Exchange show a 9% increase in funds under management between 30 September, 2013, and 31 December, 2013.
Affiliated Managers Group, a global asset management company, has announced a number of strategic initiatives as part of its increased focus on the US retail market, including rebranding its domestic retail distribution business Managers Investment Group as AMG Funds, and aligning Aston Asset Management within the AMG Funds business.

Equity investment company AMCIL has released its half-yearly results for 2014, revealing profit for the half-year was $3.7 million, down 17% from the previous corresponding period. But revenue from investments was $4.3 million, up nearly 14% from $3.8 million in the previous corresponding period.

Macquarie Specialist Investments has broadened its current Significant Investor Visa offering with the launch of three new funds. The new funds – Conservative, Balanced and Growth – offer investors access to a diverse range of Australian-based asset classes including cash, fixed interest, listed property and equities. They complement two cash-only funds launched by Macquarie in 2013.
AMP Capital’s joint venture with China Life Asset Management Company – announced late last year, has launched its first mutual fund – which invests in a range of short-term investments on behalf of retail and institutional customers. The fund raised $2.2 billion from its initial public offering period earlier this month, highlighting the opportunity in the Chinese market.

Aon Risk Solutions has integrated its existing financial businesses – including Aon M&A Solutions, Environmental Services Group, Trade Credit and Surety, and Financial Services Group – into an expanded segment, Financial Specialties. The current client director of Aon M&A Solutions, Jennifer Richards, will head up the division as managing director, reporting to CEO Lambros Lambrou.

ALE Property Group has announced a distributable profit of $16.5m for the six months to 31 December 2013 and confirmed the distribution of 8.20 cents per security. This will be paid on 5 March to stapled security-holders on ALE’s register as at 5pm on 31 December 2013. The first half distribution is expected to be 93.8% tax deferred.

Eight Australian domestic and international banks have now successfully joined the ASX OTC Interest Rate Derivatives Clearing Service as clearing participants and have started clearing trades on the platform. The service provides users with operational and capital efficiencies, and also aligns with Australia’s G20 commitments on central counterparty clearing.