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Appendix 1
Public hearings and witnessesSydney, 21 June 2013
Australian
Custodial Services Association
Mr Pierre Jond, Chairman;
Managing Director, BNP Paribas Securities Services
Mr Paul Khoury, Deputy Chairman
Australian Institute
of Superannuation Trustees
Ms Karen Volpato, Senior
Policy Adviser
Australian Securities
and Investments Commission
Mr Peter Kell,
Commissioner
Mr Greg Tanzer, Commissioner
Ms Calissa Aldridge, Senior Manager
Ms Cathie Armour, Commissioner
BT Financial Group
Mr Royce Brennan, General
Manager, Risk
CPA Australia
Mr Amir Ghandar, Policy
Adviser, Audit and Assurance
Dixon Advisory
Ms Nerida Cole, Managing
Director, Financial Advisory
Ernst & Young
Mr Graeme McKenzie,
Partner
Financial Services
Council
Ms Eve Brown, Senior Policy
Manager, Trustees
Mr Martin Codina, Director, Policy
Lonsec Research
Mr Richard Everingham,
General Manager, Strategy and Development
Macquarie Group Ltd
Mr Anthony Graham,
Executive Director
One Investment Group
Mr Justin Epstein,
Executive Director
van Eyk Research Pty
Ltd
Mr Mark Thomas, Chief
Executive Officer
The roundtable participants
Lonsec Research Pty Ltd (Lonsec)
Lonsec, and its predecessor Lonsdale Securities, has been a
provider of investment research to the Australian financial intermediary market
since 1993. Lonsec is a market leader in the unlisted (managed funds) research
segment. For the past three years Lonsec has been voted the number one research
house (both by users of investment research and financial product issuers) for
managed funds research.[1]
Lonsec began as part of a licensed financial planning dealer
group, but is now a stand-alone business. It offers research on listed and
unlisted investments, stockbroking services to financial advisers, equity model
portfolios and investment consulting services.[2]
van Eyk Research
van Eyk is an independently owned financial services group
established in 1989. van Eyk does not accept fees for rating fund managers, and
its investment research is only available on a 'user pays' subscription basis
to financial planners.
Van Eyk covers traditional sectors such as Australian equities,
smaller companies, international equities and fixed interest, as well as
alternative sectors like hedge funds and commodities. Van Eyk ratings are based
on in-depth qualitative research.[3]
Dixon Advisory
Dixon Advisory is an independently-owned Australian financial
advisory firm. It was founded in 1986 by Daryl Dixon. Dixon Advisory helps in
excess of 15,000 families with their superannuation and financial affairs
including over 4,000 with self-managed super funds (SMSFs) with a combined
asset base in excess of $4 billion.[4]
Dixon Advisory offers financial strategy advice, SMSF
administration, investment advice, estate planning advice and wills drafting,
personal insurance advice, and property advice. Dixon Advisory is also the RE
for the US Masters Residential Property Fund which provides investors with the
opportunity to gain exposure to a diversified portfolio of US-based residential
property assets.[5]
Dixon Advisory was rated by Financial Review Smart Investor
as the number one SMSF provider in 2012 and 2011, and won the Australian
Business Award Service Excellence in 2013 and 2012.
Macquarie Group Limited
Macquarie Group Limited, through its Banking and Financial
Services Group (BFS), operates in the retail financial services industry at
many levels and as both a provider of financial services and financial products.
Macquarie Adviser Services (MAS) is a division within BFS that
primarily distributes financial products and services through intermediaries.
MAS deals with financial planners and financial advisers who have their own AFS
licences, or are representatives of AFS licensees.
Macquarie Private Wealth (MPW) is another division in BFS that
provides financial advising and broking services. Macquarie Group employs
financial planners and financial advisers in its MPW business, and it provides
financial services under a Macquarie AFS licence.
Different Macquarie Group licensed entities also perform
trustee, custodial and RE functions.
Australian Custodial Services
Organisation
The Australian Custodial Services Association Limited (ACSA) is
the peak industry body representing members of Australia's custodial and
investment administration sector. Formed in 1994, ACSA represents members
holding securities in excess of $1.8 trillion in custody and under
administration.
ACSA's aim is to contribute to innovation within Australia's
investment administration infrastructure, support the development of custody
professionals, and to provide leadership in representing its members.[6]
Major activities are accomplished by a series of ACSA working
groups in the areas of taxation, regulation and compliance, custody
operations, corporate actions, professional development, communications, and
administration.[7]
Australian Institute of
Superannuation Trustees
The Australian Institute of Superannuation Trustees (AIST) is
an independent, not-for-profit professional body. It is the principal advocate
and peak representative body for the not-for-profit superannuation sector. Its
members are the trustee directors and staff of industry, corporate and public-sector
superannuation funds, who manage the superannuation accounts of two-thirds of
the Australian workforce.
AIST's mission is to protect the interests of Australia's $500
billion not-for-profit superannuation sector. It plays a key role in policy development,
and is a leading provider of research. As a registered training organisation,
AIST provides professional training, compliance and consulting services, and support
for trustees and fund staff.[8]
Financial Services Council
The Financial Services Council (FSC) represents Australia's
retail and wholesale funds management businesses, superannuation funds, life
insurers, financial advisory networks, licensed trustee companies and public
trustees.
The members of the FSC are Australia's leading wealth managers
with responsibility for managing savings and facilitating investment. The FSC
advocates on behalf of its members and contributes to macro-economic policy
issues.
Key priorities for the FSC include improving the well-being of
all Australians; promoting financial adequacy for all Australians; increasing
consumer confidence in the financial services industry; promoting efficiency,
integrity and good regulation; and improving the professionalism and success of
the FSC and its members. The FSC has been a prominent stakeholder in
discussions on the FOFA legislation.[9]
BT Financial Group
BT Financial Group is the wealth management arm of the Westpac
Group, which, following the Westpac and St George merger in late 2008, also
includes the wealth division of St George bank.
BT Financial Group offers a wide spectrum of wealth services
including investment, superannuation and retirement income products, investment
platforms, financial advice, private banking and insurance solutions.
Key brands in the group include Advance, Ascalon Capital
Managers, Asgard, BankSA Financial Planning and Insurance, BT, BT Investment
Management (60 per cent owned by Westpac Group), Licensee Select, Magnitude,
Securitor, St.George: Financial Planning, Insurance and Private Clients, and Westpac:
Financial Planning, Insurance, and Private Bank.[10]
One Investment Group
One Investment Group is an independent Australian funds
management business established to provide RE, trustee, corporate trust, custody
and fund administration services. One Investment Group specialises in a range
of asset classes including real estate, private equity, infrastructure, equity,
mortgage and hedge funds.
Entities within One Investment Group currently operate as RE of
numerous registered schemes and as trustee of more than 100 unregistered
schemes. The total value of assets within these schemes is in excess of $3
billion.[11]
One Investment Group also has four entities which provide
financial and investment advice to corporations, financial institutions and
public sector clients.[12]
Ernst & Young
Arthur Young & Company was formed in 1906, and Ernst &
Ernst was formed in 1903. In 1989, the firms combined to create Ernst & Young.
Ernst & Young is a global organization of member firms of Ernst & Young
Global Limited, each of which is a separate legal entity. The business units
are grouped into four geographic Areas: the Americas; Asia-Pacific; Europe,
Middle East, India and Africa; and Japan.
Ernst & Young provides auditing, assurance, and tax
services. It also offers advisory services in areas including capital
transactions, productivity and performance.[13]
CPA Australia
CPA Australia is one of the world's largest accounting bodies
with a membership of more than 144,000 finance, accounting and business professionals
in 127 countries across the globe.
Core services to members include education, training, technical
support and advocacy. Staff and members work together with local and
international bodies to represent the views and concerns of the profession to
governments, regulators, industries, academia and the general public.
A Certified Practising Accountant (CPA) is a finance,
accounting and business professional with a specific qualification. The CPA
designation is a mark of high professional competence.[14]
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