Garry and David’s vertically-integrated collective

Outsider has read a lot of recent opinions, including that of the Australian Securities and Investments Commission, suggesting that vertically-integrated financial services businesses such as banks might struggle to put clients’ best interests first.

Thus, he was fascinated to hear industry funds stalwart and chairman of Industry Fund Services, Garry Weaven, outlining the various entities which had arisen from the collective efforts of the industry funds.

Speaking on a panel at the Conference of Major Superannuation funds which included ACTU president, Ged Kearney and Industry Super Australia firebrand and Tin Tin doppelgänger, David Whiteley, Weaven reeled off the names of entities birthed by industry funds such as Frontier Investment Consulting, IFM Investors, ME Bank, the Australia Council of Superannuation Investors, ISA, the Australian Institute of Superannuation Trustees — the list just went on, and on.

Related News:

And it was after hearing that list that it occurred to Outsider that, taken together, those organisations seemed each to be part of a vertically-integrated whole.

But Outsider does acknowledge that Westpac, NAB, CommBank and ANZ do lack the purity owed to having been created out of collectivism. Right comrade?




Related Content

Thorn Group’s CEO leaves

Australia’s financial service provider Thorn Group has announced the departure of the company’s managing director and chief executive, James Marsh...more

APRA confirms industry fund’s $225,000 director’s wages bill

The directors of the eligible rollover fund (ERF) owned by the industry funds paid its directors a total of $225,000 last financial year, some of whic...more

Samsung AM and IFM form infrastructure debt fund

Samsung Asset Management and IFM Investors have formed a US$480 million ($640.2 million) fund to invest in overseas infrastructure debt assets on beha...more

Author

Comments

Comments

Pot meet Kettle, nice one.

Add new comment