Australian funds management in good shape
The Money Management Fund Manager of the Year awards reflect an industry which, while not perfect, has a great deal to celebrate.
This edition of Money Management has been under an embargo to ensure that its publication coincides with the annual Money Management/Lonsec Fund Manager of the Year Awards taken out this year by Macquarie Investment Management.
In this, the 29th year of the Fund Manager of the Year Awards, it is worth reflecting on the relatively robust good health of the Australian funds management industry and the manner in which its growth and success has been closely intertwined with that of the superannuation industry.
According to the latest analysis from the Financial Services Council (FSC), Australia holds the world's fourth largest pool of funds under management through both superannuation and the funds management industry.
That same FSC analysis argued that, as an important part of the value chain, funds management must be recognised by Government as a world-leading sector in Australia operating in one of the most competitive markets in the world.
All of this is true, and it is a measure of the standing in which the Australian funds management industry is held that experienced Australian personnel can be found working around the world.
However there is another reason why the Australian funds management and superannuation funds industry have grown and prospered over the past 30 years -- this nation's political, economic and policy stability. Simply put, Australia has a sophisticated and effective regulatory environment rooted in a highly stable, first-world political system.
That is why, during this Federal election and thereafter, Australia's policy-makers should not lightly dismiss the value of the funds management and superannuation industries or the damage which can be inflicted on those sectors by political expediency or capriciousness.
Therefore, when looking at the changes contained in the 3 May Federal Budget, it does well to consider whether they will be good for Australia over the medium-to-long haul. Some elements seem to fit that bill, others such as the reduction in the concessional superannuation caps do not.
While this edition of Money Management clearly focuses on the funds management and those fund managers deemed to be the best of the best this year, it also celebrates our 2015/16 Financial Planner of the Year, Joseph Hoe of Wealthwise and our 2015/16 Paraplanner of the Year, Kearsten James of Tupicoffs. We congratulate them on their achievements.
As managing editor, I am also delighted with the announcement that former AMP executive director of Financial Planning and now chairman of Affinia, Steve Helmich, has been awarded Money Management's Lifetime Achievement Award.
Helmich has spent more than 40 years in the Australian financial services industry and is continuing to make a contribution. He joins the roll call of other distinguished recipients such as Gwen Fletcher, Barry Lambert, Stephen van Eyk and Kerr Neilson. August company, indeed.
The Money Management awards reflect a financial services industry which, while not perfect, has plenty to celebrate.
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