Custodians predict further consolidation
The Australian Custodial Services Association (ACSA) is flagging further consolidation across the financial services industry.
The chairman of ACSA Bryan Gray claimed the global financial crisis had established a new world order for Australia’s investment and financial services community, which would drive further consolidation as well as a raft of new regulation.
“A key change we are noticing is the convergence of institutional services across the traditional bank and custody divide,” he said. “Major global banks providers are bringing their own operations together to provide traditional treasury, prime broking and cash clearing services alongside the spectrum of custody and securities services that have been developed to support Australia’s superannuation and institutional investment community.”
Gray claimed this would create greater efficiency for larger institutional clients and benefit custodians who could integrate previously segregated businesses to create a seamless solution for clients.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
