Equity Trustees restructures
Equity Trustees is restructuring its fund distribution and corporate trustee services division to provide more external Responsible Entity (RE) services to fund managers. Head of funds management Harvey Kalman will be appointed as head of the division, to be renamed Equity Trustees Corporate Fiduciary and Financial Services.
Kalman currently is responsible for providing RE services to fund managers in the industry.
“Having a reputation for fiduciary responsibility and being seen as an organisation of trust will be major asset for Equity Trustees, and we are well placed to expand our corporate trust services to other financial institutions and managers,” Kalman said. Equity Trustees is planning to expand the division further, including making additional appointments.
The Australian Securities and Investments Commission has indicated that REs must have a stronger financial base, and is seeking to institute tougher licensing requirements, leading to increasing demands on in-house RE services.
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.
