IFSA backs Singapore mutual recognition agreements
The Investment and Financial Services Association (IFSA) has voiced its support for a government initiative to pursue a mutual recognition agreement with Singapore. The agreement would allow Australian managed investment schemes to be offered to investors in Singapore.
Singaporean investment schemes can currently be offered to Australian investors under the Australian Securities and Investments Commission Class Order.
“Importantly, entering into such an agreement would provide strong indication to financial markets that, despite the global financial crisis, countries such as Australia and Singapore remain committed to facilitating more efficient cross border investment flows, which will undoubtedly benefit both investors and members of superannuation funds,” said IFSA deputy chief executive John O’Shaughnessy.
Singapore holds nearly $1 trillion in funds under management.
Recommended for you
ASIC commissioner Alan Kirkland has detailed the regulator’s intentions to conduct surveillance on licensees and advisers who are recommending managed accounts, noting a review is “warranted and timely” given the sector’s growth.
AMP and HUB24 have shared the areas where they are seeking future adviser growth, with HUB24 targeting adding more than 2,000 advisers to the platform.
Bravura Solutions has appointed a new chair and deputy chair to take over from departing Matthew Quinn, while Shezad Okhai picks up another responsibility.
Two advisers say M&A is becoming a “contact sport” as competition heats up to acquire attractive advice firms, while a lack of new entrants creates roadblocks in organic growth opportunities.
