Melbourne bids for financial capital status
The Victorian State Government is forming a committee from the financial services industry to push Melbourne as a regional financial centre.
The Victorian State Government is forming a committee from the financial services industry to push Melbourne as a regional financial centre.
The Financial Industry Consultative Committee will promote Melbourne’s competitive advantages to financial services companies, says Minister for State and Regional Development, John Brumby.
“The State Government is determined to promote Melbourne aggressively as a centre for financial investment,” he says.
“The previous government made it clear that it was not prepared to develop Melbourne’s capacity as a regional centre for global financial services, but we are determined to secure a bigger share of investment and jobs in this sector.”
The areas being targeted for setting-up operations in Melbourne are funds management, venture capital and superannuation.
Brumby cites the fact Melbourne already is the headquarters for two of the big four banks — NAB and ANZ — and global fund managers like HSBC, Salmon Smith Barney and Morgan Capital.
The government has not announced any time-scale for forming the committee nor if any budget has been allocated to the campaign.
Recommended for you
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.
Perth advice firm Integro Private Wealth has appointed a head of advice to spearhead a major business development initiative to expand nationwide.
AZ NGA has taken a larger stake in ex-AMP advice firm Geographe Financial Group, triggering leadership changes as it prepares for future M&A growth opportunities.
Over half of financial advice clients say they have found their adviser via a referral from an existing client, according to Dimensional.
