Vanguard to close most of its institutional business in Australia; focus on retail

The U.S. investments giant, which has roughly A$164 billion in assets under management in Australia, will stop offering customised products called segregated mandated accounts to large institutional investors.

The exit comes as Australia’s pension funds, which make up the world’s third-largest pool of pension assets, have moved towards managing a larger portion of their investments internally to lower costs. This has intensified competition for investment mandates and forced the closures of several funds. The Pennsylvania-headquartered manager will continue to offer some investment products that are “pooled” rather than customised, a spokeswoman said in an email.

It will work with existing SMA clients in Australia and New Zealand to ensure a smooth transition that is expected to take between 12 and 24 months, she added.In April, Vanguard launched an Australian platform for retail investors providing access to a range of its managed funds, listed ETFs and shares. It has also registered a superannuation product with the regulator, which hasn’t launched yet.

Vanguard said in August will close its Hong Kong and Japan operations and cut jobs across both locations as it shifts its Asian headquarters to Shanghai.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Disney to lay off 28,000 theme park workers, Disneyland remains closed - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Remember, no one in management with fat salaries will resign... only workers... Well done, politicians! You decimated the economy and livelihoods over a virus that affects almost no one and kills fewer than 0.06% of the population You did not state their reason clearly as part of the headline. 28,000 lay offs due to Governor's continued adamant position to keep California close, using pandemic as an excuse.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How one company is bridging the digital divide for under-resourced schoolsSee how this company is helping under-resourced schools with its innovative learning program, as part of their Citizen Verizon plan for economic, environmental and social advancement. Story from Verizon Verizon GREEN 🌎 NEWS Verizon s49//7puo Verizon
Source: USATODAY - 🏆 100. / 63 Read more »