Grant Samuel expands into Brisbane.

Grant Samuel Funds Management has opened a representative office in Brisbane, and made a new appointment in Sydney, following a doubling in business demand over the past 12 months, says Mr Damien McIntyre, director and head of distribution at Grant Samuel.

This move follows Grant Samuel’s decision to open a representative office in Perth 12 months ago, significantly increasing its business development capabilities.

“The time is right to have a person on the ground in Queensland,” Mr McIntyre says.

“Queensland is estimated to represent 20 per cent of the retail market for financial planner/dealer groups and we felt it required a dedicated business development manager.”

Mr Steven Taylor, who has nearly 20 years experience in the industry, has been appointed State Manager for Queensland and will head up the Brisbane office.

“Steven will focus on developing our client base in greater Brisbane and Far North Queensland,” Mr McIntyre says.

Mr Taylor joins Grant Samuel from Challenger Group, where he was State Manager, Queensland during a time of successful growth in Challenger’s annuity and investment funds. Prior to that, he was with Credit Suisse Asset Management, Skandia and Macquarie Bank.

Increased demand in New South Wales, and a need for greater business development capability, has resulted in the appointment of Mr Shaun Thomas as a key account manager based in Sydney.

“NSW accounts for approximately 35 per cent of all financial planners in Australia, and Shaun will work alongside key account manager David Blair, in sharpening Grant Samuel’s focus on the key NSW market.”

Mr Thomas joins Grant Samuel from Australian Unity Investments and has over 10 years experience in business development. He has held a number of senior business development roles at Australian Unity Investments, HSBC Global Investments and Macquarie Investment Management.

“Grant Samuel Funds Management now has the key markets in Australia covered with people on the ground, significantly boosting our business development capabilities.

“The opening of the Brisbane and Perth offices, and the new appointment in Sydney, sets us up well for what is expected to be another big year in 2014,” Mr McIntyre concluded.

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Sue McCarrey

Long standing public sector financial advice specialist, State Super Financial Services (SSFS), yesterday announced that it has opened its doors in Perth.

With the aim of serving public servants and the broader community in Western Australia, SSFS’s new office was opened by Sue McCarrey, President of the Institute of Public Administration Australia (IPAA).

Michael Monaghan, Managing Director of SSFS, said demand for specialist public sector advice was the driving force behind the decision to commit resources and extend SSFS’s proven capabilities into Western Australia.

“Our move into Western Australia is very much in line with our focus on making public sector advice more accessible to public sector super fund members and it is also a reflection of our continued growth nationally. SSFS has a strong track record of providing specialised financial advice and this new office will allow us to better serve our Western Australian-based clients, with expert local knowledge and local operations,” said Mr Monaghan.

Scott Phillips, State Manager of SSFS in Western Australia, will lead the office as well as the team of ten, all recruited from the local area.

Mr Phillips said that SSFS had identified a growing need in the market for specialist public sector-focused financial advice in Western Australia and that his team were looking forward to sharing their experience and expertise with members.

“Navigating the complexities of defined benefit schemes and maximising entitlements during events such as retirement or redundancy is challenging,” he said, “so having a public sector specialist in your corner can be very reassuring and can definitely make the process far less daunting.”

In addition to face-to-face advice, public sector super fund members will also have access to a highly innovative and recently launched telephone-based advice service designed to support the operations of the Perth office and service the broader public sector market in WA.

“Our telephone based advice service is specific to the individual’s defined benefit super account which helps them understand their choices and make better decisions,” Mr Phillips explained, “This is normally advice that had to be done face-to-face and in an environment where not all members have the time or ability to make a face-to-face meeting, we’ve innovated to provide elements one would expect from a high quality adviser but done with a skilled adviser by phone”.

Mr Monaghan concluded by explaining that the dual initiatives of the Perth office and the telephone-based advice service reflect the significance that SSFS places on providing easy-to-access, expert advice to current and prospective members.

“Our aim is that when public sector employees in WA need financial advice, they will think of SSFS and avail themselves of the expert and now locally based advice on offer. We look forward to hosting them at our offices” he said.

The new office is located at Level 3, 197 St Georges Terrace, Perth WA 6000.

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The property is fully leased with high quality tenants and is located within close proximity to place Charles-de-Gaulle and Parc Monceau and is approximately 800 metres from the Arc de Triomphe.

AMP Capital Fund Manager John Dynon said now is an opportune time to secure a scarce asset in a tightly held market at an attractive price with good growth potential due to solid Paris market fundamentals.

“The Paris CBD market has traditionally been associated with high barriers to entry. Greenfield development sites are extinct with introduction of new supply almost entirely dependent on refurbishment and conversion of traditional stone buildings,” he said.

“The addition of this Paris office asset into our flagship global property fund comes at an exciting time for our investors. Global core markets and valuations have stabilised yet pricing remains compelling.

“We expect the Paris CBD office market to experience a severe space shortage in the foreseeable future, with investors set to benefit from a rapidly tightening market and vacancy rates of below 5 per cent.”

The building has a net lettable area of 2,619 sqm as well as underground parking and balconies with views across Paris. It was built in the 1930s and was recently refurbished to modern standards and technical specifications. The property is the head office to the major tenant, Sony (Sony ATV and Playstation).

The Global Direct Property Fund provides investors with access to core global direct property investment opportunities. The Fund invests in a strategic mix of international direct property assets including office and multifamily properties in Milan, California and Houston.

The Fund returned 13.8 per cent (pre tax and fees) to investors for the year to December 2010.

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Threadneedle, a leading international asset manager, has expanded its Australasian team with the appointment of James Wesley as Director, Institutional Clients. Reporting to David Chinnery, Head of Australasian Distribution, Mr Wesley will be responsible for building and managing relationships with key institutional and third party clients. He will be based in Threadneedle’s Brisbane office and will divide his time between Australia and New Zealand*.

Mr Chinnery, Head of Australasian Distribution commented: “James’s appointment is a significant one for Threadneedle’s growth in Australia and New Zealand*, and underlines the firm’s commitment to expanding in these markets. James brings substantial investment and client relationship experience to the role, having spent the past eight years working in the UK funds management industry. Most recently he worked for Threadneedle in London, where he managed the growth of major third party distribution partners including Zurich, AXA, Nationwide, Prudential and Skandia.

“We believe Australian investors will increasingly seek to allocate a higher proportion of assets to offshore funds.  As a major international active house with an enviable performance track record, Threadneedle brings a strong proposition to the market and we look forward to introducing this to investors in the region.”

Threadneedle commenced its business operations in Australia in October 2008, with the acquisition of a Brisbane-based asset-backed securities team. Mr Chinnery joined in May 2010 to head the development of a broader distribution strategy that will focus on introducing key strategies – such as global, Asian and European equities, emerging market debt and absolute return – to Australian investors.

Since 2008 Threadneedle has been expanding its distribution capacity outside its more traditional markets of the UK and Europe, and has opened offices in Hong Kong, Singapore, Dubai and Australia.

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Matthew will be the Fund Manager for the proposed Australian Logistics Fund due to be launched mid 2011 and will be responsible for growing the real estate team in Australia.

Starting on 28th March, Matthew will be based in Aviva Investors Sydney office and will report to Daniel McDonald, Head of Fund Management, Real Estate – Asia Pacific.

Matt will be joining Aviva Investors from the Goodman Group where he spent the past nine years. Matt was most recently Fund Manager in Sydney and previously Director of the Goodman Hong Kong Logistics Fund based in Hong Kong. He has direct property management experience in Sydney, Singapore, Hong Kong and London.

Ian Hally, CEO Asia Pacific Real Estate said, “Hiring individuals of Matthew’s calibre is a reflection of our desire to expand our market share and build out our client offering in real estate.  Alongside our established presence in UK and European markets, Asia Pacific has been identified as a key growth region in the development of Aviva Investors global real estate business. Within the region, Australia is an important investment destination for our mandates.  In addition we look forward to building long term relationships with Australian clients as they look to invest in real estate markets beyond Australia.”

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Russell has further strengthened its corporate superannuation business with the announcement of new initiatives aimed at driving further growth and bolstering the individual investor experience. The first of the new initiatives is the appointment of industry expert Geoff Peck to Managing Director, Corporate Superannuation.

Mr Peck joined Russell in early 2009 and is one of Australia’s most experienced superannuation practitioners, having previously held senior roles at BT Financial Group. He brings more than 25 years’ experience in the investment and superannuation sector and has sound knowledge across a broad range of fields including investments, risk management, product management, life insurance, member services and financial advice.

Chris Corneil, Russell’s CEO Australasia, said he was confident Mr Peck’s appointment would be well received by clients as well as the team at Russell.

“Geoff has already brought great value to the team and has been instrumental in growing this important area of the business. His passion and vast experience are well recognised within the superannuation industry,” Mr Corneil said.

Mr Peck today announced what he described as a transformational plan for Russell’s corporate superannuation business. The plan includes ambitions for Russell to build out a market-leading individual investor experience, as well as the delivery of limited advice and other MySuper initiatives.

“I am focused on delivering the best possible outcomes for clients. I look forward to further developing and refining the service we offer and to enhancing our capabilities in this area,” Mr Peck said.

Russell confirmed it is actively recruiting for additional hires to deepen resources and further expand its corporate superannuation business.

Russell provides services to some of the largest corporate superannuation funds in the country, with total assets under management in Australia of more than AUD53 billion and 220,000 members under administration. Russell’s experienced corporate superannuation business provides a comprehensive array of services to nine out of the ten largest corporate superannuation plans in Australia. Services range from consulting advice to complete outsourcing solutions including member administration, implemented investment services and the Russell Super Solution Master Trust.

In addition to his impressive industry background, Mr Peck has written a book to give every day Australians a better understanding of how to manage their superannuation in the wake of the global financial crisis.  Titled Salvage your Super, the book aims to help people get their super back on track and to develop realistic goals and strategies for meeting their retirement needs.

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Centuria Capital’s (ASX: CNI), property funds management subsidiary, Centuria Property Funds (formerly Century Funds Management), has purchased a 10 level commercial building at 200 Creek Street, Brisbane for $37.7 million. The vendor of the property is Valad Core Plus Fund.

The building is 100 per cent leased to a mix of quality multi-national and Government tenants which include State Government agency Link Water, international environmental engineers BMT WBM and the multi-national Medtronic Group. The building has recently undergone a refurbishment program that included an extensive foyer and services upgrade.

Centuria has formed a new single asset unlisted property Fund to hold the asset and the forecast initial return is 8.75 per cent increasing to 9 per cent over the life of the Fund.

The acquisition takes Centuria’s property funds under management to $960 million.

CEO of Centuria Property Funds, Mr Jason Huljich said:

“We believe the Brisbane office market is an attractive counter-cyclical opportunity which will experience significant growth in the medium term, assisted by mining and infrastructure spending. 200 Creek Street is well positioned to ride out an initially soft leasing market with a strong weighted average lease expiry (over 5 years) and fixed annual reviews in excess of forecast CPI.”

“Investor interest in 200 Creek Street has been very strong and the offer closed heavily oversubscribed.”

“Centuria continues to pursue an aggressive strategy with regard to property opportunities which exhibit attractive income returns coupled with the potential for strong capital growth. Centuria is now looking at larger acquisitions in the $20 – $100 million range.”

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Independent service provider Paragem is set to continue the strong growth in its dealer services and licensing businesses as reported in January this year, with five new planner practices currently in the process of securing their Australian Financial Services License (AFSL).

The increasing number of planners opting to break with product-aligned dealer groups in search of genuine, conflict free dealer services has seen Paragem, the largest independent provider of dealer services to the IFA market, introduce five AFSLs to its network in the last two months.

Paragem director, Ian Knox, said the growing number of practices joining the Paragem network was evidence of the demand being driven by clients, advisers and regulators for conflict free advice.

“As regulatory changes and Australian consumers increasingly demand conflict free financial advice, IFAs will be of growing importance to the financial services landscape, particularly in terms of building the community’s trust in our industry.  We are certainly seeing an uptick in demand from advisers wanting to make the move and we expect IFAs will become a larger part of the planning community in the future,” Mr Knox said.

David Smith of Hub Wealth Management, Paragem’s latest licencee, said he and business partner, Andrew Wiefler, were driven to seek out their own AFSL because it meant they could provide conflicted-free advice that is more tailored and relevant for clients.

“Obtaining our own AFSL has meant we have full flexibility to access an extensive array of quality research, while also conducting an in-depth review of the quality and cost of available administrative solutions.  This combination is critical when selecting optimal investment and strategy solutions for individual client needs.  It also means we can respond quickly to changing circumstances.  It all comes down to a firmer foundation from which to achieve better results for clients,” Mr Smith said.

Mr Smith said he was surprised to find the process was relatively straightforward.  “We went into this exercise expecting to be overwhelmed with admin and compliance but have found with the support of Paragem the process has been quite simple.  Yes, there are more responsibilities and obligations under your own AFSL  However, the freedom it provides so you can control your own destiny and clearly demonstrate to clients that our interests are aligned with theirs makes the extra effort worthwhile,” he said.

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Located in the commercial and retail heart of Melbourne’s CBD, 330 Collins Street comprises approximately 18,337 sqm of A-Grade office space over 20 levels, including 18 office floors, extensive retail accommodation, ground floor foyer, plus two basement floors. The building underwent significant refurbishment in 2003.

AMP Capital Portfolio Manager Damian Fitzpatrick said AMP Capital saw an opportunity for Sunsuper to acquire a property that met its investment criteria in both geographical location and projected income returns, with the asset to benefit from the longer term rental growth forecast for the Melbourne CBD office market in the coming five years.

“Demand for quality office space in Melbourne’s CBD is increasing due to less development activity as a result of the financial crisis,” said Mr Fitzpatrick.

“With Melbourne’s commercial office market well positioned for growth, due to low vacancy and a strengthening in market conditions, the property will offer Sunsuper ongoing positive returns and afford tenants extensive prime retail frontage at a time when commercial vacancy rates are decreasing.

“330 Collins Street is a quality asset and one of the best located office buildings in Melbourne. The property is currently 100 per cent leased to a range of high quality tenants. With large office floor-plates for this location, combined with its substantial retail frontage, AMP Capital’s asset management team believe significant value can be unlocked for Sunsuper to deliver strong investment performance.”

Sunsuper’s Chief Executive Officer Tony Lally said Sunsuper placed significant emphasis on diversification within its investment portfolios – a strategy which had served members well over both the short and longer term.

“This addition to our growing property portfolio in the Melbourne office market offers excellent prospects for returns for our members. We are particularly pleased to have been able to purchase such a high quality asset in this key Melbourne CBD location.”

Mr Lally said the purchase also complemented Sunsuper’s national growth strategy.

“This property at 330 Collins Street, along with our recent purchase of 35 Clarence Street in Sydney, is a great fit for Sunsuper in terms of quality and location. We’re confident that our members will benefit from future growth and strong tenant demand in both the Melbourne and Sydney CBDs as a result of these acquisitions,” he said.

According to CB Richard Ellis’ latest Melbourne CBD office report, no large office buildings are expected to come on the market in Melbourne’s CBD for three years, while demand from tenants will continue to remain strong.

AMP Capital’s Property Portfolio Service was established more than 15 years ago and specialises in building bespoke real estate portfolios for clients. Portfolios may include a range of products such as Australian and international direct property, listed property and development funds, Australian wholesale and offshore funds as well as emerging products under an ‘alternative property’ allocation.

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AMP Capital Managing Director Stephen Dunne said increasingly clients are seeking to award global
mandates and with a strong presence already in Asia Pacific and Europe, AMP Capital is taking the
opportunity to expand into North America.

“AMP Capital is one of the most experienced global infrastructure investment managers and by
launching a North American infrastructure business we are delivering our clients first class access to
some of the best infrastructure opportunities around the world,” Mr Dunne said.

“The private infrastructure investment market in North America is starting to open up, so there has been
no better time to grow our global infrastructure capability. In addition, our institutional clients are
increasingly seeking global access to infrastructure opportunities.”

Joining AMP Capital from Access Capital Advisers are Head of Infrastructure Americas Thomas
Majewski, Senior Vice President Infrastructure Farhad Billimoria and Vice Presidents Damien McDonald
and Digby Beaumont.

Thomas Majewski has more than 15 years of experience as a senior finance executive. Since 2008 he
was Partner and Head of Americas Infrastructure with Access Capital Advisers, where he was actively
involved in selecting and managing a wide variety of infrastructure investments for clients. Prior to that,
Mr Majewski was with Merrill Lynch in New York as a Managing Director in their Global Markets and
Investment Banking division. He has also held various roles with Bear Stearns, J.P. Morgan, Arthur
Andersen and Salomon Brothers. Mr Majewski will report directly to AMP Capital Global Head of
Infrastructure & Private Debt Phil Garling, who is based in Sydney.

Farhad Billimoria has more than five years infrastructure and project finance experience and joins us
from Access Capital Advisers where he was Associate Director Infrastructure. From 2004 to 2006 Mr
Billimoria was an Investment Analyst with Access Economics.

Damien McDonald joined Access Capital Advisers in 2007 as a Senior Analyst Infrastructure where he
conducted due diligence on prospective debt and equity investments. He has also held roles with Credit
Suisse and BMO Capital Markets.

Digby Beaumont was a Senior Analyst with Ernst & Young from 2005 to 2007, he then joined Allco
Finance Group in 2007 where he was an Infrastructure Associate until 2008. Most recently Mr
Beaumont was an Investment Manager with Access Capital Advisers sourcing and executing unique
infrastructure and private equity opportunities.

“We welcome this outstanding and experienced team to AMP Capital at what is an exciting time of
growth. This comes on the back of our increased global listed infrastructure capability and the launch of
our new AMP Capital Global Infrastructure Securities Fund to Australian retail investors last week,” Mr
Dunne concluded.

The new team starts this week, taking our total unlisted infrastructure team to over 60 investment
professionals located across offices in Australia, New Zealand, India, China, Europe, the United
Kingdom and North America.

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