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Money Grows

Money grows

RETIREMENT income streams total funds under management grew by 6 per cent for the 2002 calendar year despite tough financial market conditions.

The December 2002 quarterly Retirement Income Stream report commissioned by Investment and Financial Services Association Limited found total retirement income funds under management increased 2.3 per cent over the quarter to $45.7 billion, while total sales were down by over 13 per cent for the quarter, to $2.4 billion.

IFSA employed Plan for Life Research to produce the data, which showed that while sales were down compared with last year, total retirement income funds under management increased by 6 per cent during the year.

“There is some anecdotal evidence that some employees might have made a decision to delay their retirement in order to accumulate a more sizeable lump sum,” IFSA chief executive Richard Gilbert said.

Fee calculator

THE Australian Securities and Investment Commission has developed an on-line fee calculator to help consumers choose which managed fund to invest in. The calculator estimates what the fees will be, how fees may affect the investment returns over time and how different fee structures may affect the investment.

Financial skill

AUSTRALIA’S financial services workforce is the most skilled in the Asia-Pacific, a new publication released by Axiss Australia shows.

The report, Australia’s Skilled Workforce for Financial Services, says the skilled workforce was the primary lure for the more than 100 global financial service firms that operate in Australia.

It found 350,000 people, or 3.5 per cent of Australia’s total workforce, was employed in the finance and insurance sector. Salaries were also lower – up to 100 per cent less than in Singapore and 240 per cent less costly than in Hong Kong.

Christian merger

CHRISTIAN Super has combined its managed funds with that of the Australian Baptist Retirement Fund. Christian Super, which was founded in 1984 as Christian Schools Superannuation fund to serve the staff of Christian schools around Australia, now helps 11,000 current and former staff from over 1,300 Christian organisations.

Marsh appointed

MORNINGSTAR has appointed Geof Marsh as national account executive for its Australian business. He will be responsible for managing and developing relationships with financial advisory and stockbroking groups. He previously held positions with IOOF, Rural Funds Management, and HSBC Bank Australia.

Options book

TO help investors understand the benefits of trading in options, particularly in a downward trending and sideways moving market, Wiley Publishing has produced a book written by Perth derivative adviser Brad Booth.

Options in a Nutshell provides an explanation of the risks and benefits of using options. It explains what an option is, call and put options and where to start in valuing an option.

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