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Edition 14

10 May 2013

Welcome from Chris Cuffe

Cuffelinks brings you the first in a series of interviews with three doyens of the global wealth management industry, starting with the 1990 Nobel Laureate Harry Markowitz. He tells Graham Hand about the magic moment when he realised that portfolio selection needs to optimise both risk and return, something we now take for granted.

Exclusive to our Newsletter subscribers, attached is the full interview where Markowitz also explains how his business delivers online retail advice and portfolio management. It's fascinating that the 85-year-old Markowitz and the 81-year-old Burton Malkiel (subject of a coming interview) are both heavily involved in new online advice businesses. A look into the future of advice?

A few weeks ago, I wrote about the need for an independent and bipartisan group to provide ongoing opinion and direction about our superannuation system. The Government announced its plans for a Council of Superannuation Custodians, and it is welcome to read Graeme Colley adding his voice of support.

Jack Gray provides his usual thought-provoking insight into peer risk, a major issue for most large investment managers. The fear of straying too far from a market index pushes too many fund managers away from the active positioning and concentrated portfolios they should be paid for. Give me an opinionated manager who backs his skills versus an index hugger any day.

Andrew Gale believes the latent value of accounting firms is starting to be realised, especially as they spread their services into financial planning. Accountants have long been the dominant service providers to SMSFs due to their tax and audit roles, even for trustees who feel they do not need financial advice, and this makes them well-positioned to expand their businesses.

Finally, Graham reports on the release this week of APRA’s updated bank liquidity rules, which confirms favourable treatment of SMSFs versus public super funds. His article on the implications in the 2 April 2013 edition of Cuffelinks led to a spirited debate, but APRA has confirmed his view. Plus there’s a potential sting in the tail for some advice businesses that use Separately Managed Accounts for their clients.

Chris

Latest posts from Cuffelinks, 10 May 2013, Edition 14

The Harry Markowitz Interview, Part 1: Portfolio Selection Graham Hand
Bring on the Council of Superannuation Custodians Graeme Colley
Peering into peer risk Jack Gray
Why accounting may finally be sexy Andrew Gale
APRA confirms SMSFs as retail but public funds stranded Graham Hand
Has APRA also delivered a blow to SMAs? Graham Hand

Download PDF

10 May 2013

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