King & Wood Mallesons

Asia-Pacific 100 position: 2

Seven key issues for asset managers in 2013

To kick off the start of the second quarter of 2013, King & Wood Mallesons sets out the seven key regulatory issues driving risk, operations and market trends for asset managers this year.

The Future of Financial Advice reforms start from 1 July 2013. The reforms continue to pose significant challenges for Australian retail distribution in 2013. For example, significant challenges remain for the distribution of listed products.

The transparency measures within the Stronger Super reforms will become effective on 1 July 2013. The breadth of the portfolio holdings disclosure requirements will likely pose significant compliance burdens on superannuation trustees. We are already seeing some trustees seeking to move that burden to asset managers. The restrictions on performance fees for funds in which MySuper products are invested will be a challenge to super funds allocating to funds which typically include performance fees. Asset managers need to prepare a better rationale for their performance fees. Finally, revised APRA outsourcing standards will see superannuation trustees seek to renegotiate agreements with service providers including IMAs with asset managers…

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