Sydney Australia
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

Media, Events, Networking, Roundtable, Membership - Contact Us

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.







Australia Securities Commission Sues Fintech Pension Firm for Misleading Marketing Statements

Hong Kong | 25th January 2021

The Australian Securities & Investment Commission (ASIC) have commenced civil proceedings against an Australian fintech pension service firm for false or misleading representations in the marketing brochures of residential properties investment services using superannuation funds (retirement funds).

” Australian Regulator Sues Fintech Pension Service Firm for Misleading Marketing Statements “

 

Web links may be disabled on mobile for security.
Please click on desktop.


Do you manage $20 million to $30 billion?
Advise institutions, billionaires, UHNWs & HNWs?

Subscribe Caproasia
Delivered to your Inbox
Get Ahead in 60 Seconds. Organised for Success.
Join 10,000 + leading financial professionals, investment managers,
professional investors & advisors.
Links: Learn More | UHNW & HNW | Subscribe | Start Today

Scroll Below for Sign Up / Contact Us Form

2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

False or Misleading Representations

Sydney Australia 1
Sydney Australia

The Australian financial technology firm Squirrel Superannuation Services, is alleged in 2015 to have marketed and sold services to help clients setup and operate Australia’s Self-Managed Superannuation Funds (SMSF) to buy residential property with false or misleading representations.

Example of false or misleading representations in brochures includes stating residential property doubling in value every 7 – 10 years with 4% – 5% of rental return, and implying property returns (14%) outperform funds (7%) and the low cost of managing an investment property compared to using a financial planner to manage a portfolio of funds.

 

The Squirrel Superannuation Services Marketing Brochure in March 2015: 

How buying established residential property can super charge your superannuation?

  • “… residential property in metropolitan locations doubles in value every 7-10 years and generates a rental return of around 4 – 5% per annum
  • Using a deposit from an SMSF to purchase residential investment property could obtain certain average returns
  • There is a ‘remarkable’ difference in returns between investing in a regular superannuation fund (7%) and using an SMSF that purchased residential property (14%).
  • The costs of managing an investment property through an SMSF are ‘surprisingly low’ compared with using a financial planner to select a series of managed investment funds

 

Australia Regulator Taking Actions

The Australian Securities & Investment Commission (ASIC) is seeking declarations, pecuniary penalties and cost orders against Squirrel.  In 2018, Squirrel Superannuation Services had ceased the distribution of the brochure following communications with ASIC.

The ASIC does not regulate Self-Managed Superannuation Funds (SMSF), but regulate services to SMSF trustees (auditors, financial advisors, SMSF financial products).

 

Superannuation, Pension, Retirement Plan

Superannuation fund is a regular payment by an employee into a fund for future payout, either at retirement or at retirement from the employer.  In Australia, Superannuation (Super) is a compulsory contribution of at least 9.5% of income into a fund for retirement.  The total superannuation assets in Australia total around $2 trillion (2020). Self-Managed Superannuation Funds (SMSF) represents about 26% of total superannuation assets in Australia with over 591,000 accounts and $550 billion of assets.

Selected Pension Plans in the world:

  • Australia:  Superannuation (Super)
  • Hong Kong: MPF (Mandatory Provident Fund)
  • Singapore: CPF (Central Provident Fund)
  • United States: 401(k)

Selected largest pension funds (AUM):

  • Government Pension Fund (Japan) – $1.5 trillion
  • Government Pension Fund (Norway) – $1 trillion
  • National Pension (South Korea) – $630 billion
  • ABP (Netherlands) – $520 billion
  • National Social Security (China) – $360 billion
  • Central Provident Fund (Singapore) – $310 billion
  • Canada Pension (Canada) – $310 billion
  • Mandatory Provident Fund (Hong Kong) – $130 billion

 

Asset Managers Managing Pension Funds

Pension funds are typically managed by institutional investment managers or professional money managers.  The largest asset managers in the world includes BlackRock, Vanguard and Fidelity.

Selected largest asset managers (AUM):

  • BlackRock – $7.3 trillion
  • Vanguard – $6.1 trillion
  • Fidelity – $3.5 trillion
  • State Street – $3 trillion
  • Allianz – $3 trillion
  • PIMCO – $1.9 trillion
  • Amundi – $1.7 trillion
  • Capital Group – $1.7 trillion
  • Mercer – $321 billion, $15 trillion (Assets under Advisory)

 



Scroll Below for Sign Up / Contact Us Form

Web links may be disabled on mobile for security.
Please click on desktop.









Caproasia.com | The leading financial website for investment managers, professional investors, UHNW & HNW investors and advisors to institutions, billionaires, UHNWs & HNWs.  Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?

Caproasia is a financial information technology co. founded in 2014. We have 4 businesses in Media, Information, Services and Technology. We created 3 solutions: Membership, Events & Platforms to drive investment decisions in Asia through information, services, technology & people, that impact economies, societies & people. Our Mission: Driving the future of Asia

For 2022 Investment Day: mail@caproasia.com
For Family Office, Professional Investor, HNW Investor Events: mail@caproasia.com
For Membership, Events, Networking, Roundtable, Summits: mail@caproasia.com
For Investment Relations Network: mail@caproasia.com
For Platforms, Media Kit, Advertising, Campaigns, Partnerships: angel@caproasia.com
For press release: press@caproasia.com
For all other enquiries: mail@caproasia.com


Sign Up / Contact Us

Caproasia | Get Ahead in 60 Seconds. Join 10,000 +


    General EnquiryFeedbackOthers


    Mailing List (Free)Subscribe $380 YearlySubscribe $40 MonthlyAssociate Member $380Professional Member $680Executive Member $2,000Corporate Member


    Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights


    List Product / ServiceCaproasia.comE-NewsletterEventsCorporate MemberSponsorshipAdvertisingMedia KitMarketing ServiceMedia ServiceNewswire ServiceResearch & DataBusiness Consulting









    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014



    Caproasia Users
    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs
    • Learn More | Caproasia Users
    Caproasia Platforms | Join 10,000 Investors & Advisors Monthly Networking & Roundtables: Membership | Join a Powerful Network: Family Office Programs: Caproasia Summits: Special Coverage


    Previous articleLiechtenstein Royal Family Owned LGT Group Appoints Roland Matt as CEO of LGT Bank in 2022
    Next article$562 Billion Asset Manager Aberdeen Standard Investments Appoints René Buehlmann as New APAC CEO 
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia