Australian pension funds are increasingly attracting the attention of Wall Street banks as they look to manage their overseas investments. Major global lenders such as Bank of America Corp, Goldman Sachs Group Inc and Citigroup Inc are all vying for a piece of this lucrative market.
These banks have taken note of the growing business from pension funds in Australia, which collectively oversee more than $650 billion in assets outside of the country. This makes them a significant player in the global market and an attractive opportunity for Wall Street banks to tap into and provide their expertise in managing investments.
The competition among banks to secure business from Australian pension funds highlights the importance of this emerging market in the financial industry. As these funds continue to grow and diversify their investments, they are seeking partners who can help them navigate the complexities of the global market and optimize their returns.
In response to this demand, Bank of America Corp recently appointed Scott Breakwell to lead its foreign exchange forwards trading desk in Sydney. This move is aimed at capitalizing on the growing business from pension funds and providing them with access to expert guidance and resources.
Overall, the interest from Wall Street banks in working with Australian pension funds underscores the attractiveness of this sector as a source of business and revenue. By leveraging their expertise and resources, these banks aim to establish long-term relationships with these money managers and provide them with the tools and services they need to successfully manage their overseas investments.
