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Melbourne APEC Finance Centre
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Victoria’s financial services sector operates in a highly developed and diversified environment working across a range of industry sub-sectors, including retail and investment banking, funds management and superannuation, stock broking and insurance. In addition to this, Victoria is home to large international banks and financial institutions, national regulatory authorities and industry associations.
BankingVictoria hosts in excess of 40 banks (including representative offices), and amongst the largest are National Australia Bank and ANZ Bank which have their headquarters in Melbourne. There are circa 50 brokerages and investment banks including one of Australia’s largest broking houses, Goldman Sachs - JB Were. Traditional banks have transformed their businesses into service institutions through the adoption of a ‘bancassurance’ strategy and now operate across a broad range of sub-sectors including loans and deposits, funds management and general and life insurance, and financial planning. As banks move from margin based to fee based earnings, efficient and cost effective delivery of products dominates banking business strategy. Source: VIC GIV SRAT, Invest Victoria, ABS Insurance and Funds ManagementVictoria is host to numerous insurance and superannuation fund companies, including AXA, AIG, Mercer and Vanguard Investments whose Australian operations are based in Melbourne. With an increase of 85 percent in funds under management from 2000 to 2004, Australia has the highest number of managed funds per capita in the world and assets under management of over A$ 1.3 trillion. The Victorian Funds Management Corporation, seven out of the top ten industry pension funds, and the Federal Government's Future Fund are all managed out of Melbourne. Similarly 60 percent of all Australian industry pension fund assets are managed out of Melbourne. Based on the large volume of funds under management in industry, the public sector and corporate super funds, Victoria is strategically placed to provide services to the nation and Asia Pacific region. The Reserve Bank of Australia forecasts the funds management sector to continue to grow 10 to 20 per cent over the next ten years. Source: VIC GIV SRAT, Invest Victoria
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