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Blast from the big guns:Unique challenges facing top super funds

Four of the most senior and ex-perienced investment operations executives among our largest

super funds have detailed a range of issues facing the industry in general and very large super funds in particular. Col-lectively, they oversee about $270 billion.

For Graeme Arnott, deputy chief executive of First State Super, the Australian Taxation Office is becoming increasingly interested in the strategies and operations of his fund as it impacts, for the first time, on the Government’s revenue base. Four out of the top 10 Australian taxpayers are now super funds and two - First State Super and

AustralianSuper - are in the top five.Arnott told the My Platform Rules

conference on the Gold Coast, February 22-23, that his fund had regular and “non-regular” meetings with the ATO.

He said it was “shocking to me” to find out that big funds paid as much tax, proportionately, as they did. The ATO’s interest in them, though, is about more than their total contributions to consolidated revenue; it’s also about the volatility of payments and the demographic trend.

Arnott said: “Never before has tax revenue fluctuated so much with the investment markets… And every time

someone buys an annuity, the Tax Office loses money.”

Arnott spoke at a conference session alongside the head of investment operations of three other big funds, each of whom, like him, are former custodians: Jonathan Green of TCorp, Peter Curtis of AustralianSuper and Lounarda David of Sunsuper.

Paul Khoury, the chief executive of State Street Global Services in Australia and New Zealand, who moderated the session, said there were several key themes facing service providers to big funds, such as securities servicing firms, and most client funds were looking for

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some level of customization of service.“How do you deal with that

[customisation] when it’s not your friend?” he asked, meaning that service providers have to take on extra costs due to bespoke work done at a time when their clients are providing downward pressure on fees and charges.

“We are in a low-return environment and therefore every dollar counts. There’s the importance of the difference between operational cash and ‘excess’ cash [in a fund’s portfolio], especially for a bank,” he said. By this he meant that not all cash is equal in terms of its value as a deposit for a super fund’s bank or custodian. Thanks to Basel III, retail cash is more valuable than institutional cash.

Khoury said: “It’s important to understand, from the perspective of all stakeholders, that there are fee pressures, there’s increased competition and there are member retention concerns. We have to keep on making investments in our processes and we have to work with our clients on how we can innovate.”

First State Super’s Arnott said the superannuation market would become bigger than the banking sector within the next few years and members were only just starting to become interested in their super fund data.

Reporting that data to them is an issue. For instance, the ongoing discussions with APRA concerning proposed “look-through” regulation to portfolio holdings, which keeps on being postponed, Arnott said, raises the question of “what should go on their websites… What’s in the members’ best

interests?”He said that he did not believe that

the industry had developed the best measures to gauge risk or to display it to members. “We have to work on how we represent risk and reward to non-professionals,” he said.

Arnott also suggested that MySuper options could be developed to include some form of member involvement, such as investment choice options.

Peter Curtis from AustralianSuper described the transition from the traditional model of securities servicing (“where the only disruptive force was Pat Liddy”) to the current one with greater segmentation, customisation and value-add services alongside potentially major shifts in fundamental technology drivers, such as distributed ledger technology or Blockchain usage.

In dealing with counterparties, Curtis said: “We need better information and data to understand the risks. Blockchain sounds quite attractive…”

A particular worry for him at AustralianSuper is when “everyone has gone into pension phase and we have mainly long-dated assets”. AustralianSuper has more than 9,000 line items in all its investment options.

Lounarda David of Sunsuper said that retailisation was a big trend such that super funds were trying to improve their engagement with members to counter the effects of the outflow to SMSFs. According to ATO figures, more than $16 billion was redeemed from large, mainly industry, funds in 2014 and transferred to an SMSF.

In order to improve engagement with members, big funds needed to gather “information rather than data”. “We need flexible data that can be transformed into tailored information,” she said.

On the question as to whether a super fund requires a ‘service provider’ or a ‘solutions provider’ David said that moving onto an integrated model required a different culture for the fund. She said that funds did not want to be forced into a particular model. “We want a solutions provider,” she said.

Jonathan Green, general manager of investment implementation and operations at the $80 billion TCorp investment platform, described the lingering inefficiencies in the investment operations industry, including a surprisingly high use of faxes.

Green said that he requested information from Computershare on proxy voting and other corporate actions and discovered that 49 per cent of all client instructions were still being received by fax. He described this as a “goat track” whereby an automated transaction is interrupted by a manual process.

With daily transactions between fund manager san their platforms, which end up with the custodian, if a manager is not properly connected to the platform provider “off goes the fax”.

With the popular online voting service Proxy Edge, Green said, about 50 per cent of the instructions end up as faxes.

From left: First State Super’s Graeme Arnott, TCorp’s Jonathan Green, Sunsuper’s Lounarda David, State Street’s Paul Khoury and AustralianSuper’s Peter Curtis.

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newsFrom ‘robo’ to Blockchain: what everyone needs to know

Last year it was all about robo-advice. This year it’s distributed ledger technology, or Blockchain

for short (but not quite the same thing). Trevor Dixon, a payments expert and former BPAY general counsel, explained why big super funds and wealth man-agement firms need to get involved.

In a stark demonstration of the pace of fintech change, the MPR conference recognised that robo-advice, last year’s main topic of disruption, had been replaced by Blockchain as the key takeaway for conference participants. Robo is now mainstream and no longer a threat to incumbent advisors, funds or wealth managers – it’s a given in their offerings and a tool for greater efficiency.

Dixon led a panel consisting of Richard Miller, director payments advisory, Deloitte, Saxon Bartrop, distributed ledger technology lead, KPMG, and Leigh Mahoney, head of payments technology, ANZ.

Dixon said that super funds and wealth managers needed to recognise six major trends or at least answer the questions posed:1. Enhanced mobile apps, leading to increased data gathering, analytics and member targeting2. New asset classes – such as, building off the growth in P2P (peer-to-peer) lending3. Will technology players “upstream” into the member/regulated spaces?4. Will super funds become more active in post-retirement product offerings?5. Who will take most advantage from the shortening of ‘whole-record’ keeping processes? What will that mean for custodians and administrators?6. Will distributed ledgers enable the regulator to become more integrated?

Miller outlined several observations

Deloitte had made about disruptive innovation in financial services:

• Incumbent players are most likely to be attacked where the greatest sources of customer friction meet the largest profit pools

• Business models with these characteristics are easier to scale and to deploy in new markets

• Aggressively competing with incumbents in some areas while also leveraging their legacy assets to access key infrastructure and services

• Working together is necessary

to understand how new innovations alter the risk profile of the industry – positively and negatively

• Innovation in underlying technology can modernise incumbents’ operational practices – delivering new capabilities and unexpected efficiencies.

Miller said that there were many cases where distributed ledgers could be used, but only a few where they should be used.

Bartrop said that meeting the ever-increasing challenges of compliance, immediacy, transparency, privacy, security and openness could be taken for granted in a Blockchain and distributed technology-based future.

“However, today’s public Blockchain models don’t yet work very well, and bitcoin is almost certainly not going to take over the world.”

He said there was still a speed limitation with the public Blockchain and there was not complete elimination of the trust issue in dealing with counterparties. Compliance remained “a major challenge”.

ANZ’s Mahoney was also circumspect about the technology, while noting his bank was very much invested in exploring the possibilities. ANZ has a partnership with SWIFT and IBM and is also a customer of Digital Asset Holdings, in the US, which ASX has become a shareholder of.

“ANZ did 135,000 reconciliations, last year, with counterparties. If we can do that more efficiently we will save a lot of time and money,” he said.

Dixon concluded that the challenge for the funds industry to think about was who in the eco-system would be impacted by distributed ledger technology and, in addition, who could benefit from it.

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Trevor Dixon

Richard Miller

Leigh Mahoney



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newsAsia leads race in demand for mobile solutions

Lack of diversity a problem for all

The recognition of new tech-nologies is only one of the challenges facing financial ser-

vices companies, such as banks. Another, related and just as important challenge, is the generational change among their clients.

Simon Sywak, head of macro products for J.P. Morgan Markets, Asia, said that one of the biggest changes to grapple with is in the mobile space and more change is happening – and faster – in Asia than in Europe or the US.

While Asia leads in the mobile race, financial services companies need to adapt to other regional trends, he said, including the trend to self-directed investments. With platform products, trust remained an important factor. By and large, people trust banks.

“There are big gaps in the market,” Sywak said. “With wealth management clients, 75 per cent say they want online solutions, but only 25 per cent are being provided those solutions…. A good digital offering reduces attrition among clients.”

One of the challenges for providers is security, which is sometimes made more difficult by regulatory controls. In Asia it can be more difficult to interact with clients online in some respects. For instance, in Korea, the hosting of a lot of data has to take place onshore.

“It’s a complex and confusing

Men are over-confident and women are under-confident in the workplace. More

women think they have less chance of advancing their careers than men. So how should companies attract and retain the best talent?

Connie Mckeage, the managing director of OneVue, said: “We, as leaders, have a problem.” If women

think they are being disadvantaged by their gender, then they will be. Not only are companies missing out on the best talent, they are not doing the best thing by society.

She added that diversity was about more than gender, however. It also includes ethnicity, backgrounds and personalities at all levels of enterprise.

Judith Beck, the managing director

of Financial Recruitment Group, said that companies should be looking to have gender balance in all areas of their business so as to avoid stereotypes in certain roles – for example, women dominating HR.

She said that when recruiting for a role, companies should make sure there was roughly the same number of women as men applicants as a starting point.

landscape,” he said. “People are unable to understand the metrics of success.”

Four main building blocks are:• the strategy underpinning innovation• the economics surrounding the strategy• how you market innovation• how you use existing technology which you’ve already paid for.

With the execution of the strategy you have to work out how you will pay for it, how it will influence operations and what its impact will be on sales.

Matt O’Keefe, a partner at KPMG, said the investment timeframe for innovation was getting shorter, with shorter turnaround times for implementation and increasing competition, including from non-traditional competitors.

O’Keefe predicted that many fintechs would become “herbivores”, developing partnerships with larger

incumbents. But, the cost of developing new technology will continue to fall, so innovation would remain attractive for startups. In such an environment, the industry had to try to maintain the currency of its platforms.

He said that, as we moved forward, the concept of platforms would become stratified, with customer systems being at the heart of the business. There was a need for more genuine business acumen among the technology leadership team at platform providers.

For big super funds, if they are not platforms now they will have to become so, according to Alistair Pow, a J.P. Morgan relationship manager. They also had to extend their offerings into retirement products and develop more defensive mechanisms against SMSFs. They needed to adopt and apply better digital strategies.

One of the payoffs for incumbents implementing new systems, according to Kelly Power, head of platforms at BT Financial Group, is increased efficiency through decommissioning legacy systems.

At BT, for instance, which is in the final stages of rolling out its new Panorama platform, the company was able to decommission several legacy registries which had been in use for years.

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Kelly Power

Simon Sywak

Matt O’Keefe



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news

Is innovation being driven by regulation?

Greta Thomas, a OneVue director and former McKinsey consultant, said that men’s “honest over-confidence” and women’s under-confidence was a real issue: “who’s going to get the job?” she said.

Having gender diversity in a company was not an easy task, though, Mckeage said. Due to her company’s expansion in the past couple of years through several acquisitions, the total staff had changed from roughly half women to about 20 per cent women, even though the board was 80 per cent women.

Among big super funds, gender diversity remains an issue, according

The changes to the way big banks can operate since the global financial crisis are

having as much of an impact on their customers, such as super funds, as their own businesses. Like any change, this is presenting challenges and opportunities.

Matthew Byrne, head of solutions management, superannuation and funds, at ANZ, says the big three drivers of change have been the liquidity constraints surrounding the Basel III global regulations, the Australian Government’s deposit guarantee reaction to the GFC and the Reserve Bank of Australia’s payments regulations. For the banks, things have not gone so smoothly.

One of the problems they face, according to figures presented by Byrne at the conference, is that deposits have continued to rise as a proportion of overall funding for the banks’ lending activities, but the types of deposits have changed. Household deposits, for instance, have fallen as a proportion of all deposits from about 67 per cent in December 1988 to about 46 per cent in December 2013.

Meanwhile, super fund deposits have risen from just 2-3 per cent to

12 per cent over the same period. But, super fund deposits, being non-retail usually, are not worth as much to the banks as household deposits under the new regulations requiring matching capital from the banks.

Byrne said that the banks’ demand for ‘retail’ term deposits, post Basel III, increased significantly, which led to increasing yields for the depositors. Those yields drove further investor demand on platforms and in super funds. It meant the “slow demise” of the cash management trust, he said.

“It has become so much harder for a cash manager to compete with what a bank can offer a retail depositor in this low-rate environment,” he said.

Banks are also offering, in response to the changed environment:

• Notice period deposits• Retail term deposits on platforms

and within super funds• Intermediated deposits on

platforms and within super funds• The new payments platform,

known as NPP, set up by the Reserve Bank in 2013, and

• Banking as a service – APIs to banking products and services.

Leigh Mahoney, head of payments portfolio at ANZ, said that under the new protocols, for the first time ever, a customer would be able to make a payment and it would be received within 10 seconds.

An interesting dynamic is that, according to Byrne, the take-up of term-deposit-style choices for investors, which take advantage of the higher rates being paid for cash-like investments by retail investors compared with co-mingled assets from super funds, has been higher from platforms than the big super funds.

A lot of big super funds offer retail term deposits in their member-directed investment options already, but cash was also now on the agenda, he said.

to research by Industry Moves. Debbie Wilkes, Industry Moves director, provided research for the MPR session which showed that, of the 380 directors of the largest 40 industry funds, only 103 (27 per cent) were women and only 36 per cent of those women were

included on their fund’s investment committee, which is arguably the most important fund committee. Only seven of them were the fund’s chair.

But, with the AIST having set a target for its member funds (which include most industry funds) to have a minimum of 40 per cent women on their boards by 2017, the situation has been improving in the past three years.

Industry Moves says that the number of new board appointees that are women has increased from 18 per cent in 2013 to 47 per cent in 2015. But only seven funds of the 40 in the research universe have met or exceeded the 40 per cent target as of last year.

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Connie Mckeage

Matthew Byrne



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Mike Giles (l) and Sally Humphris of Ignition Wealth with Drew Wilson of FundHost

Steve Merlicek of IOOF with Patrick Liddy of MSI Group

Lucia Uen of JP Morgan, Matthew Byrne from ANZ, and Simon Sywak and Alex Rabbetts from JP Morgan

Katharine Seymour of BNP Paribas with Robin Stansfield and Nick Frolich, both of Avaloq

Laurence Bailey from JP Morgan and Stuart Holdsworth of Financial. Simplicity

Poolside welcome cocktails

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Greta Thomas, OneVue director, and Judith Beck, Financial Recruitment Group

Graeme Arnott from First State Super, Paul Kolatchew from ANZ and Jonathan Green from TCorp

Robot twins entertain at dinner

Sinclair Scholfield, State Street, and Carly Easles, JP Morgan

Leng Ohlsson from Splash Content, Jonathan Green and Connie Mckeage Greg Bright presents Laurence Bailey with a farewell gift on his retirement from the industry

newsAfter-tax investing important for all shapes and sizes

Including tax information, which investors get with their investment data, would be of great benefit to

them, according to Katharine Seymour, the head of market development for BNP Paribas Securities Services.

Chairing a panel on implementation efficiency, she said that tax efficiency as well as other ways to reduce or contain costs were all-the-more important in times of low market returns, such as in the current environment.

For its part, BNP Paribas is the only major securities servicing company, which offers a standalone outsourced trading desk service, whereby a separate unit within the bank offers funds and managers a bespoke agency-based securities trading operation. The other custodian banks combine their services within normal proprietary trading activities.

On Seymour’s panel were: Raewyn Williams, director of research and after-tax solutions at Parametric Australia; Trish Nicklin, senior relationship manager at the ASX; and Alexander Morris, head of managed accounts development, banking and financial services, for Macquarie Group.

Morris, who has dealt with a lot of high-net-worth investors in his career, echoed Seymour’s thoughts in the retail sphere. He said it was very difficult for investors and their advisors to pull out the required information from all the data they get so they can better assess whether the investor is likely to meet his or her retirement goals – which will invariably after-tax net-of-all-costs goals.

Williams presented the case for

both after-tax investing, through the use of a centralized portfolio management (CPM) arrangement, and the additional savings which can accrue from better trading procedures by managers and big funds.

On CPM, she said that under difficult investment conditions, after-tax CPM provided a “quality return source” which was also a diversifier from the rest of the market.

The logic behind CPM is pretty simple: because with multi-manager portfolios each manager is not managing the money from a whole-portfolio basis it is paying more tax than necessary and, sometimes, they think there’s a tax hurdle which is illusory and they miss a trade.

When the manager’s IP is unbundled from execution, which is done across the whole portfolio, there is no lagging due to the risk of degrading the alpha signal. In her 2015 research, Williams showed that the value-add from after-tax CPM across 16 super funds’ actual trades would have been

between 44 and 86bps a year under a simulated CPM environment.

“So, it moves the dial,” she said.More recent research by Parametric

on equity trading costs showed that total costs, both implicit (such as market impact) and explicit (such as brokerage), differed according to portfolio size, how active the manager is, type of strategy and degree of patience exhibited by the manager. In one example, an active manager with a fairly aggressive trading style gave up 119bps in extra trading costs.

Macquarie’s Morris said that, when dealing with retail clients, it was important to recognize that many of them only really cared about tax at the end of the financial year “but every decision has to be the most tax-efficient decision”.

He said it was difficult to get people to buy into the importance of after-tax management – “you have to be able to demonstrate it and it’s something which you can’t get in a commingled structure”.

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Alexander Morris

Raewyn Williams

Katharine Seymour


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OPTIMISE YOUR INVESTMENTS BY UNLOCKING OPERATIONAL [email protected]


This advertisement has been prepared by BNP Paribas Securities Services ARBN 149 440 291, the Australian branch of BNP Paribas Securities Services no. 552 108 011 R.C.S, a licensed bank in Paris, France. BNP Paribas Securities Services is licensed in Australia as a foreign ADI and delivers financial services to wholesale clients under its AFSL (No. 402467). BNP Paribas Securities Services is a wholly owned subsidiary of BNP Paribas ARBN 000 000 117 (Australia’s oldest major foreign bank).

newsHow technology is impacting a portfolio… and the world

Technology is the second-most important thing an investor needs to pay attention to,

after monetary policy and macro issues, according to David Sokulsky, head of investment strategy at the $15 billion wealth management group Crestone.

He told the conference that almost every Australian investor was overweight property, cash and the banks in their portfolios. This was too risky. A bigger allocation to technology also meant more geographical diversification because Australia did not have a robust tech sector. Technology investing was completely uncorrelated with the Australian share market.

Sokulsky said that technology would change almost every industry. For instance, the driverless car currently in development, would change more than the automobile industry. “What will people do with extra hour or so they have of time each day? Why will we need car parks if we have driverless cars going around all day long? If don’t have car accidents what will that do to insurance stocks?”

He said Crestone clients, which tend to be high and ultra-high net worth investors, were amenable to that kind of thinking because UBS Wealth (the former Crestone business) had been able to adopt a global platform where it could invest as readily in US technology as it could in Australian stocks.

The conference, which attracted 160 attendees involved in investment administration across big super funds, retail platforms and advisory groups and SMSF administrators, included topics

on various investment trends and how they impacted on the industry.

Matt Davison, senior portfolio manager at global fund manager Martin Currie and specialist financials analyst, said there was a lot of incremental investment going into the business-to-business space. “We’d rather invest there than take drastic bets in ‘B to C’which is much farther out [in investment horizon] and much harder to pick.”

He said that it might be counterintuitive but some of the most vulnerable fintech companies were monoline, which could be displaced quite quickly by other disruptors.

“The top of the list of fintech investments are payments companies, although that is probably peaking now. But Australia is different from the US in this field. There are not as many structural constraints in Australia and the new payments systems will help incumbents to hold onto their positions. With Blockchain technology, we have been a big shareholder in ASX and their investment in Digital Asset Holdings [US Blockchain-related tech company] will open up a whole new opportunity. Otherwise, the marketplace for the ASX has gone nowhere for the past few years.”

Other good fintech opportunities for

investors included lending and point-of-sale finance businesses, although the latter might be vulnerable to disruption. The advice market had developed differently to the US and robo-advice products were now seen as one tool in a broader tool kit rather than a killer application on their own.

Perhaps the biggest opportunity, he said, would come from what was known as the “neo bank” space, whereby a banking could replace a standard product with a “contextual” one. As an example, if a couple went on holiday to New York, the bank could offer them a US dollar “wallet” and when it sees them walking up Fifth Avenue offers them some extra credit for shopping.

Steve Merlicek, the chief investor officer at IOOF, said that, for Australian investors, venture had not been very successful in the past. He said super funds had come a long way and invested heavily in private assets, such as infrastructure and also in the private equity space.

“We do need another model,” he said. “Because people in Australia have been saying for the past 15 years, which is how long I have been going to the annual AVCAL conference, that venture doesn’t work.”

Philip Kingston, who chaired the session on investing in technology, said that the issue regarding venture was “partially cultural”. This was because venture tended to require small amounts of money, which could be invested in by high-net-worth individuals or family offices, but not big super funds.

David Sokulsky, Matt Davison, Steve Merlicek, Mitch King and Philip Kingston


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FUTURE PROOF YOUR GROWTH WITH WORLD LEADING PROCESSES, PEOPLE, SYSTEMS AND TECHNOLOGY [email protected]


This advertisement has been prepared by BNP Paribas Securities Services ARBN 149 440 291, the Australian branch of BNP Paribas Securities Services no. 552 108 011 R.C.S, a licensed bank in Paris, France. BNP Paribas Securities Services is licensed in Australia as a foreign ADI and delivers financial services to wholesale clients under its AFSL (No. 402467). BNP Paribas Securities Services is a wholly owned subsidiary of BNP Paribas ARBN 000 000 117 (Australia’s oldest major foreign bank).

newsHow Crestone chose Avaloq for its new platform

Data and its pricing a new battleground

After Crestone, the breakaway wealth management arm of UBS, decided that a new tech-

nology platform was to be a cornerstone of its deliverables to clients, it took the firm nine months to select the right platform partner, Crestone managing director, Mike Chisholm, said.

Crestone also needed good global research – and decided on two providers, UBS and Credit Suisse – as well as a good product range, including FX, margin lending and derivatives, and experienced staff used to dealing with bespoke solutions, he said.

The chosen technology partner,

Increasingly custodians are becom-ing aggregators of data for their big clients, which include insurance

companies as well as super funds, ac-cording to Peter Hele, head of busi-ness development for National Asset Servicing.

“Custodians of the future won’t be providing the same services, in 10-15 years time, as they are now,” he said. “We see that in the future their number will come down slightly [in Australia] from seven or eight to about five, although people have been predicting consolidation for a few years and the number has actually gone up.”

In the session on investment data, chaired by David Rhind, APAC solution manager for SS&C’s Anova, the panelists debated pricing of data as well as the changing demands on data and systems providers. The panelists were: Peter Hele, Ian Knox of Paragem and Andy Slade of SS&C.

Rhind said that as soon as the business models of super funds changed, the ripple effect was felt throughout their service providers. A big recent change was insourcing of investments, which put extra pressure on data collection, collation and management.

Similarly, changes to regulations had a big impact on what systems providers did, he said.

According to Knox, it was very difficult to get the end investor to pay for data. It had to be packaged up in a way that they wanted to consumer it, he said.

“I think it’s a global problem with data: how do you price it? I’d like to find a solution and I’m not sure that the custodians have got it right. How many people create long-term wealth by collecting and using lots of data?” he said. “The reality is: not many. It’s mostly done to satisfy the regulators.”

Avaloq, which until now has been best known in Australia for being behind BT’s new Panorama platform, fulfilled a detailed set of requirements.

These included: enhancing the digital client experience; integrated

front-to-back; comprehensive product coverage; sophisticated reporting; broad execution function; support for compliance obligations, both domestic and global; operational efficiency through automation; proven Australian experience, especially with tax; support for financial intermediaries; and, competitive pricing.

Crestone received RFPs from eight vendors and selected a shortlist of three for detailed assessment and workshops. “We selected Avaloq because it had state-of-the-art technology with enormous potential for operational efficiency,” Chisholm said.

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Mike Chisholm

Peter Hele David Rhind

Ian Knox and Andy Slade


Platform Rules2

IN A CHANGING WORLD,BY THE TIME YOU MASTER THE GAME, THE RULES HAVE CHANGED.

ANTICIPATING YOUR BUSINESS ENVIRONMENTwww.securities.bnpparibas


This advertisement has been prepared by BNP Paribas Securities Services ARBN 149 440 291, the Australian branch of BNP Paribas Securities Services no. 552 108 011 R.C.S, a licensed bank in Paris, France. BNP Paribas Securities Services is licensed in Australia as a foreign ADI and delivers financial services to wholesale clients under its AFSL (No. 402467). BNP Paribas Securities Services is a wholly owned subsidiary of BNP Paribas ARBN 000 000 117 (Australia’s oldest major foreign bank). ©“3 man chess”

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