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Are Aussie funds in crisis?

Is 2009 set to be the worst ever year for working in Australian funds management? The sector has already lost hundreds of jobs and more cuts might be coming as funds reveal double-digit profit slumps.

Perpetual is the latest to announce a fall in profits and to reduce its dividend payment. More worryingly, its chief executive reckons the debt and equity markets are in for a further rough ride.

David Deverall told the Australian Financial Review. “Our industry has taken a massive shock in the form of a large and sudden deterioration in the equity markets. Rolling out of that has been an extremely rapid decline in investor confidence that has also caught the mindset of financial planners.”

Is asset management in Australia in crisis? Are management teams still safe in their jobs? Frighten the funds below.

Comments (3)

  1. They are suffering, yes, but cutting very senior managers is not a good way of making investors happy. It would make them even less confident.

  2. don’t worry mate, the super funds are always there and the big boys like Amp, pert etc will always be propped up. the gravy train in aus is safe enough.

  3. They are less inclined to lay you off than the big global banks, but that’s about as far as the good news gets. Underperformers will still be axed

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