Equity Trustees (EQT) has flagged plans to strengthen and rename its funds distribution and corporate trustee services businesses, implementing a strategy to capitalise on its expertise in fiduciary services.
The initiative will include the renaming of the firm's fund distribution and corporate trustee services to EQT Corporate Fiduciary and Financial Services to reflect the new focus.
"Spearheading this strategy is Mr Harvey Kalman, who will become head of corporate fiduciary and financial services," EQT managing director Robin Burns said.
"Our corporate fiduciary and financial services business will include all the elements for which Mr Kalman was previously responsible, and additional appointments and expansion will be announced in this area shortly."
Kalman said a major part of his current area of responsibility involves providing external responsible entity (RE) services to fund managers. He said EQT would increase its focus on this sector.
"ASIC has indicated it is looking for REs to have a stronger financial base, and such changes, along with other anticipated measures that increase the independence of in-house REs, will place new demands on the resources of fund managers that have internal REs," Kalman said.
"For example, we anticipate some fund managers will no longer be able, or no longer want, to be their own responsible entity as a result of changes to the RE licensing requirements.
"Tougher RE licensing will provide better investor protection but will also lead to increased demand for external responsible entity services from trusted suppliers that will enhance the image of the products offered by a fund manager."
