Overview
Financial services research
Events
Useful links
Major publications
Growth of Islamic financial services
Accessibility
Overview
The financial services sector in the City of Melbourne has grown in significance during the last decade. Now approximately 50 per cent of Australia’s funds and superannuation assets are managed from Melbourne.
There are almost 120 funds managers operating in Melbourne, demonstrating that funds management is the primary growth sector for Melbourne. Currently, the financial services sector is made up of a number of diverse organisational types including:
- banking – investment, retail, commercial, wholesale
- stockbroking
- insurance – general, life
- funds management – wholesale, retail – six of the top 10 super funds are managed out of Melbourne
- venture capital firms
-
financial planning.
Organisations operating in the financial services industry are spread across the city, although heavy concentration of the sector is found in the east as well as Docklands. Two of the big four banks (ANZ, NAB) along with smaller financial institutions such as Bendigo Bank and Suncorp, AXA Asia Pacific and AMP, are all located at Docklands.
Other global financial service leaders have headquarters in Melbourne:
- Goldman Sachs
- Franklin Templeton
- BlackRock
- Standard & Poor’s
-
Vanguard.
According to statistics obtained by Osborne Consulting Group (a financial services consultancy), Australia’s fund management and superannuation (pension) funds sector has grown to AU$1 trillion and there are expectations that this figure will increase to AU$2.5 trillion over the coming years. Of the AU$1 trillion currently invested in Australia, AU$400 billion is under management in Melbourne.
These statistics highlight that there is a strong trend towards Melbourne being the dominant Australian location for funds management, including venture capital firms.
The current growth in Melbourne’s financial services industry has initiated the development of clusters. These clusters are prominent in research, funds management, management of financial institutions and education facilities.
Financial services research
2010 Research
Access Economics, Australia's leading economic consultancy was engaged to conduct a 'Financial Services Clustering study.'
2008 Research
Events
Melbourne Financial Services Symposium is an annual event that boosts and enhances Melbourne’s profile as an Asia–Pacific Centre of Excellence for institutional funds managers. Participation is encouraged via a two-day Thought Leadership Forum, which receives financial sponsorship support from the City of Melbourne.
Useful links
Australian Centre for Financial Studies
The Australian Centre for Financial Studies is a partnership between the private and public sectors and academia to enhance Melbourne's reputation as an international centre for financial practice, research and education.
Major publications
Growth of Islamic financial services
La Trobe University is offering a Master of Islamic Banking and Finance – the first course in Australia dedicated to Islamic banking and finance.
Accessibility
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