Victorian finance industry stands strong
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12 February 2008
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Victoria has staked further claim to being home to the nation’s premier financial services industry with the formation of the Victorian Finance Industry Council (VFIC).
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The VFIC will be chaired by the Minister for Industry and Trade, Theo Theophanous, to unite a range of senior financial market experts with the Government to enhance the growth and development of the industry.
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It will comprise industry leaders and act as a focussed special advisory body reporting directly to the Minister.
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“This new body will give Government a direct contact with the boardrooms of some of biggest employers and most successful and important companies in the Victorian finance industry,” Mr Theophanous said.
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“The financial services industry is Victoria’s third largest industry and it accounts for more than 100,000 jobs and $17.7 billion in gross state product.
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“Australia has one of the largest and most highly developed markets for financial services in the Asia Pacific region, with Victoria a key financial and business centre accounting for around one third of the Australian Finance and Insurance Industry.
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“It is a vital industry to the state but it is also something Victoria is renowned for performing very well in, so the formation of this committee will only help advance what is already a strong performer.”
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Australia is the largest funds manager in the Asia Pacific region and the fourth largest in the world with managed assets in excess of $1 trillion. The industry’s size and its prospects for future growth has seen many global industry players and boutique funds managers establish a strong presence in Melbourne.
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Seven of the top 10 industry pension funds, more than 60 per cent of all Australian industry fund assets, the Federal Government’s Future Fund and the Victorian Funds Management Corporation are now managed out of Melbourne.
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“Due to the significant growth forecasts for the funds industry in Australia and Victoria’s proximity to the high growth Asian region, there remains a wealth of opportunity for the Financial Services Industry and I look forward to working with the VFIC to help maximise those opportunities,” Mr Theophanous said.
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