ORD MINNETT (Ords), a leading Australian wealth management group, and E.L. & C. Baillieu, a prominent Australian owned wealth management firm, specialising in stockbroking, private wealth management, corporate finance, institutional equities and in philanthropic services, announced today that they have entered into an agreement for Ord Minnett to acquire 100 percent of E.L. & C. Baillieu.

A spokesperson said the purchase of E.L. & C. Baillieu, with nine locations around Australia including Melbourne as its head office, was a highly welcomed strategic move, further strengthening Ord Minnett as one of Australia’s highly respected and largest independent private wealth firms.

“We felt this acquisition was a strong strategic and cultural fit with Ord Minnett," Ords CEO and managing director Karl Morris said. "The combination of E.L. & C. Baillieu’s brand heritage and history, private stockbroking business, its adviser network, its client-base and operational synergies will cement Ords as a respected Australian wealth brand.

"The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice. This new amalgamation can only serve to benefit Australian investors and our clients for many more generations to come. We look forward to working with the E.L. & C. Baillieu team,” Mr Morris said.

Jo Dawson, chair of E.L. & C. Baillieu said, “After running an independent and very successful process which started in June this year, we are delighted to announce the shareholders of E.L. & C. Baillieu have overwhelmingly voted in favour of a transaction with Ord Minnett. The transaction will bring together two of Australia’s longest standing stockbroking firms, and provide many exciting opportunities for our clients and staff.

"Having received strong interest from the stockbroking community, Ord Minnett were determined to be the perfect fit for our business and I believe that the combination of the two firms will position E.L. & C. Baillieu well for the structural changes transforming our industry. Our advisers and staff are looking forward to what will be an exciting time ahead."

Baillieu's head of private wealth, George Deva said, ”The integration of both firms will take place over the next 12 months. Our clients will continue to receive the same high-quality advice and wealth management services which they have come to expect.

E.L. & C. Baillieu will continue to operate under its name, although will now be a wholly owned subsidiary of Ord Minnett.

E.L. & C. Baillieu were advised by Deloitte Corporate Finance and King & Wood Mallesons and Ord Minnett were advised by InterFinancial Corporate Finance and McCullough Robertson.

About E.L. & C. Baillieu

E.L. & C. Baillieu started  in 1889, some five years after the formation of the Stock Exchange of Melbourne. The partnership of E.L. & C. Baillieu traded for almost 100 years until 1986 when the partnership was succeeded by E.L. & C. Baillieu Limited.  E.L. & C. Baillieu today provides stockbroking and wealth management services across private wealth, corporate finance, institutional equities and philanthropy.

www.baillieu.com.au

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THE Parliamentary Joint Committee on Intelligence and Security (PJCIS) has received a letter from the Minister for Home Affairs agreeing to its suggested Terms of Reference for an inquiry into national security risks affecting the Australian higher education and research sector with a requested reporting date of July 2021.

The Parliamentary Joint Committee on Intelligence and Security (the Committee) will inquire into and report on National security risks affecting the Australian higher education and research sector.

In considering national security risks to the sector, the Committee specifically seeks information on:

1. The prevalence, characteristics and significance of foreign interference, undisclosed foreign influence, data theft and espionage, and associated risks to Australia’s national security;
2. The sector’s awareness of foreign interference, undisclosed foreign influence, data theft and espionage, and its capacity to identify and respond to these threats;
3. The adequacy and effectiveness of  Australian Government policies and programs in identifying and responding to foreign interference, undisclosed foreign influence, data theft and espionage in the sector;
4. Responses to this issue in other countries and their relevance to the Australian situation; and
5. Any other related matter.

A full terms of reference are available online here

Chair Andrew Hastie MP, said, “We are going to examine the question of foreign interference in the Australian higher education and research sector. The committee will engage with a wide variety of stakeholders in this sector as well as appropriate national security agencies.”

Submissions are requested by 4pm, Friday December 18, 2020. Further information about making a submission to a parliamentary committee inquiry is available here. 

A dedicated email address has been created for this inquiry, all email correspondence including submissions should be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.

Further information about making a submission to a committee inquiry can be found at the following link.

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OVER the next two Fridays, the House of Representatives Standing Committee on Tax and Revenue is holding public hearings for its Inquiry into the Development of the Australian Corporate Bond Market.

The chair of the committee, Jason Falinski MP, said the committee looked forward to hearing from key peak bodies and market participants about potential barriers in the regulatory regime for corporate bonds.

“The Australian corporate bond market, despite regulatory changes over the last decade, remains small compared to other countries”, Mr Falinski noted, “This inquiry will be looking at why that might be.

“Examining the tax treatment of corporate bonds for issuers and investors will provide a clearer view of any impediments to the issuance of bonds compared to other asset classes,” Mr Falinski said.

The committee will also look at how certain policy settings have helped to build more active retail corporate bond markets in other jurisdictions, especially those that attract substantial issuance from Australian corporations.

Further information about the inquiry is available on the Committee’s website.

Upcoming public hearings

Date: Friday, 6 November 2020
Time: 9am to 12.15pm
Location: Committee Room 2R1, Parliament House, Canberra (via video/teleconference)

Date: Friday, 13 November 2020
Time: 9am to 11.45am
Location: Committee Room 1R3, Parliament House, Canberra (via video/teleconference)

The hearings will be broadcast live at aph.gov.au/live.

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INVESTMENT FIRM JP Morgan and technology tertiary institution RMIT both took home the award for LGBTQ Employee Network of the Year at the 2020 Australian LGBTQ Inclusion Awards held recently at the Hyatt Regency in Sydney.

The 2020 Australian LGBTQ Inclusion Awards is Australia’s leading annual celebration of LGBTQ workplace inclusion. It is hosted by ACON’s Pride Inclusion Programs, the national not-for-profit LGBTQ inclusion support program for employers, sporting organisations and service providers.

Usually held in May, the awards luncheon was re-scheduled due to the coronavirus pandemic. A number of awards have already been presented at a previous virtual event in earlier in the year.

Among the awards announced were individual honours for LGBTQ inclusion including Executive Leadership (Alicia Albury, Maddocks), Network Leader of the Year (Ben Brown, QBE and Nathan Eastwood, Clifford Chance) and Out Role Model of the Year (Cathy Gassick, Australian Federal Police).

RMIT University was also recognised for its work in trans and gender diverse inclusion. This follows RMIT being named Employer of the Year at the preliminary awards announcement earlier in June.

The awards are based on the results of the Australian Workplace Equality Index (AWEI) – which is now in its 10th year – and the second Health and Wellbeing Equality Index (HWEI). The AWEI and HWEI are rigorous and evidence-based benchmarking tools that annually assesses workplaces in the progress and impact of LGBTQ inclusion initiatives.

The awards also coincide with the release of Australia’s largest annual LGBTQ Inclusion Report that assesses the views of Australian employees from a wide variety of industries on LGBTQ inclusion initiatives within their workplaces and sports. This year the report features over 33,000 responses from employees and around 600 people involved in sport.

Dawn Hough, director of ACON’s Pride Inclusion Programs, said she was excited to have been able to share all of the results of the indices and the wonderful achievements of various organisations in LGBTQ inclusion.

“This year marks an important milestone for the AWEI, as it celebrates its 10th anniversary. Over the past decade, we have seen incredible advancements in workplace diversity and inclusion. As we progress further, it remains critical that not only efforts are acknowledged and congratulated, but pressure continues to be applied to maintain and build upon what has been achieved,” Ms Hough said.

“The employee survey that accompanied the AWEI elicited an incredible response, which underscores the importance of LGBTQ inclusion in the workplace.”

Highlights from this year’s survey results include significant support for LGBTQ inclusion amongst c-suite leaders within participating organisations; the visibility and positive impact of allies and LGBTQ inclusion on organisational culture in the workplace; and that LGBTQ inclusion training should be mandatory for all managers.

Discouraging findings included less people feeling comfortable to be out at work, with two of the main reasons being that it would not be accepted by some members of their team, or simply not being comfortable enough within themselves to be out at work.

Ms Hough said, “The report also shows that LGBTQ people continue to be the target of negative commentary and innuendo as well as more serious bullying and harassment. So even as we have taken some big steps forward in improving inclusion within workplaces over the past 10 years, these results indicate that there is much more to do and no organisation can afford to become complacent in ensuring all Australians are free to be their true selves at work.

“Congratulations to all the recipients of the tiered awards announced today, including those the received Bronze, Silver, Gold and Platinum status, as well as those that received organisational awards. I commend all of them on their significant achievements and for showing great leadership in LGBTQ inclusion.” 

Pride in Diversity is part of Pride Inclusion Programs, a suite of social inclusion programs delivered by ACON, Australia’s largest LGBTQ health organisation. Pride Inclusion Programs also includes Pride In Sport and Pride in Health+Wellbeing.

“In 2020, Pride in Diversity celebrates its 10th year. After a decade, LGBTQ inclusion has well and truly made its way onto the Australian workplace diversity and inclusion agenda and is making more of a mark in the sporting and service provider sectors every year as well,” Ms Hough said.

“Congratulations to all award winners recognised today on their significant achievements and for showing great leadership in LGBTQ inclusion.”

This year’s luncheon was hosted by SBS World News presenter Ricardo Goncalves and featured winner of The Voice 2016, singer/songwriter Alfie Arcuri.

Pride In Sport Awards: www.prideinsport.com.au/awards/

ACON’s Pride Inclusion Programs: www.prideinclusionprograms.com.au

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KEY PLAYERS in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Committee Chair Tim Wilson said Friday’s hearing would provide an opportunity to ask questions about superannuation funds’ response to COVID-19.

“Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them," Mr Wilson said.

“The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests.

“Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate.

"I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members."

The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

A full program for the hearing is available on the committee’s website.

Public hearing details

Date: Friday, 6 November 2020
Time: 10.30am to 4.45pm
Location: Videoconference

The hearings will be broadcast live at aph.gov.au/live.

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THE NUMBER of building approvals for new homes jumped by 15.4 percent in seasonally-adjusted terms thanks to the continued success of the Federal Government’s HomeBuilder scheme, according to Master Builders Australia CEO Denita Wawn.

“During September, there was a 9.7 percent increase in private sector detached house approvals while approvals for apartments and units did even better, jumping by 23.4 percent up from August,” she said.

“These positive figures are mirrored by lending data showing a 25.3 percent surge in the number of loans to owner occupiers for new home construction. Even prior to the start of the Covid-19 crisis, new home building activity in Australia had been in the advanced stages of downturn.

"The introduction of HomeBuilder has turned things around. Approvals for new detached houses are now 20.7 percent up on this time last year,” Ms Wawn said.

“The recovery in residential building will benefit the whole economy. Every $1 million in residential building activity supports nine jobs right around our economy. The upturn generated by HomeBuilder is helping claw back some of the jobs lost as a result of the pandemic.

“Extending HomeBuilder until the end of 2021 will maximise the benefits of the scheme will be fully maximized. It will mean the renewed momentum in the housing market to reach its full potential over the course of next year and provide even more benefits to our whole economy in terms of restoring employment,” Ms Wawn said.

www.masterbuilders.com.au

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SUPERANNUATION funds are increasingly offering members exchange traded funds to diversify their portfolios at low cost and enter into overseas markets. Overseas equities now have the highest allocation at about 25 percent.

But this is harming the sector charged with incubating our companies of the future, according to Stoic Venture Capital partner Dr Geoff Waring said Australian startups were being held back by the new strategies of superannuation funds, such as the drive towards exchange traded funds and overseas equities.

“Superannuation funds have been increasing their allocation to exchange-traded funds as they are easy to invest in,” Dr Waring said.

“This has facilitated greater diversification including towards overseas technology indexes and higher-growth investment opportunities en masse which has benefited members.

“However this is having a negative impact on Australian small cap shares not in the ETF indices, which are losing billions of dollars of potential investment to large cap and overseas companies. The trend of mergers between more superannuation funds will deepen this impact.”

Dr Waring said the use of exchange traded funds was undermining the establishment and growth of early-stage startups and would ultimately harm Australia’s economic future.

Superannuation funds should diversify more into small cap fund managers and venture capital managers to finance domestic growth industries as well as increase benefits to their members.

“Less investment into smaller, younger Australian companies will have the corollary effect of harming the future development of our economy and the provision of new employment opportunities,” Dr Waring said.

“It ignores the higher returns selected venture capital managers could bring to the superannuation industry.

“Superannuation funds could be earning more through longer-term venture capital investment than compared with today’s short term public equity markets.

“This is particularly the case for industry-focused superannuation and specialised venture capital funds which are committed to the same vision – creating a better future for their industries and their members.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies. www.stoicvc.com.au

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THE Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell is encouraging growers and traders in disputes that fall under the Horticulture Code of Conduct to contact her office.

“The Horticulture Code is a mandatory code that aims to improve the clarity and transparency of trading arrangements between growers and traders,” Ms Carnell said.

“My office can provide growers and traders with information and assistance with dispute resolution, including access to mediation services and produce assessors. Mediation is a far more cost-effective and timely way to resolve disputes than taking legal action.   

“Our website also features a list of horticulture produce assessors who can help resolve a disagreement by investigating and reporting on matters linked to a horticulture produce agreement.

“Assessors can address issues such as whether a trader was entitled to reject produce or whether a grower has received the correct payment from the trader," Ms Carnell said.

“Once an assessor is involved, all parties have to comply with the assessor’s reasonable requests and failure to do so can attract a penalty. At the end of the day we want to keep small businesses out of the courts, where let’s face it, the only winners are lawyers.

“The good news is that the majority of small business disputes my office assists with are resolved at mediation or before," she said.

“Since my office opened four years ago, we have provided free assistance to over 20,000 small businesses nation-wide. Two-out-of-three of those disputes were successfully resolved at mediation or prior to that through contact with our assistance team.

“We want to help small businesses resolve their disputes as quickly as possible so they can get on with what they do best – running their business.”

Small businesses that need information about the Horticulture Code or help with resolving a dispute that falls under the Code can visit www.asbfeo.gov.au or call the hotline 1300 650 460.

(For more information on alternate dispute resolution, check out this video.)

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