Royal Commission Final Report a Positive for the Major Banks, AMP, and IOOF. No Change to FVEs
The final report of the Hayne Royal Commission released late Feb. 4, 2019 included no major surprises and is a net positive for Australia’s besieged major banks. Key recommendations are far less Draconian than expected. The government has stated all recommendations will be acted on and the opposition Labor party has confirmed all recommendations will be implemented. Importantly, despite severe reputational damage, in our view, the major banks have navigated through the Royal Commission with domi...Commonwealth Bank of Australia provides integrated financial services including retail, business and institutional banking, funds management, superannuation, life insurance, general insurance, broking services and finance company activities. Co. operates in seven segments, Retail banking Services, Business and Private Banking, Institutional Banking and Markets, Wealth Management, New Zealand, Bankwest, as well as International Financial Services and Other Divisions. As of June 30 2016, Co. had total assets of A$933.1 million and total deposits of A$588.0 million.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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