| Pictured (l to r) are Wollongong City Cr (and GSB student) Cr Val Zan... Pictured (l to r) are Wollongong City Cr (and GSB student) Cr Val Zanotto, GSB students Kim Worthy and Husayn Aly and NSW Fire Brigade Inspector Jay Bland at the Town and Gown Function | 
| Wollongong City Council’s Chief Operating Officer Sue Baker-Fin... Wollongong City Council’s Chief Operating Officer Sue Baker-Finch (left) with Nigel Pennington and Monica Miller from UOW’s UniCentre | 
| Graduate School of Business Dean Professor John Glynn (left) with gue... Graduate School of Business Dean Professor John Glynn (left) with guest speaker Christopher Page from Rainmaker Group and Dr Martin Gold from the GSB |
Superannuation driving wealth management industry: expert
22 Nov 2007 | Renee Criddle
Australia’s policy of compulsory superannuation was the driving forced behind the world’s fourth largest wealth management industry, an industry expert told the University of Wollongong’s annual Town and Gown business function last night (21 November).
Rainmaker Group founder Christopher Page told the gathering of university, civic and business leaders that Australia’s wealth management industry was growing by 25% annually and had already passed the $1 trillion mark.
He said Australia’s wealth management industry was the fourth largest in the world, after the United States, Luxumbourg (where many of Europe’s wealth management firms are based for tax reasons) and France.
Mr Page was speaking at the annual Town and Gown function hosted by UOW’s Graduate School of Business (GSB) and held at the Novotel Northbeach.
He said the wealth management industry was made up of three parts – superannuation, investment management and financial planning,
“Australia’s wealth management industry is underpinned by compulsory superannuation,” Mr Page said. “It already has a $1 trillion is assets and that is expected to climb to at least $4.5 trillion by 2016 – and that’s a conservative figure.”
In a wide-ranging address, Mr Page predicted that superannuation funds could outstrip banks in assets within a decade, such was their rate of growth.
Graduate School of Business Dean Professor John Glynn gave the gathering an update of developments within the School, with a range of new courses starting in 2008.
Professor Glynn said the Graduate School of Business would be based at UOW’s Innovation Campus from 2009, with construction of the new building due to get underway early in the new year.
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