Investing in our local funds management industry

A Marshall Liberal Government will support the growth of South Australia’s local funds management industry, creating more jobs in our state.

“There are more than 7,000 South Australians currently employed in the finance sector and our universities are producing well-trained graduates in related fields,” said Shadow Treasurer Rob Lucas.

“For too long, this sector has been neglected, resulting in many of our talented people and investment dollars heading interstate or overseas.

“The State Liberals will implement measures to ensure there is greater management of our public sector funds locally.

“Funds SA invests over $30 billion worth of assets on behalf of the State Government and public sector workers through superannuation schemes, insurers and management funds.

“More than 50 different fund managers are employed by Funds SA – some of these have local operations employing South Australians, but many do not.

“Under a Marshall Liberal Government, most fund managers contracted by Funds SA will be required to maintain a substantive local presence in our state.

“This will create more jobs here in South Australia, and attract and retain talented people to fill them.

“It will also lead to more opportunities in secondary and supporting industries, creating more work in sectors including finance, insurance, law, and computer and data science.

“Additionally, we will work with the private sector and universities to grow the number of post-graduate research opportunities in finance and related sectors, providing up to $250,000 in funding grants each year.

“As part of this commitment, we will invest in research projects exploring new innovations, products or problems in the finance sector which will lead to new and improved applications in partnership with industry.

“After 16 years of Labor, we need to reverse the brain-drain and ensure we create challenging and rewarding jobs for South Australians.

“Only the Marshall Liberal Team has a plan to take advantage of the available opportunities and grow our domestic funds management industry to create high quality jobs to encourage people to live and work in South Australia.”

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