most important segments of Australia’s investment ecosystem: unlisted retail and wholesale property funds. “We represent primarily the unlisted retail property funds management industry,” says Healy. “But our membership also includes wholesale fund managers, listed REITs that operate unlisted funds within their product suite, as well as service providers such as accountants, lawyers, valuers, and trustee companies. Collectively, they form the core of our association and help us stay connected to the broader funds management community.” BUILDING RELEVANCE AND REACH When Healy took the helm, PFA counted around 30 corporate members. Today, that number has nearly tripled to 80, with continued growth on the horizon. The expansion is not just quantitative—it also reflects the association’s deepening engagement with regulators, policymakers, and the industry at large. “Across the association landscape, it’s not unusual to see 8–10% of members drop off each year,” Healy notes. “Sometimes it’s about budget, sometimes perceived value, or simply a lack of participation. But our growth trajectory has remained positive. Our aim is to reach 100 members, and we think that’s achievable. If we attract more fund managers, the service providers naturally follow.” That focus on relevance and responsiveness has become a hallmark of the PFA approach.At its heart, the association’s mission is simple but far-reaching: to assist fund managers in the conduct of their business—helping them stay informed, compliant, and competitive in a rapidly evolving regulatory environment. WORKING HAND-IN-HAND WITH THE REGULATOR One of the defining strengths of the Property Funds Association is its proactive engagement with the Australian Securities and Investments Commission (ASIC).The association meets with ASIC twice a year, maintaining an open dialogue on the regulatory issues that shape the property funds landscape. “These meetings are designed to be collaborative,” explains Healy. “ASIC tables questions for us, we table questions for them, and the goal is always a constructive discussion about how regulatory developments affect our members. It’s a strong, professional relationship built on mutual respect.” That engagement proved invaluable during one of the industry’s most significant advocacy battles in recent memory—the proposed reforms to the wholesale investor test. 137 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 10 PROPERTY FUNDS ASSOCIATION OF AUSTRALIA
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