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It’s time for a complete restructure of performance testing

It’s time for a complete restructure of performance testing

A growing super system that is increasing in complexity and systemic importance warrants a better performance assessment framework. But the recent consultation on the YFYS performance test only focuses on modifying the existing test without changing its essential nature.

The Latest
NZ Super cuts benchmark return expectation on US valuation concerns

NZ Super cuts benchmark return expectation on US valuation concerns

A view that the US stock market is overvalued and equity risk premia will be lower over the long term has driven New Zealand Super to lower the return expectations for its reference portfolio following its recent five-yearly review of the benchmark.

Super seat vacant at APRA as platform woes grow

Super seat vacant at APRA as platform woes grow

The prudential regulator has no successor or interim appointee to replace deputy chair Margaret Cole, who stepped down today, leaving the more than $3 trillion APRA-regulated super sector with no supervisor-in-chief as scrutiny on its platform segment grows.

The AI boom has left super funds with nowhere to run

The AI boom has left super funds with nowhere to run

Whenever super fund CIOs are asked what they’re doing about AI risk, “diversifying” is always the answer. But as cross-portfolio exposures to the thematic grow and grow, that answer is no longer good enough.

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Leadership
ESSSuper revives private equity program

ESSSuper revives private equity program

ESSSuper, the Victorian state fund with $12 billion in accumulation assets, has rebooted the private equity program it wound up over a decade ago in a bid to boost returns, with chief investment officer Daniel Selioutine telling Investment Magazine that exit pressures in the asset class mean it’s a good time to buy.

Profiles
GESB CEO calls time: ‘Past regime of default super’ no longer sustainable

GESB CEO calls time: ‘Past regime of default super’ no longer sustainable

GESB chief executive Ben Palmer is set to leave the Western Australian government super fund, ending a 13-year tenure after steering the fund through the most significant change in its history. In a rare interview, Palmer examines the past, present and future of super and explains why GESB is treating platforms, not profit-to-member funds, as its benchmark.

Why HESTA’s ‘joined-up thinking’ is one of its CIO’s favourite things

Why HESTA’s ‘joined-up thinking’ is one of its CIO’s favourite things

Sonya Sawtell-Rickson joined HESTA as the health industry workers’ super fund was taking steps towards investment internalisation and a total portfolio approach. She says the moves have been vindicated not only by member returns but in the “joined-up” conversations the now-$96 billion fund has with the companies it invests in.

Member engagement
Pension Policy Podcast: Fostering innovation in retirement solutions

Pension Policy Podcast: Fostering innovation in retirement solutions

Both APRA and ASIC have told super funds they need to adopt a greater risk appetite and be more innovative in how they fulfil their obligations under the Retirement Income Covenant. In this episode of the Pension Policy Podcast, MLC’s director of customer innovation Ashton Jones tells Retirement Magazine editor Simon Hoyle that his definition of “innovation”

Governance
HESTA seeks answers over ‘deeply concerning’ Richard White allegations

HESTA seeks answers over ‘deeply concerning’ Richard White allegations

HESTA wants answers from WiseTech on how it will manage the role of executive chair Richard White after reports emerged that the Australian Federal Police are investigating him over human trafficking and visa fraud allegations.

Shield, First Guardian reforms must not become a covert operation to restrict competition

Shield, First Guardian reforms must not become a covert operation to restrict competition

There is broad consensus in industry and Canberra that the collapses of the Shield and First Guardian master funds – and failures that led to them – demand a regulatory response. But getting that response wrong could create an uneven playing field in the industry and some counterproductive consumer outcomes.

Industry and regulation
AustraliaSuper backs new benchmark for ‘emerging assets’ in YFYS

AustraliaSuper backs new benchmark for ‘emerging assets’ in YFYS

The nation’s two largest super funds are at odds over potential changes to the performance test, with AustralianSuper saying it supports further developments to the CPI + X benchmark that could be used to evaluate “emerging assets” after Australian Retirement Trust rejected the model due to its potential to increase systemic risk. 

Investments
Blue skies and lawsuits power MLC Super returns higher

Blue skies and lawsuits power MLC Super returns higher

Global equities have driven most of MLC’s FY26 return so far, but its exposures to insurance-linked securities and “esoteric” credit have also put in the hard yards and helped the fund diversify beyond the AI thematic, according to chief investment officer Dan Farmer.

Super funds hold the capital the world needs: NSW Treasurer

Super funds hold the capital the world needs: NSW Treasurer

NSW Treasurer Daniel Mookhey says last year’s Citi A50 summit is converting investor interest into firm approvals, as the state pushes data centre, renewable energy and electrification projects through a fast-track process and positions Sydney as a global financial centre.