The $2.6 billion Catholic Superannuation and Retirement Fund (CSRF) has appointed ING as its new insurer, replacing AMP. CSRF managing director Greg Cantor said ING was one of nine insurers who tendered for the role, including Axa and AMP who also made the shortlist.
Cantor said when CSRF goes public offer on July 1, it will extend its insurance offer to include death and permanent disability for casual workers, and will also allow permanent workers who change employers to retain their insurance policies. “We’ve had AMP for a number of years, but we wanted to do these things and ING were more accommodative of what we required,” he said. CSRF also recently appointed two currency specialists; Macquarie Funds and Barclays Global Investors to manage active currency mandates.
There is one investment area where Insignia’s $180 billion super arm has not lost money for the past 17 years, which is what it calls the insurance-related investments. The alternatives strategy is gaining popularity among asset owners due to its diversification benefit, but Insignia’s super and asset management investment chief Dan Farmer warns it is a space where investors can suffer if they “stumble in without doing the homework”.
Darcy SongJanuary 23, 2025
