The $3 billion ACT Government Super scheme has replaced its long-time asset consultant, Frontier Investment Consulting.
Garry Cartwright, manager of the ACT Government’s superannuation unit, said Russell Investment Group was appointed after a competitive tender and was judged as the best able to offer the fund the best value. Russell already performs some actuarial work for the unit. Frontier had been the consultant for the combined funds of the ACT Government’s superannuation liabilities – now approaching $3 billion – for the past five years. Cartwright said he expected the new consultant to conduct a review of the current asset allocation over the next month. “They’ll come and pass their eyes over the portfolio,” he said. The fund decided against the implemented consulting option earlier this year, following a review by Bob Officer, former chair of Victorian Funds Management Corporation.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
