Print Super, as the continuing fund in the merger with JUST Super, has called in Rice Warner Actuaries to run a full tender for its asset consulting contract, currently with Mercer Investment Consulting, while a tender for master custody will occur in the second half of 2008.
This asset consulting tender will be the only one undertaken in advance of the winding-up of JUST and the newly merged fund commencing operation on June 30 – almost exactly a year after the original heads of agreement between Print Super and JUST was signed. As operational details of the new fund continue to be bedded down, it has been confirmed that although current JUST chair Gerard Noonan will chair the new merged fund, directors with a Print Super heritage will outnumber those from the JUST side by seven to five. The JUST chief executive, Mi Thian-De Wind, said that tenders would be initiated for other major service providers as their contracts became due after the merger, but initially Print’s member administrator, Pillar, and master custodian BNP Paribas Securities Services would service the new $3 billion, 110,000 member fund. The funds’ respective insurers – Allianz and Hannover Life for Print Super, ING Life for JUST Super, will both transfer arrangements to the new fund but will face a subsequent tender process to find a single insurer, Thian-De Wind said.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
