Master custody for the two ACT Treasury funds, with combined funds under management of $3.2 billion, has come up for review.
The Treasury’s five-year contract with custodian JPMorgan Worldwide Securities Services has expired, and the fund is currently in the process of reviewing half-a-dozen potential custodians under the advice of Mercer Sentinel. Lucas Nicholls, assistant manager of the Superannuation Unit, Investments & Economics Division, said the review should be completed within two months. The Treasury manages two underlying funds, the $2.1 billion Super Provision Account – a standard fund with cash, domestic and international bonds and equities, indirect unlisted property, and the more conservative $1.1 billion General Government Portfolio, which is split between cash and indexed fixed interest. The fund is also in the final throes of a strategic asset allocation review with its asset consultant, Russell Investment Group.
15 July 2008 00:00
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Investments
The $80 billion Mercer Super has delivered a fourth consecutive year of double-digit returns to most members of its SmartPath lifecycle product. Global equities did a lot of heavy lifting, but chief investment officer Graeme Miller tells Investment Magazine that the fund is now looking further afield for returns.
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