Cash means cash at First State Super.

Amid a slew of other
funds’ enhanced cash options losing money, the NSW public sector fund was moved
to announce that its cash option contained “no growth assets” and achieved a return
of 1.5 per cent for the first three months of 2008/09. Minister for Superannuation,
Nick Sherry, released a discussion paper on the proposed clearing house, which
would allow small businesses to consolidate their SG payments for free.

The
paper canvassed whether only one provider should receive funding to provide the
service, with the administrative simplicity of a single provider weighed
against the fact many businesses already use a variety of clearing houses, not
just for super but for payroll tax, workers comp requirements and the like. The
paper is available at www.treasury.gov.au and feedback is due December 19.

Sherry
also announced that on 1 July 2010, the boards of Australian Reward Investment

Alliance
, the Military
Superannuation & Benefits Scheme and the Defence Force Retirement &
Death Benefits Scheme would merge to form a single trustee board. Yieldbroker,
the most popular electronic trading platform in the Australian fixed income
marketplace and Omgeo, a trade matching and confirmation portal, established an
interface between their services to bring streamlined fixed income processing
to Australian market participants.

Former Goldman Sachs JBWere Asset Management
Australian small caps managers Chris Adams, Michael Glenane and Leigh Cronin finally
confirmed they were being incubated by nabInvest, which has taken a significant
minority stake in their new shop, Fairview Equity Partners. Perpetual Limited
reopened applications for its Monthly Income Fund, Wholesale Monthly Income Fund
and Private Investor Mortgage Fund, but the quarterly redemption facility imposed
on October 23 remained in place.

Australian equity boutique Karara Capital founder
David Slack has bought out Bell Asset Management’s minority stake in the
business, in partnership with lead portfolio managers and directors Luke
Sinclair and Rohan Walsh.

Bell

Asset Management will retain the existing international equities business and its
interests in the

Bridgewater

Managed Funds and Global Mining Investments, with Ned Bell its new CEO.

Greg
Healy, director of AMP Corporate Superannuation, was elected chair of ASFA’s board
succeeding Rosemary Vilgan. An annual benchmark report commissioned by the
Responsible Investment Association
Australasia
found that broad responsible investment grew 8 percent from $52.8 billion to
$57.1 billion in 2007/08, reflecting an increase in the assets of fund managers
and super funds that have integrated ESG factors into their investment
processes.

Select Asset Management spruiked a 20.77 per cent return for the
year to October 31 on its Select Futures Fund, sub-advised by Aspect Capital, a
London-based futures trader covering 80 global markets. Rob Coombe was affirmed
as chief executive of BT Financial Group (BTFG) following the Westpac- St.George
merger, while former St George wealth head Geoff Lloyd became general manager
of advice and private banking at BTFG.

 

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