Another huge and seemingly immovable block on the road to a better system had been that the various administrators had such different processes. Then suddenly, last month, a rapprochement between AAS, Pillar Administration and Superpartners was announced and heralded as an agreement on a set of principles and protocols covering data and money flow for rollovers. Project manager of the alliance, industry veteran Robert Van Woerkom, says the pilot, to be working by June, was inspired by the Medicare clearing facility for SMEs and the banking system’s interconnected protocols. The three alliance partners’ statistics give them the clout to try to unite the sector: collectively they administer $173 billion for 12 million member accounts on behalf of 45 funds, collect more than $25 billion in contributions a year, and generate more than 45 million transactions annually. The 420,000 transfers annually between each other represent more than $4 billion. Van Woerkom says the alliance will be open to other administrators, such as Colonial First State, BT and Mercer, as well.
Alternatives
The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.






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