This means that offshore managers will be less reliant on Australian fund flows. Already, one of my super fund clients has been lamenting that the large macro-managers are hard-closing and that they can’t find other open macro-managers.  There is significant pressure from trustees and regulators on fees. MySuper will give investors a no-frills exposure to cheap beta and everything will be great until the next equity market shakeout and then everyone will whinge about the losses in MySuper accounts. And there will be endless parlia­mentary inquiries and recommen­dations going back the other way.  In the next few years, with funds flowing from other interna­tional sources, good offshore man­agers will be reluctant to make the trip to Australia. This will prompt domestic investors to travel globally to find managers. Unfortunately, offshore managers will probably say ‘no’ to those Aussie meetings, given their reputation for wanting fee discounts. Hopefully I will be proven wrong.

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