The $6 billion MTAA Super secured the services of former Victorian premier, John Brumby, to chair its trustee board. His predecessor Labor premier, Steve Bracks, became the chair of fellow industry fund Cbus in 2009, for which he makes between $80,000 and $89,999 per year. MTAA Super does not publicly disclose its director fees. South Australia’s Statewide Super said members would receive cheaper income protection insurance and higher default levels of death and total permanent disability insurance cover from March 1. The introduction of occupationally based insurance categories will deliver the savings to some members, while tighter pricing from incumbent insurer MetLife will do the rest. AUSCOAL Super appointed two new investment managers to its $5.7 billion portfolio. AUSCOAL Super’s international shares portfolio was diversified with a $100 million plus mandate to US-based global small-cap manager Copper Rock Capital Partners, which runs a 6 per cent tracking error against the MSCI World with a discretion to go up to 15 per cent in emerging markets.

In its fixed-interest portfolio, AUSCOAL appointed The Putnam Advisory Company, a large global bonds manager with expertise in investing across a broad range of global fixed-interest securities. Aviva Investors was awarded a $51.5m bond mandate by the Labour Union Co-operative Retirement Fund (LUCRF). The money will be invested in Aviva’s T250 Bond Fund, a macro fixed-income strategy focused on global sovereign bond markets and interest rate disparities. Managed by Shahid Ikram, deputy CIO – Fixed Income at Aviva Investors, the fund targets an absolute return before fees of 3 month EURIBOR plus 2.5 per cent and invests on both a long and short basis. National Australia Bank’s direct asset management business, nabInvest, announced it had acquired a 35 per cent interest in AREA Property Partners (AREA), a global real estate fund manager based in New York.

The aggregate assets under management of sovereign wealth funds (SWFs) currently stands at almost US$4 trillion, making 2010 the second year running in which SWF AUM have increased by 11 per cent, according to the 2011 Preqin Sovereign Wealth Fund Review. FuturePlus Financial Services, the service provider owned by NSW’s Energy Industries Super Scheme, replaced Pillar Administration as administrator to the Super Money Eligible Rollover Fund (SMERF), whose trustee is CCSL Limited. The SMERF contains about 90,000 accounts, although like all ERFs its long-term future is in doubt owing to the Super- Stream reforms that aim to reduce the number of lost accounts in Australia.

Join the discussion