Two different paths have formed as asset managers have struggled to live up to the expectations of asset owners over ESG engagement in investee companies. A conservative approach to voting for proactive measures has led to managers with net zero targets failing to fulfil those commitments.
Aware Super has named Agnes Hong as its head of public market equities. Relocating from Philadelphia, she will oversee a portfolio of roughly $90 billion.
Reinsurance company Pacific Life Re has moved to a product-based organisational structure globally.
The superannuation system has been a wonderful achievement for Australia, ensuring regular workers and not just the rich receive the benefits of markets. But with increased scale and power, some of its leaders may be losing touch with everyday members, and on the challenging topics of customer service and retirement preparedness, some are in denial.
Rob da Silva has joined Research IP following his departure from SQM Research last year.
The big wave of superannuation mergers is slowing down as the industry is better able to navigate the Your Future Your Super performance tests and regulators ease up on the pressure. But some big companies are still eager to offload their corporate funds, and the digital, product and service benefits of scale are still a driver.
All super funds are being called on by the government and regulator to make more progress on providing retirement income solutions to members. But APRA data shows funds have starkly differing levels of exposure to retirement, and those with relatively few members in pension phase face the challenge of effectively cross-subsidising that minority with fees from the bulk of members in accumulation. This helps explain why the business case is still unclear for many.
Northern Trust Asset Management has appointed Milan Vidojevic as its director of quantitative solutions, international.
Wealth management firm Alteris Financial Group has appointed JANA as its investment consultant.
The Future Fund reduced its cash component by 2.8 per cent in the 2023 calendar year, redeploying the assets to floating rate credit investments and public equity markets as it attempts to shake off criticism of its performance. But the $212 billion sovereign wealth fund still maintains a reasonably bearish outlook, warning of “questionable” equity prices.
Combining size and flow rates creates a rich picture of the super fund landscape, from which four distinct quadrants can be extrapolated depending on their asset size and growth trajectory. Research from The Conexus Institute finds while a handful of big profit-for-member funds rank well for both assets and growth, ESG-focused funds Australian Ethical and Future Super stand out for attracting above-system flows.
Diverger shareholders have voted to approve the 100 per cent acquisition of Count which was announced last year.
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