Hostplus injects $100 million into innovation fund
Industry super fund Hostplus has injected a further $100 million into the IP Group Hostplus Innovation Fund, having already contributed $210 million.
‘Insufficient urgency’: ASIC, APRA lash super trustees on RIC
A joint review by APRA and ASIC has found superannuation funds are failing to meet their obligations under the Retirement Income Covenant, which took effect 12 months ago. Too many are not implementing retirement strategies into their business plans or analysing their members’ needs, according to ASIC commissioner Danielle Press.
Intra-fund advice scope to creep beyond super
The Albanese government has given its strongest indication yet that it is open to a more radical expansion of intra-fund advice, with super trustees likely to be able to able to advise members on topics beyond their interests in the fund.
Firetrail executive joins RIAA panel
Firetrail head of investment strategy Anthony Doyle has joined the certification assessment panel of Responsible Investment Association Australasia.
APRA finalises standard on operational risk
The Australian Prudential Regulation Authority (APRA) has finalised a new prudential standard to ensure banks, insurers and superannuation trustees better manage operational risks and respond to business disruptions.
ESSSuper named top-performing balanced fund in FY23
Emergency services industry fund ESSSuper was the top-performing balanced super fund for the 2022-23 financial year, returning 13.3 per cent for its balanced growth option, according to researcher SuperRatings.
Nanuk appoints portfolio manager
Sustainable investment-focused fund manager Nanuk Asset Management has appointed John Lobb as a portfolio manager. Lobb has over 32 years of experience as an equities analyst and portfolio manager. Before joining Nanuk, he was a global equities portfolio manager and senior analyst at Insync Funds Management. Previously, he held key investment positions at Orion Asset … Read more
‘Great outcome’: CFS reaches $100m settlement with FirstChoice members
Colonial First State will pay $100 million to settle a lawsuit claiming damages from grandfathered commissions and fees for no service. The outcome has been welcomed by applicants in the class action, despite the former CBA wealth arm not admitting any wrongdoing.
Signs of strain in APRA’s engagement with super trustees
An independent review of APRA’s oversight of the superannuation industry, led by former Macquarie CEO Nicholas Moore, has recommended the prudential regulator improve its communications with trustees and proactively plan for systemic risks, such as valuation of unlisted assets. It comes as research shows super trustees are less satisfied with APRA than their banking and insurance peers.
MA Moelis expands equity research team
MA Moelis Australia has appointed Paul Hissey and Tom Tweedie as executive director and vice president of its equity research team, respectively.
APRA told to increase efforts to identify superannuation risks
The Financial Regulator Assessment Authority has handed down a report into the effectiveness and capability of the Australian Prudential Regulation Authority. It found the prudential regulator plays a key role in ensuring Australia has a safe and stable financial system. But it also made five recommendations for APRA to improve its resolution function. The recommendations … Read more
Future Fund repositions portfolio for ‘stickier inflation’
Australia’s sovereign wealth fund is bullish on private equity and renewable energy, but its CIO office is getting nervous that inflation and volatile markets will make it “extremely difficult” for the fund to meet its stated investment objective. Here’s how it is preparing for the next five to 10 years.
