Sometimes we know something is wrong, but we need bright sparks like the behavioural economist, Shlomo Bernartzi to explain why in an authoritative and compelling way. Back in November he started his highly impressive presentation to the ASFA Annual Conference by telling us that “it does not help anyone to say that ‘everyone is saving … Read more
It has become fashionable – particularly with the current discussion stemming from the Financial Systems Inquiry – to compare super funds to banks. This is particularly so when the talk turns to governance. Speaking at the recent ASFA conference in Melbourne, the former Federal Treasurer Peter Costello commented that super funds should be subject to … Read more
If you run different sets of metrics over the prospects for Australian companies then the best bets will vary enormously. T Rowe Price, which follows a quality growth style and philosophy with a focus on the potential for Australian companies to expand abroad, mentions reinforced concrete product manufacturer James Hardie, medical product manufacturer ResMed and … Read more
Roger McIntosh has resigned as head of investments at LUCRF after one year in the role, weeks ahead of the appointment of two new independent trustees. McIntosh took a pay-cut to join LUCRF when he moved from Vanguard Investments where he had been for 14 years, most recently as head of investment strategy and research. … Read more
UniSuper is in the planning stage of building several retirement products for its members rather than rely on off-the-shelf solutions from providers. The $45 billion fund wants to use its scale to create products such as a pooled longevity product with a mortality bonus for those that live longest, similar to Mercer’s group self- annuity, … Read more
BT’s asset owner teams are being streamlined into a single unit so as to better tailor solutions for clients. The move coincides with a shift of its MySuper portfolios into more illiquid investments. The new operation will be run by David Lees, the general manager of investments and insurance at the BT Group, while Patrick … Read more
The “cosy relationships” between major companies in Japan is being broken up by a wave of corporate reform that will bring rewards for long-only investors. Timothy Griffen, portfolio manager for Lazard Asset Management, a 25 year veteran of Japanese investments who has made money in falling markets through shorting stocks, says Shinzo Abe’s three arrow … Read more
I have seen David Murray speak three times over the past year and interviewed him for an hour at the office he shared with ASIC in Sydney. What has been growingly apparent from these encounters is his resistance to charm, to being swayed by emotion or to be distracted by tangential detail. As such, many … Read more
Australian superannuation has been dubbed the “biggest pool of disengaged investment in the world”, by activist investor John Hempton of Bronte Capital, speaking at the IMCA annual conference. Hempton, who was taking part in a discussion on fraud at the conference held in Sydney and Melbourne on December 3 and 4, warned this disengagement made … Read more
AustralianSuper has made large savings on brokerage costs for futures contracts, in one of the latest ways its investment operations department is turning itself from a cost centre into a revenue generator. The move was prompted by members of its trading team who have been hired to join the in-house equities team at the fund. … Read more
Megan Pham, chief investment officer of AMIST Super, talks through the logic of her fund’s asset allocation and manager selection. Like a few other super funds in the region of $1-2 billion in assets under management, AMIST Super is sensitive to the accusation that it might not have the scale to outperform or do the … Read more
The threat of banks exploiting their business relationships with employers to cross-sell retail superannuation funds has been foiled by recommendations in the Financial System Inquiry (FSI), according to Industry Super Australia. David Whiteley, chief executive of the organisation representing industry funds, noted that several sections of the report will limit the ability of banks to … Read more
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Investment Magazine provides in-depth, monthly analysis of trends and developments for all the businesses in which superannuation funds engage‚ including asset allocation, investment manager selection, custody and fund accounting, member administration, group insurance and compliance.
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