Unisuper raises IT to executive team

Unisuper has added an IT specialist to its leadership team in recognition of the important role it plays in the creation of new products and the delivery of Stronger Super compliance. The move is an initiative of new chief executive officer Kevin O’Sullivan who wants more energy put into product development following several years focusing … Read more

Three new approaches for post-retirement

“The Actuaries Institute would like to see retiring Australians have increased choice in relation to the retirement income products they are offered and considers the removal of current impediments to product innovation as an essential element of such a review, as well as ensuring that appropriate safeguards are in place to protect consumers and safeguard … Read more

David Bell to become AUSCOAL CIO

The independent investment consultant David Bell is to become the first chief investment officer of AUSCOAL Super. One of his key tasks will be to fine tune the $7.9 billion fund’s lifecycle strategy and to create a pension product for members, whose average age is 42 – though many retire at 55. Based in Sydney, … Read more

Super funds to act as Australian lenders

Super funds could join the big four banks as a major lender to Australian companies over the next few years. The impact of Basel II reforms, which require banks to hold greater amounts of capital for their riskier loans, has encouraged banks to seek partners for certain loans which have come up for re-financing since … Read more

The independents debate

Will super funds be better off with more independent trustees? The government thinks so. David Rowley asked the industry their thoughts. Sub-optimal superannuation funds pose a threat to national finances. This is a key starting point for those that urge change to fund boards. The belief runs that with national debt spiralling, the government cannot … Read more

AIST signs with Conexus

The Australian Institute of Superannuation Trustees (AIST) has signed a three year extension to its media partnership with Conexus Financial. The arrangement covers exclusive distribution at key events for Investment Magazine and digital sister www.investmentmagazine.com.au, including CMSF and ASI and the only daily news at CMSF, the largest and leading conference on the annual calendar … Read more

ACSA’s stronger super task force win awards

Four individuals have been recognised by the Australian Custodial Services Association (ACSA) for outstanding contributions to custody and investment administration. The 2014 ACSA award winners are: • Marian Azer, head of global funds services, product for J.P. Morgan Investor Services Australia and New Zealand • Daniel Cheever, vice president and head of superannuation of State … Read more

APRA lambasted over cost of compliance

APRA came under fire from speakers at the Investment Administration Conference for the cost and impractical nature of  much of the compliance with new regulation. On a panel session on the subject of Stronger Super held in Sydney on February 12,  APRA general manager Greg Brunner, heard of the stress that compliance was causing for … Read more

‘Please help trustees on data’, fund managers asked by APRA

Trustees are being swamped with information from fund managers, says the Australian Prudential Regulatory Authority (APRA), which has called for more streamlined reporting to help. Greg Brunner, general manager APRA, told delegates at the 17th annual Investment Administration Conference in Sydney that fund managers should be helping trustees cope with the increased compliance they were … Read more

QSuper pension take up grows year-by-year

A sharp uptake in QSuper members choosing its pension product has coincided with the provision of greater flexibility to tailor drawdown. Since December pension payments can be increased annually in line with inflation, while limits on switching and minimum withdrawals have been removed. Members who are invested across several investment options will now also have … Read more

Funds put product dashboard in the dark

Some super funds have incurred the displeasure of the Australian Securities and Investment Commission (ASIC) by putting links to their product dashboard in unobtrusive positions on their website. The product dashboard provides members with five essential facts on their Mysuper fund; the return target, actual returns, a comparison with previous returns, the level of investment … Read more

No large salary increases in 2014, despite increase in positive sentiment

Salaries for most back and middle office staff in superannuation funds will only rise in line with inflation in 2014, predicts specialist recruitment firm Robert Walters. The exceptions are for candidates in the areas of information technology and compliance. Andrew Hanson, director of financial services, market, sales and legal at Robert Walters, sees indications for … Read more