The public has turned its nose up at graphical representations of risk on the MySuper product dashboard and asked the Australian Securities Investment Commission (ASIC) to make it simpler. Qualitative consumer market research in September has gauged reactions to the information funds must provide on MySuper products and expectations around disclosure. Speaking at the Australian … Read more
Former Victorian premier and federal member of parliament, John Brumby likes women. Since his appointment as independent chair of the MTAA Super Trustee Board in April 2011, he has overseen the appointment of the fund’s first female chief executive and independent directors. Former AvSuper chief executive Leeanne Turner replaced the fund’s longstanding leader, Michael Delaney, … Read more
Individual trustees have been instructed to improve their skills and to keep on improving them in a strident speech given by Helen Rowell of the Australian Prudential Regulatory Authority in Melbourne. Such was the depth of requirements made that delegates at the Australian Institute of Superannuation Trustees’ governance symposium openly questioned whether trustees would have … Read more
Ian Robertson has resigned as director of the Local Government Super board and issued passing shots at those not pulling their weight in the industry. His last board meeting takes place on Wednesday and he will be replaced as the Development and Environmental Professionals’ Association’s nominated representative by Joanna Davison, the interim chief executive of … Read more
Superannuation funds will make a big shift into low-volatility smart-beta products over the next 12 months, according to Fraser Murray, head of equities at Frontier Advisors. Speaking at a packed Investment Management Consultant Association (IMCA) seminar in Sydney, Murray told how there had been little activity in this space until now, but this was about … Read more
The accepted belief that the most engaged superannuation members are the most active has been called into question by an academic from the University of New South Wales. A survey of 675 Unisuper members found the greatest proportion of fund switching or adjustment in insurance cover was carried out by members who were not fully … Read more
Superannuation funds can play a key role in improving medical health care in Australia and closing a $20-billion hole in national productivity, according to a former government adviser. Speaking at a CommInsure | Conexus Financial seminar in Melbourne, John Mendoza, director of ConNetica and former chair of the National Advisory Council on Mental Health, said … Read more
The latest round of legislation aimed at overhauling the system has been a challenging period for super funds which have been focused on launching low-cost default MySuper products, overhauling back office transactions through the SuperStream measures, while also improving governance and disclosure. Three-quarters of super fund chief executives recently surveyed by the Financial Services Council … Read more
NGS Super has appointed Mary Jane Fallon as its first ever chief investment officer in a role that will see the $5-billion fund take a more dynamic approach to avoiding risk and capturing opportunities. Fallon, who is leaving Energy Industries Superannuation Scheme and will join NGS Super at the end of this month, will be … Read more
Former Sunsuper chief executive Tony Lally was paid more than $811,000 in remuneration in his final year at the fund. The $24-billion fund’s 2013 financial statements show him to be one of the industry’s highest paid executives. The average fund chief executive received a 5.7 per cent pay rise to $333,087 in 2012-13, according to … Read more
Christian Super’s chief investment officer has expressed a desire for his fund to follow QSuper in taking responsibility for individual members’ sequencing risks. Until now, few chief investment officers have publicly shown any support for the path taken by QSuper, which has placed members over 58 years old with balances of more than $300,000 into … Read more
CareSuper has awarded two $100-million mandates to GMO and Wellington in an effort to shift its absolute return portfolio to a more defensive position. The $7.7-billion fund has awarded just over $100 million to the GMO Multi-Strategy Trust and just under $100 million to the Wellington Global Total Return Fund in the past month, according … 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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