Melbourne-based Vision Super has started a search for a permanent chief executive with a view to making an appointment by Christmas. Peter Rowe, who has served as acting chief executive since Rob Brooks left the role last year, will be interviewed and is keen on retaining the role. The Vision Super board has hired a … Read more
Financial Services Council chief economist, James Bond, said the unexpected drop in superannuation contributions in the June quarter could be attributed to a loss of investor confidence in the super system as well as “leakage” of employer contributions to the self-managed superannuation sector. According to the latest quarterly data from the Australian Prudential Regulation Authority, … Read more
AustralianSuper has declared bullish growth projections for its direct investment option (DIO) from 12,500 to 50,000 members as its retirement membership grows. The platform, which gives members the freedom of a self-managed super fund in an insured setting, currently manages $700 million for 12,500 members, who hold a further $900 million with the main fund. … Read more
Four prominent super fund executives at the AIST Australian Superannuation Investment conference on the Gold Coast discussed best practice and what is allowable on investment committees. One common insight was investment committees making decisions without talking to asset consultants. Each executive gave a candid explanation of their fund’s policies, the key points of which are … Read more
VicSuper is introducing a stress-testing system for its assets that will help manage risk on idiosyncratic allocations, such as its recent tailored fixed-income portfolio. Last year the fund moved from a passive index allocation to a tailored, global fixed income index, created with index provider, Barclays, and its principal fixed income manager, BlackRock, to reflect … Read more
Trustees do not need to have the investment judgement of the consultants they employ, but they must be able to demonstrate an understanding of the advice they receive, a senior manager at the Australian Prudential and Regulation Authority (APRA) has said. In a presentation to delegates at the Australian Institute of Superannuation Trustees’ Australian Superannuation … Read more
Cbus is to divest holdings in companies that manufacture tobacco products after its board decided it was in the interest of members and their long-term investment returns. The decision was made on the basis that there is no safe level of use of tobacco products and that the current targeting by tobacco companies of young … Read more
Australia’s first Islamic principle-compliant superannuation fund has gained 30 to 50 members a week from industry and retail funds in its first few months of operation. Crescent Wealth has focused its marketing on Muslims under the age of 40, with adverts on Facebook and Google with the messages “Is your super Halal? Ours is” and … Read more
Most smart-beta offerings fall into the same trap as index strategies: blindly following a set of criteria even when the strategy is underperforming. Instead, beta harvesters should be more thoughtful, according to Tim Gardener, head of institutional client strategy at AXA Investment Managers, who also believes smart-beta strategies are overpriced. “In beta strategies, market cap … Read more
There is no empirical evidence that forcing independents on to boards of directors will improve the level of decision-making, a leading academic has told the superannuation industry. The point was made by Sally Wheeler, a professor of law at Queen’s University in Belfast, at briefings held by the Australian Super Funds Association (ASFA) in Sydney … Read more
A $9-million grant to academics to discover ways of improving the superannuation system will help put Australia in a position to sell its know-how to the rest of the world. This call by Simon McKeon, former Australian of the year and chair of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), was made as he … Read more
Star stock picker Kerr Neilson isn’t afraid to admit when he’s wrong. Three years ago, he refused to believe that women would never want to buy their clothes and shoes online, only to watch internet-based retailers for women become the most popular websites in the world, facilitating enormous sales volumes daily. “Three-to-five years ago, I … 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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