Energy Super’s appointment of four new international equities managers has seen the fund move from a pooled investment at AMP Capital as part of its wider diversification strategy. With the $4.5-billion fund focused on growth, it now has control of its international equities, awarding $700 million in mandates to Harding Loevner, Longview Partners, Sands Capital … Read more
The statistics speak for themselves. More than half of Australia’s superannuation members are not engaged. Eighty per cent go into their super’s default investment option at sign up – and stay there. Funds are constantly looking for new ways to get members more involved with their super. They spend significant time and resources developing communications … Read more
Superannuation funds should consider new legislation monitoring gender equity in large businesses beyond their own employment practices, said Cate Wood, chair of Women in Super. The now effective Workplace Gender Equality Act 2012 legislates that businesses with 100 or more employees are required to report against various gender equity indicators, including gender composition of the … Read more
A majority of superannuation funds are currently having conversations about potential mergers, according to Maree Pallisco, national superannuation leader at EY (formerly Ernst and Young), due to the impact of the Stronger Super reforms. As a leading provider of independent advice on the business structures of super funds, EY hears regularly from trustees who are … Read more
Chris Cuffe is known for many successes, not the least of which was his contribution to the establishment of Colonial First State. His subsequent philanthropic pursuits include his $55-million Thirdlink investment fund of funds, which donates all management fees to charity, approximately $60,000 a month. In addition, he’s an advocate of Primary Ethics, which delivers … Read more
The government’s decision to rejig the financial services and superannuation portfolio handled by Bill Shorten has been criticised by the opposition, which claims breaking up the role downgrades its importance. In a recent cabinet reshuffle, Chris Bowen was confirmed as treasurer with David Bradbury named assistant treasurer and, among other portfolios, “minister assisting for financial … Read more
The Future Fund is focused on building a portfolio of “somewhat risky assets” in order to achieve its government-mandated return, says its chair, David Gonski. “The government has the right to proclaim mandates for the board, and the current and original mandate set a target benchmark return for the fund of CPI plus 4.5 to … Read more
Minimum disruption for members was the guiding principle for AUST(Q) Super trustees when selecting AustralianSuper as their merger partner. The 19,000-member, $181-million Queensland-based fund has agreed in principal to a merger with Australian Super later this year after a 12-month process. One of the initial considerations of trustees was to retain its local base. “One … Read more
Not-for-profit superannuation funds will struggle to deliver low-cost products to market, despite the government’s intentions with reform, according to Nathan McPhee, chief executive of SuperRatings. “The fee position that industry and not-for-profit funds have held for so long is effectively gone. There’s an enormous cost pressure that’s building in this industry,” he said at AIST’s … Read more
Investment in small caps has paid off for Industry Funds Management (IFM), reporting outperformance of about 14 per cent in its first year. Chief executive of IFM, Brett Himbury, said its team of four, poached from Macquarie more than 12 months ago, has addressed a gap in small-caps management. “We actually spoke to our clients, … Read more
As part of an overhaul of Australia’s $1.5-trillion retirement savings sector, super funds are heading into a new era of disclosure and transparency. Draft regulations released last month reveal the depth and extent of information that the industry regulators want Australian super funds to disclose to their members and the wider public. As one corporate … Read more
Financial Services Council CEO John Brogden has appealed to the new Labor Party leadership to delay the implementation of the Stronger Super and Future of Financial Advice (FoFA) reforms by 12 months. Brogden believes much of the industry will struggle to comply with the legislation, which comes into effect on Monday. While reiterating the FSC’s … Read more
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