Superannuation funds have been overly focused on measuring investment performance and should spend more time ensuring they are meeting their members’ retirement savings goals, Russell Investment’s global head of consulting Don Ezra says. Ezra, a 35-year veteran of the consulting industry, says superannuation funds should aim to provide for the “life outcomes” of its members. … Read more
Since 1999, when Damian Hill joined REST Industry Super to oversee administration, the $20-billion fund has never used a “set-and-forget” asset allocation. In the late 1990s the fund reined its investments in global equities to 8 per cent of its capital amid soaring valuations of listed-technology companies, Hill recalls. The fund’s overall investments in “growth” assets, … Read more
In research conducted at EDHEC-Risk Institute as part of the research chair on asset liability management (ALM) techniques for sovereign wealth funds (SWF) management supported by Deutsche Bank, we propose a quantitative dynamic asset allocation framework for sovereign wealth funds, modelled as large long-term investors that manage fluctuating revenues typically emanating from budget or trade … Read more
Wealth advisers, compliance and risk management departments at financial companies are expected to continue to hire amid muted demand for banking and financial services workers in the second quarter, a report from recruitment consultants Robert Walter says. Struggling European markets, higher funding costs and a cautious recruitment approach by companies is dampening hiring, according to … Read more
Pierre Jond, the man in charge of BNP Paribas’ custody business in Australia, confidently predicted this year there will be “good news” for his bank in winning new business. The statement by AvSuper that the $1.25 billion fund has chosen the French bank as its new custodian is good news, even if the modest size … Read more
Since Vimal Gor, head of income and fixed interest at BT Investment Management, came to live in Australia he has not experienced a good summer. “There’s been lots of bad winters as well,” says the former London resident. On his 40th birthday Gor had to change into a dry suit in the office after getting … Read more
The Tuvalu Trust Fund, the $120-million sovereign wealth fund of the central Pacific nation, has given AMP Capital almost half of its money to manage. Sydney-based AMP will manage $55 million of Tuvalu’s money in its multi-asset fund, which seeks to produce a return of 5.5 per cent above inflation over five years. Tuvalu, which … Read more
VicSuper, the $9 billion not-for-profit Victorian public sector fund, has chosen two US funds to manage $220 million of investments in government, corporate and securitized bonds, bank loans and emerging market debt. Los Angeles-based asset manager Payden & Rygel was awarded a $110 million mandate by Melbourne-based VicSuper. The Melbourne-based fund also gave $110 million … Read more
When Robert Bedwell was talking to J. P. Morgan Chase about a new job that would help manage relationships with the bank’s biggest asset management customers, he was concerned that he would not get the cooperation of the 1,400 people in Australia and New Zealand working for the company. Bedwell fears have not been realised. … Read more
Australian superannuation funds will gradually shift their portfolios more toward bonds as people retire and demand regular income and less risk from their investments, says Pacific Investment Management Co. Australian bonds will continue to attract foreign investors who hold about 80 per cent of Commonwealth bonds, says Robert Mead, a Pimco portfolio manager. Australia’s net … Read more
Franklin Templeton Investments Australia has hired Stuart Devlin as a Melbourne-based retail account executive as it seeks to garner more money from individual investors. “Franklin Templeton is building out its retail team after acquiring Balanced Equity Management,” says Maria Wilton, managing director of Franklin Templeton in Australia. Andrew Sisson, the founder of Balanced Equity Management, … Read more
AMP Financial Services’ merger with AXA Australia saw it claim the greatest market share in 2011, as AustralianSuper reaped the highest net inflows from its expanding membership, analysis by research firm Tria Investment Partners shows. Mergers were the strongest force for superannuation fund growth in 2011, enabling AMP Financial Services to claim 5.1-per-cent market share … 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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