QIC has increased the exposure to timber in its $225-million Alternative Beta Fund, announcing it has invested with US-based Molpus Woodlands Group as part of a push to further diversify the assets in the fund. James Dick, the head of alternatives investments at QIC, says real assets now make up more than 20 per cent … Read more
Asset managers and service providers should be looking at what they can bring to market to cater for Australia’s growing post-retirement needs, Russell Investment’s global head of consulting Don Ezra says. A 35-year veteran of the consulting industry, Ezra says while Australia’s superannuation system has been a world leader in providing for the accumulation phase, … Read more
Increasing the global focus of its fixed-income portfolio, including gaining greater access to international credit markets, is behind a decision by GESB to award mandates worth a combined $2.28 billion to three fixed-income managers. Steve McKenna, GESB’s acting chief investment officer, said that Wellington Management Company was awarded a $706 million mandate to manage part … Read more
One week after becoming custodian to the $1.3-billion AvSuper, BNP Paribas is competing to keep two superannuation fund mandates totalling more than $5 billion. The $4.5-billion Australian Catholic Superannuation Retirement Fund (ACSRF), BNP Paribas’ second largest super fund client, and the $580-million Health Industry Plan (HIP) are assessing bids from custodians wanting to manage their … Read more
The Australian Catholic Superannuation Retirement Fund (ACSRF) is weighing bids from four custodian banks seeking to manage its $4.5 billion investment operations contract. Incumbent custodian BNP Paribas is competing against National Australia Bank (NAB), JP Morgan and State Street for the contract, which was tendered in March and is due to be completed in late … Read more
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
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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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