The Association of Superannuation Funds of Australia Ltd. will meet with the Financial Services Council this month or next to begin formulating a joint position on how much of Australia’s $1.8 trillion fund management industry’s investments should be disclosed. ASFA and the FSC plan to submit their final report on fund disclosure to regulators by … Read more
ASX Group, whose primary and backup trading systems shut down on October 27, says its group executive for technology will depart, but not immediately. Jeff Olsson will leave the ASX in July. He has worked at the company for 15 years. “It was Jeff’s decision to leave,” says an ASX spokesman. Olsson’s departure “is unrelated … Read more
REST Industry Super, the $21 billion fund for the retail industry, says its 2 million members are largely satisfied with the fund’s performance and its service, contradicting a Roy Morgan Research report that says “customer quality measures for REST are considerably lower than the industry average”. “That finding is not reflective of the benchmarking we’ve … Read more
Just 54 per cent of Australians are satisfied with their superannuation fund’s financial performance, according to a survey by Roy Morgan Research. “Current market conditions are likely to see this begin to decline,” says Roy Morgan whose survey was based on interviews with 50,000 people a year of whom about 30,000 people have superannuation. The … Read more
Industry superannuation funds should be able to replace employer or union board members with independents that have the skills and experience to perform as a trustee, says the Australian Institute of Company Directors. “Good governance underpins the confidence we all need to have in the operation of superannuation funds,” says the institute in an email … Read more
Construction & Building Industry Super, the $17 billion fund, says its new information technology systems developed by Superpartners will benefit its 655,000 members by improving services while increasing the efficiency of its administrative processes. Melbourne-based Cbus says it is “optimistic” Superpartners’ SpRIGHT, a registry and administration system, will benefit its members and employers when it … Read more
Mergers: Actuaries Rice Warner says the number of Australian Prudential Regulation Authority regulated corporate funds will fall to 35 by June 2016 compared with 143 as of June 30, 2011. During the same time period the number of public sector funds will slide to 25 from 37 and the number of industry funds will drop … Read more
Chant West, the asset manager analyst, expects the average Australian superannuation fund to have a loss this year. The Sydney-based firm expects the median so-called growth funds to have on average a three per cent loss in 2011. Chant West defines a “median growth” fund to have between 61 per cent and 80 per cent … Read more
Media Super, the $3 billion fund, expects annual returns for so-called balanced funds to average 8 per cent per annum over the next 30 years, the same as the previous three decades. The fund, established in 1986, considers a balanced fund to have between 60 per cent and 70 per cent of its portfolio to … Read more
First State Super and State Super, who together manage about $60 billion, are talking about the potential of investing in New South Wales infrastructure, says Nick Greiner, chairman of Infrastructure NSW. “The question is: how do you get superannuation funds to be early stage infrastructure investors,” says Greiner, who was NSW Premier between 1988 and … Read more
Perpetual Investments has hired Sandi Orleow and Jeremy Rolleston to raise money for a new fund that will invest in multiple asset classes. Orleow, who left Towers Watson as head of private markets in 2009, will sell the fund by trying to tailor it to a superannuation fund’s investment objectives, says Richard Brandweiner, group executive … Read more
Australian asset managers who manage about $500 billion say there is little difference in the cost between managing front to back office operations internally and outsourcing such functions, says SimCorp. SimCorp, which provides investment and portfolio management software, says it surveyed 40 organisations including investment managers and software companies and found that many asset managers … Read more
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