The biggest risk many super fund members face is not investment volatility but rather not accumulating enough to live on in retirement. Australian Retirement Trust head of investment strategy Andrew Fisher takes Investment Magazine behind the scenes of a migration that saw 1.4 million members moved to a higher-risk, higher-return investment strategy, designed to help them accumulate more at retirement.
ASIC could launch enforcement action against super funds whose handling of death benefit claims falls short, ASIC commissioner in charge of superannuation Simone Constant has warned. She says a joint regulatory approach gives ASIC and APRA better oversight of how funds are performing on matters that are critical to members.
Hostplus chief investment officer Sam Sicilia has declared that for as long as he and chief executive David Elia are overseeing the $110 billion fund, there will be no investment internalisation. However, he acknowledges that if the institutional asset manager business model comes too much under pressure, it poses risks and instability to Hostplus’ externalisation model.
NZ Super has returned close to 15 per cent in the 2024 financial year as tech enthusiasm and declining inflation resulted in a strong run in global equities. However, one of the fund’s main value-adds, the strategic tilting programme, has had a rare negative return.
MLC Life Insurance has appointed Gerard Kerr as chief executive of individual business and Jane McGovern as its chief customer and strategy officer.
Industry super fund Hostplus has launched a digital education tool, SuperSmart, in collaboration with super fund licensee and advice services providers, Industry Fund Services, and Iress.
ASIC has had a success rate of 95 per cent in its civil and criminal prosecutions conducted in the first half of 2024 calendar year, securing $32.2 million in civil penalties and nine criminal convictions.
First Super co-chair and former CFMEU boss Michael O’Connor has stepped down from his role at the helm of the $4.5 billion industry super fund after the prudential regulator took legal action against him for allegedly hiring a CFMEU official in the fund’s contracted work. The lawsuit suggests the aftermath of the federal government’s forced administration of the infamous construction trade union is rippling beyond Cbus to other corners of the superannuation sector.
Superannuation and financial advice industry leaders were among the hundreds of mourners at the funeral of Greg Bright in Sydney’s eastern suburbs on Thursday. Leng Ohlsson, one of countless journalists and employees mentored by Bright, reflects on a man who cared about people first and foremost – even willing to occasionally prioritise friendship over the story.
Super fund REST has appointed Kareene Koh as general manager of strategy and Florence La Carbona as general manager of data and insights.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Infrastructure has received an influx of capital in recent years but Aware Super’s head of the asset class, Mark Hector, says the fund is still prepared to be an early mover in some subsectors and harness alpha for members. Aware last week made its first infrastructure investment out of its London office, and has serious plans to raise its investor profile and expand the team.
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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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