Mark Genovese, chief executive of the $700 million Maritime, Mining & Power Credit Union, says he is pursuing a similar strategy to Australia’s four largest banks by establishing close relationships with superannuation funds AusCoal and Maritime Super as the funds seek “solid returns”.
VicSuper CEO Michael Dundon: “the challenge is to grow the fund”
VicSuper, the 262,000 member, $8.7 billion superannuation fund, will continue to seek to invest along “sustainable investment” principles while boosting the number of its staff in education and advisory positions as it seeks to grow to an even bigger investor.
HostPlus CEO David Elia: “there needs to be more consolidation”
HostPlus, the $10 billion superannuation fund for the hospitality, tourism, recreation and sports industries, expects more mergers among funds and urged its members not to make hasty investment decisions during periods of market volatility.
Russell wins $4.5 billion client from Mercer
The $4.5 billion Australian Catholic Superannuation Retirement Fund has ended its 15-year relationship with Mercer Investment Consulting by appointing Russell, says an internal Russell email.
Joseph Skrzynski: “it’s not track record analysis” driving fund allocations
Superannuation and industry funds are “marking time” on decisions whether to invest in leveraged buyout funds as they analyse their general partner relationships, the implications of superannuation reforms and market volatility, says a doyen of Australian buyouts.
UniSuper CIO John Pearce not impressed with private equity returns
The chief investment officer of UniSuper, the $28 billion superannuation fund for Australian universities and research organisations, says he has not been impressed with private equity fund returns.
BNP Paribas wins AMP custody contract
BNP Paribas Securities Services, the third-biggest custodian in Australia, has beaten off State Street Corp. in the competition to be the custodian of $130 billion in funds for the merged AMP-AXA Asia Pacific Australia and New Zealand.
QSuper to invites custodians to bid for contract
QSuper, the $27 billion superannuation fund for current and former Queensland government workers and their spouses, will invite “major custodians” to tender for its custody contract currently held by the National Australia Bank Ltd.’s asset servicing unit.
Penny Wong, Bill Shorten confident 12% Super will be passed
Finance minister Penny Wong and assistant treasurer Bill Shorten say legislation to increase superannuation contributions to 12 per cent from nine per cent will be passed.
Australian funds grow at twice the rate of global peers
Australian institutional funds grew 26 per cent last year in U.S. dollar terms, more than double that of funds in the rest of the world which grew 11 per cent, according to consultants Towers Watson and Pensions & Investments newspaper.
ASIC Chairman Greg Medcraft reiterates faith in markets, self-regulation
Australian Securities and Exchange Commission chairman Greg Medcraft says the collapse of Lehman Brothers and Bernie Madoff has not shaken his faith in markets or self-regulation.
Craig Meller says AMP’s flexible superannuation product has $3 billion
Craig Meller, managing director of AMP Financial Services, says the company’s flexible, superannuation product has attracted more than $3 billion since its launch on July 1 last year.
