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.
Zurich has appointed David Wainwright as its chief risk officer for Australia and New Zealand.
Insignia Financial has appointed former ASIC Commissioner Danielle Press as chair and non-executive director of the Insignia Financial trustees.
The $94 billion Cbus super fund may breach the SIS Act if three employee-representative vacancies on the board of its trustee, United Super, are not filled within 90 days. The risk has emerged following the forced administration of controversial trade union the CFMEU, and APRA-imposed licence conditions on United Super and BUSSQ.
Participating in a roundtable hosted by APRA and ASIC, top super fund chief executives have acknowledged that they can learn from asset managers when it comes to establishing more efficient in-house investment management practices as funds continue their internalisation journey, but argued that the two models have significant risk culture differences.
Betashares has completed the acquisition of the $1.4 billion Bendigo Superannuation, officially marking its entry to the retirement industry.
ASIC’s Moneysmart has urged super funds to better engage with millennial members and improve services, transparency and access to information, following a roundtable with financial advisers, research and content creators.
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