Towers Watson has displaced Strategic Capital Management (SCM) as the main investment consultant to the $3.3 billion MilitarySuper, with SCM continuing to advise on specific areas, according to the fund’s chair, Tony Hyams (pictured).
Asset consultants unite for better deal on fees
The two largest asset consultants in Australia have sounded the death knell for traditional funds manager fee structures with an historic joint statement of “principles” for fee negotiations with super funds.
Big NZ fund to test in-house global equities
In nerve-wracking news for the likes of Fidelity, Marathon and Legg Mason, the NZ$13 billion Accident Compensation Corporation (ACC) has begun a trial to internally manage its global shares portfolio.
Cuffe seeking funds for Third Link
Industry veteran Chris Cuffe is looking for funds for his Third Link Growth Fund which directs investors’ fees to Australia’s non-profit sector.
NZ Super poaches asset allocation chief
The NZ$18 billion New Zealand Superannuation Fund (NZS) has poached a senior executive from AXA Global Investors (AXA GI) to become head of asset allocation.
Access Capital exec goes own way
An executive at Access Capital Advisers (Access CA) has left its Canberra office to co-found a consultancy with a non-investment focus.
MySuper must have trustee model: AIST
The Federal Government must ensure that MySuper funds have a representative trustee model of governance so that members are ensured of maximum returns, said industry peak body AIST.
JPMorgan claims tri-party sec lending first
JPMorgan Treasury & Securities Services has completed what it claims is Australia’s first tri-party securities lending transaction, allowing the borrower to post securities as collateral instead of cash – something only previously facilitated, on a bilateral basis, by National Asset Servicing.
Plato recruits from SSgA, unleashes dividend-yield philosophy
Plato Investment Management has lured a regional equities chief from State Street Global Advisors (SSgA) as it makes its case against passive high-dividend yielding strategies.
Towers Watson’s Military coup
Towers Watson has displaced Strategic Capital Management (SCM) as the main investment consultant to the $3.3 billion MilitarySuper, with SCM continuing to advise on specific areas, according to the fund’s chair, Tony Hyams (pictured). Mega-merger partners clear board hurdle early
Would-be merger partners First State Super (FSS) and Health Super have already agreed the structure of the successor fund’s board, with the smaller funds’ directors appearing willing to sacrifice for the sake of member interests. HostPlus shuts two of 10 single manager options
The $8.3 billion industry fund, HostPlus, has closed down single-manager member investment choice options with AllianceBernstein and Bridgewater Associates – but for very different reasons.
