Hastings Funds Management has rejected claims that the departure of its head of alternative debt, George Batsakis, cruelled around $400 million of commitments to a junior debt fund it continues to raise. Batsakis left in December 2010 after four years with the Westpac Bank-owned Hastings, a couple of months before a new long-term staff incentive scheme was due to come into force, confirmed Hastings FM chief executive Steve Boulton. In addition to being chief operating officer of the listed Hastings High Yield fund, Batsakis had also lead the global fundraising effort for the Hastings Infrastructure Debt Fund No.3, a Europe-focussed vehicle which was announced a year before his departure.
Invest, but at your own peril
The torrential flooding across eastern Australia in January may rank as the most costly natural disaster to have ever hit Australia, but it will not impact the catastrophe bond universe. As Investment Magazine went to press, the floods had killed 20 people and were expected by authorities to incur up to $5 billion in damage and cut projected economic growth by 1 per cent, or $13 billion, this year. The floods could also become Australia’s most costly insured event, with an expected $4 billion in claims arising from damaged parts of Brisbane and $2 billion from Rockhampton alone, according to AIR International, a specialist catastrophe risk modelling firm. “If accurate, this would rank among Australia’s most costly insured events,” stated Guy Carpenter, a reinsurance broking company.
New ‘guinea pig’ for Superpartners
Cbus will no longer be the ‘guinea pig’ for Superpartners longdelayed administration platform, with Queensland industry fund Aust(Q) becoming the new test bed on the basis it’s a self-confessed ‘simple’ scheme with no member investment choice. Cbus insists the change, which should see Aust(Q) be the first on to Superpartners’ ElectSP system in the first half of 2011, followed by Cbus in 2012, was made at the behest of the administrator. Cbus, which was supposed to be live on ElectSP by July 2009, is one of the five industry fund shareholders of Superpartners which originally tipped $70 million into the system replacement project.
The Big Australian spurs big merger year
BHP Billiton’s tender to consolidate its four separate superannuation funds is a harbinger for a year in which fund mergers will dominate discussion. The resources giant’s efforts to create a single, $3 billion-plus fund for its group will join several mergers already in due diligence or underway, including First State Super and Health Super’s proposed $28 billion union (due June 30), equipsuper and Vision Super’s $9 billion get-together (due 2013), the Brisbane-centric marriage of LGSuper and City Super ($5.5 billion and due June 30) and another Queensland merger in ESI Super and SPEC(Q), a $3.6 billion merger originally due in April but now delayed a few weeks by the flooding in that State.
PwC gives administrator a testing time
Consulting firm PricewaterhouseCoopers (PwC) has tested the internet-based services brought to market by a revamped administration services vendor.
Aon may cut insurance for small accounts
The Aon Master Trust has written to members advising that those with account balances under $5000 and no recent contribution activity may lose their automatic group insurance cover.
Club Plus to review custodial arrangements
After nearly three years as master custodian for Club Plus Superannuation, NAB Asset Servicing is facing its first review.
Perpetual chief-in-waiting talks Asian opportunity
Soon to be chief executive of Perpetual Investments, Chris Ryan will share with the upcoming Investment Administration conference some of his secrets for success in the tough Asian funds management marketplaces.
Let’s ride again: MTAA Super re-signs Access
After five years of euphoric performance highs and despondent lows, the $5.7 billion MTAA Super and its asset consultant, Access Capital Advisers, have signed up to do it all over again.
Statewide’s headcount falls in cost-conscious times
John O’Flaherty
Custom finance the key to post-retirement success
The superannuation industry’s mindset must change if it aims to capably manage longevity risk for retiring members, Mercer partner Martin Stevenson will tell an upcoming post-retirement solutions conference.
Let's ride again: MTAA Super re-signs Access
After five years of euphoric performance highs and despondent lows, the $5.7 billion MTAA Super and its asset consultant, Access Capital Advisers, have signed up to do it all over again.
