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Truth in transition management

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Well, I’ve done it. In researching this month’s cover story, I’ve spoken to every single transition manager currently offering their services in Australia. I’d like to be able to report, with apologies to Jeremy Cooper, that the super fund dog is wagging the transition management tail, but I’m afraid I can’t because after interviewing a … Read more

Truth in transition management

by

Michael_BaileyWell, I’ve done it. In researching this month’s cover story, I’ve spoken to every single transition manager currently offering their services in Australia. I’d like to be able to report, with apologies to Jeremy Cooper, that the super fund dog is wagging the transition management tail, but I’m afraid I can’t because after interviewing a dozen of these people, I’m so confused I don’t know if I’m looking at a canine or a cantaloupe.

Read more

Truth in transition management

by
Michael_BaileyWell, I’ve done it. In researching this month’s cover story, I’ve spoken to every single transition manager currently offering their services in Australia. I’d like to be able to report, with apologies to Jeremy Cooper, that the super fund dog is wagging the transition management tail, but I’m afraid I can’t because after interviewing a dozen of these people, I’m so confused I don’t know if I’m looking at a canine or a cantaloupe.

Read more

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New thinking needed on asset allocation

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The global slowdown has exposed the vulnerabilities of traditional asset allocation, according to senior managing director of State Street Global Advisors (SSgA), Shawn Johnson, while sharing the AA implications he believed would be relevant depending on the ‘shape’ of the global economic recovery. “Correlations tend to ‘1’ during a crisis, so the theoretical minimum variance, maximum return portfolio construction doesn’t really help,” Johnson told an SSgA client conference in Sydney last month. Most institutional investors were not able to react quickly because “they are slaves to longterm asset allocation models and committee decisionmaking”, said Johnson, giving the example of one US fund which needed three committee meetings and 45 days to shift managers.

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New thinking needed on asset allocation

by

The global slowdown has exposed the vulnerabilities of traditional asset allocation, according to senior managing director of State Street Global Advisors (SSgA), Shawn Johnson, while sharing the AA implications he believed would be relevant depending on the ‘shape’ of the global economic recovery. “Correlations tend to ‘1’ during a crisis, so the theoretical minimum variance, maximum return portfolio construction doesn’t really help,” Johnson told an SSgA client conference in Sydney last month. Most institutional investors were not able to react quickly because “they are slaves to longterm asset allocation models and committee decisionmaking”, said Johnson, giving the example of one US fund which needed three committee meetings and 45 days to shift managers.

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Giving Medicare the clearing house could be a hospital pass

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The Federal Government’s choice of Medicare as its free super clearing house for small businesses has baffled private service providers, who say the hasty decision smacks of a Band-Aid applied hastily to cover election promises . However, the Association of Superannuation Funds of Australia (ASFA) is cautiously optimistic that “SupiCare” (as industry wits have dubbed the proposed Medicare exchange) could introduce much-needed mandatory standards and possibly cut SMEs’ costs. In theory, the clearing house/ exchange service will be working from July next year for small- to medium-enterprises with fewer than 20 employees. But, as one industry source said: “It took us more than 10 years to get clearing house processes correct: how’s Medicare going to get it right in three months? “The announcement reeks of knee-jerk political opportunism.

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Giving Medicare the clearing house could be a hospital pass

by

The Federal Government’s choice of Medicare as its free super clearing house for small businesses has baffled private service providers, who say the hasty decision smacks of a Band-Aid applied hastily to cover election promises . However, the Association of Superannuation Funds of Australia (ASFA) is cautiously optimistic that “SupiCare” (as industry wits have dubbed … Read more

Why wallow in the Myer when there’s mid-market PE

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The Australian Tax Office might be seeking more than $500 million of Texas Pacific Group’s Myer profits, but its deals whose entire enterprise value is less than that which represent the best opportunity in private equity today, according to Credit Suisse.

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Why wallow in the Myer when there’s mid-market PE

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The Australian Tax Office might be seeking more than $500 million of Texas Pacific Group’s Myer profits, but its deals whose entire enterprise value is less than that which represent the best opportunity in private equity today, according to Credit Suisse.

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Mercer anoints its three alternative assets to watch

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Mercer Investment Consulting has predicted that the next “big things” in the alternatives market will be private debt, insurance-linked securities, and aircraft leasing. “We’ve recently experienced an alternatives bubble as investors, chasing ‘alpha’ or above-index returns, sought greater exposure to alternative asset classes such as hedge funds – many of which haven’t delivered,” according to Mercer IC’s alternatives research manager, Dragana Timotijevic. Private debt investments are currently offering above-average returns, relative to history, because of capital scarcity and the credit market dislocation. Timotijevic describes private debt investments as “highly idiosyncratic” because almost every one is unique and so must be researched individually.

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Mercer anoints its three alternative assets to watch

by

Mercer Investment Consulting has predicted that the next “big things” in the alternatives market will be private debt, insurance-linked securities, and aircraft leasing. “We’ve recently experienced an alternatives bubble as investors, chasing ‘alpha’ or above-index returns, sought greater exposure to alternative asset classes such as hedge funds – many of which haven’t delivered,” according to Mercer IC’s alternatives research manager, Dragana Timotijevic. Private debt investments are currently offering above-average returns, relative to history, because of capital scarcity and the credit market dislocation. Timotijevic describes private debt investments as “highly idiosyncratic” because almost every one is unique and so must be researched individually.

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New CIO mulls global revolution at Universities Super

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Roger Gray has become the first new chief investment officer of the £27 billion Universities Superannuation Scheme (USS) in 17 years, and will reconsider the fund’s use of regional equity mandates. In the British pension environment, USS is in a privileged position as one of the few defined benefit schemes that is still open, contributions positive and relatively immature. From an investment point of view, and for the fund’s new CIO, Roger Gray, this allows its investment allocations to be more aggressive relative to its more liability-driven peers, and the opportunity for more exciting investments to be explored, including alternatives. The fund has a broad strategy to move to 20 per cent alternatives, and Gray started the job in September with plans to work “with USS’ investment team and with the trustees to generate the required long-term returns from a broad and judicious mix of asset classes and strategies”.

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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.

We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.

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