Former Australian Retirement Trust chief executive Bernard Reilly has been appointed as CEO and managing director of Australian fund manager Perpetual, effective 2 September, the asset manager said in an ASX announcement.
Tapping into super for housing might not be great policy, but it could be great politics. The superannuation industry needs to prosecute its argument for preserving retirement savings effectively, rather than dismissing it as an election gimmick.
The $180 billion Aware Super has appointed Suncorp Group chair and Cochlear director Christine McLoughlin as its new independent chair. With an extensive career inside and outside financial services, she replaces Sam Mostyn who resigned to become Australia’s Governor-General earlier this year.
Super funds have delivered positive return in July but the gain was partially offset by the international and domestic sharemarket sell-offs in early August on the back of Bank of Japan raising interest rates and a fear of US recession, according to Chant West.
Aware Real Estate, in partnership with Barings, has acquired a $600 million industrial estate in Melbourne’s North.
With limited Parliamentary sitting days left this year, Minister for Financial Services Stephen Jones has told super funds at the Conexus Retirement Conference not to expect any changes to the regulatory framework to improve data access to Centrelink and the ATO.
As regulators continue to heap pressure on super funds to “quicken the pace” of efforts to help members transition to retirement, the Conexus Retirement Conference concluded that the funds making most progress are those taking the task most seriously. The launch of a new media title aims to assist the goal of building the world’s best decumulation system.
Australian Retirement Trust has selected Phil Fraser as its chief financial officer, following current CFO Anthony Rose’s decision to explore other opportunities.
Vanguard Super has announced that Jeremy Duffield has departed the trustee board, where he was a director.
ASIC Commissioner Simone Constant says super fund trustee boards, and not just management, must be held accountable for helping members transition to retirement and therefore must have the requisite skills. The comments to the Conexus Retirement Conference came as the regulator urged the super sector to view their members as “customers” instead.
The prudential regulator has made clear to a room full of the biggest super funds in the country that they are obligated to have a strategy that works for all members, from high-net-worth to low balance members. The message to the Conexus Retirement Conference was clear: outsourcing to independent advisers will not fulfill their Retirement Income Covenant obligations.
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