There is a fundamental disconnect emerging between fiduciaries, and their underlying “real” investors, on whether deflation or inflation is the prevailing investment theme, according to The Canonbury Group’s Pippa Malmgrem. The political and policy consultant to global investors was speaking directly after attending the annual central bankers’ summer retreat at Jackson Hole, Wyoming, where for the past seven years Malmgren has been one of a handful of ‘external’ delegates. Malmgren noted that while fiduciaries were tending to see and react to a deflationary environment, “real investors” like sovereign wealth funds and family offices were positioning for inflation in the longer term.
Fiduciaries and investors ‘divided’ over inflation
There is a fundamental disconnect emerging between fiduciaries, and their underlying “real” investors, on whether deflation or inflation is the prevailing investment theme, according to The Canonbury Group’s Pippa Malmgrem. The political and policy consultant to global investors was speaking directly after attending the annual central bankers’ summer retreat at Jackson Hole, Wyoming, where for the past seven years Malmgren has been one of a handful of ‘external’ delegates. Malmgren noted that while fiduciaries were tending to see and react to a deflationary environment, “real investors” like sovereign wealth funds and family offices were positioning for inflation in the longer term.
San Francisco Program 2009
Time Program 8.30 – 8.55 Registration 8.55 – 9.00 Conference opening by chair, Colin Tate, director of Conexus Financial. 9.00 – 9.15 Introduction and welcomeAustralian Consul General, Nigel Warren National manager, financial services, Austrade, Gary Johnston highlights the growth of Australia’s superannuation and investment market, fuelled by a mandated superannuation system, and the opportunities for … Read more
Outgoing Actuary of the Year calls for end to ‘retirement’
The GFC has added poignancy to Outgoing Actuary of the Year Darren Wickham’s push to scrap retirement, and he hopes the Institute of Actuaries Australia will continue to wield the axe as he passes the mantle to Kaise Stephan, chief actuary at Munich Re. Wickham, who is a principal at Mercer and was the Institute’s Actuary of the Year 2008, has argued that instead of a fixed age retirement for leisure, government should instead develop a Lifetime Income Policy which encourages flexible working arrangements throughout a person’s life while they are capable, and focuses on providing income during disability.
Outgoing Actuary of the Year calls for end to ‘retirement’
The GFC has added poignancy to Outgoing Actuary of the Year Darren Wickham’s push to scrap retirement, and he hopes the Institute of Actuaries Australia will continue to wield the axe as he passes the mantle to Kaise Stephan, chief actuary at Munich Re. Wickham, who is a principal at Mercer and was the Institute’s Actuary of the Year 2008, has argued that instead of a fixed age retirement for leisure, government should instead develop a Lifetime Income Policy which encourages flexible working arrangements throughout a person’s life while they are capable, and focuses on providing income during disability.
First State and NGS among finalists for Fund of the Year
Four new funds have been named as finalists for this year’s SuperRatings’ Fund of the Year award, with First State Super and NGS Super making the cut for the first time in the award’s history. REST and Telstra Super have joined Australian Super, Catholic Super, HESTA, HOSTPLUS, QSuper and Sunsuper in the list of 10 finalists this year, with the winner announced at the 7th annual awards night due to take place on 13 October in Melbourne. Jeff Bresnahan, managing director of SuperRatings, said the top 10 remained dominated by the not-for-profit sector, which over the long term rated ahead of the for-profit sector on both fees and returns. Seven of the 10 finalists are traditional industry funds.
First State and NGS among finalists for Fund of the Year
Four new funds have been named as finalists for this year’s SuperRatings’ Fund of the Year award, with First State Super and NGS Super making the cut for the first time in the award’s history. REST and Telstra Super have joined Australian Super, Catholic Super, HESTA, HOSTPLUS, QSuper and Sunsuper in the list of 10 finalists this year, with the winner announced at the 7th annual awards night due to take place on 13 October in Melbourne. Jeff Bresnahan, managing director of SuperRatings, said the top 10 remained dominated by the not-for-profit sector, which over the long term rated ahead of the for-profit sector on both fees and returns. Seven of the 10 finalists are traditional industry funds.
Custodians weather the storm as assets inch up despite crisis
Custodians overall increased their assets under administration and custody over the past six months as markets rebounded somewhat and clients continued to direct money towards the safest houses. Most of the custodian banks, which were the beneficiaries of government support during the crisis of the previous 12 months, weathered the storm relatively comfortably compared with funds managers and other financial institutions. They benefited from the move to cash by many clients and sometimes by the gyrations in currency.
Custodians weather the storm as assets inch up despite crisis
Custodians overall increased their assets under administration and custody over the past six months as markets rebounded somewhat and clients continued to direct money towards the safest houses. Most of the custodian banks, which were the beneficiaries of government support during the crisis of the previous 12 months, weathered the storm relatively comfortably compared with funds managers and other financial institutions. They benefited from the move to cash by many clients and sometimes by the gyrations in currency.
CFS GAM talks walk on ESG in rise through UNPRI rankings
Promoting, reporting on and collaborating with other investors to further the United Nations Principles for Responsible Investment (UN PRI) saw Colonial First State Global Asset Management (CFS GAM) achieve a top quartile ranking in three of the six principles for the recent UNPRI survey. The work by Amanda McCluskey, head of sustainability at CFS GAM, in writing course materials for the half-day course on ESG and superannuation run by the Australian Institute of Superannuation Trustees earned the manager a top quartile ranking for principle four, which promotes acceptance and implementation of the principles within the investment industry. The manager’s responsible investment report saw it jump from third to first quartile for principle six, which encourages signatories to report on their progress in implementing the principles.
CFS GAM talks walk on ESG in rise through UNPRI rankings
Promoting, reporting on and collaborating with other investors to further the United Nations Principles for Responsible Investment (UN PRI) saw Colonial First State Global Asset Management (CFS GAM) achieve a top quartile ranking in three of the six principles for the recent UNPRI survey. The work by Amanda McCluskey, head of sustainability at CFS GAM, in writing course materials for the half-day course on ESG and superannuation run by the Australian Institute of Superannuation Trustees earned the manager a top quartile ranking for principle four, which promotes acceptance and implementation of the principles within the investment industry. The manager’s responsible investment report saw it jump from third to first quartile for principle six, which encourages signatories to report on their progress in implementing the principles.
MTAA creeps back into bonds as listed sector rebounds
The Motor Trades Association of Australia (MTAA) super fund has reintroduced fixed income to its default investment option, having abandoned bonds in 2007 on the basis that its ‘target return’ portfolio of unlisted assets could provide higher returns with less volatility. Leeanne Turner, deputy executive director (superannuation) at MTAA, said the fund had not made any recent adjustments to its unlisted holdings, however it had changed the strategic asset allocation of the default, or balanced option, to include a small allocation to fixed interest. The strategic asset allocation has risen from zero per cent in the balanced option for Australian and international fixed income in October 2008 to 1 per cent each, with a range of 0-10 per cent.
