Mercer has made redundant its head of financial advice after a restructure in the outsourcing business, where the addition of three major super fund clients has led to around 270,000 new members under administration.
RBC and daylight in unit registry stakes
RBC Dexia Investor Services (RBC) has made the online real-time portal of its global unit registry system available in Australia, furthering its lead in registry over competitor custodians and making an industry-backed ‘utility’ registry solution less likely, according to a prominent admin consultant.
Fortitude’s moves to get more capital
As funding from its major clients – offshore hedge fund-of-funds (FoFs) – continues to dry up, domestic hedge fund Fortitude Capital has begun canvassing ways of garnering more capital from investors in its home market.
Stock-pickers get TWUSUPER nod in Oz equities overhaul
The $2 billion TWUSUPER favoured stock-picker funds managers in the latest restructuring of its Australian equities portfolio.
Aussie Super parts ways with Comminsure, goes online for group
AustralianSuper will introduce online underwriting and claims assessment as part of a $600 million group insurance deal which has put an end to the fund’s long-standing relationship with Comminsure, with Tower Australia pipping the incumbent and Metlife for the contract to provide death, disablement and income protection insurance for 1.4 million members.
ANZ Staff Super hires Mercer for admin…
Mercer is in the process of hiring 120 new positions across its outsourcing business to cater for a flurry of new super fund clients in recent months, including the $2 billion ANZ Australian Staff Superannuation Scheme which yesterday announced it had switched from Russell Employee Benefits to Mercer for administration and member services.
MAP appoints Bennelong in ongoing portfolio review
Scrapping mandates with two large institutional managers, the superannuation and Australian equity multi-manager products run by the $300 million MAP have both allocated $10 million to the boutique Bennelong Funds Management.
Telstra Super loses CIO
The chief investment officer of the $10 billion Telstra Super is understood to have resigned from the fund on Friday to take a senior position at a large Melbourne-based retail funds manager.
