Page 762 – Investment Magazine

Don Ezra’s three lessons for even better super

07/02/201905/08/2009 by Staff Writer

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In a book he has just co-authored on America’s burgeoning defined contribution retirement system, DON EZRA finds plenty of inspiration to be drawn from Australia’s example. However, the co-chair of global consulting at Russell Investments also finds three big areas for improvement. Australia has the most advanced defined contribution (DC) superannuation system in the world. No other country with developed capital markets has such a high ratio of DC assets to GDP.

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Why super raters struggle with the long term

07/02/201905/08/2009 by Staff Writer

“If you had a retail fund PDS in front of you, what would it tell you about longterm performance objectives?” asks Warren Chant, principal at super fund ratings agency Chant West. “You’d get some waffly words, but no figures.” In their PDSs, industry super funds usually provide long-term investment objectives, for example consumer price inflation plus 3.5 per cent. But retail funds don’t. For example, according to the AXA Generations PDS, the manager’s Defensive multi-manager option targets “some growth in the short-to-medium term with smaller fluctuations in value” than the Moderately Defensive or Alternative Balanced options.

Why super raters struggle with the long term

07/02/201905/08/2009 by Staff Writer

Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} “If you had a retail fund PDS in front of you, what would it tell you about longterm performance objectives?” asks Warren Chant, principal at super fund ratings agency Chant West. “You’d get some waffly words, but no figures.” In their PDSs, industry super funds usually provide long-term investment objectives, for example consumer price inflation plus 3.5 per cent. But retail funds don’t. For example, according to the AXA Generations PDS, the manager’s Defensive multi-manager option targets “some growth in the short-to-medium term with smaller fluctuations in value” than the Moderately Defensive or Alternative Balanced options.

Pages: 1 2 3

Linked in: the perks and pitfalls of running ILBs

22/05/201905/08/2009 by Staff Writer

Inflation is coming, and with commodity prices and property valuations in decline, some investors are allocating to inflation-linked bonds, which are built to outperform once economic growth is hit and real yields fall. But ‘linkers’ carry illiquidity and volatility risks that can undermine their appeal. How should superannuation funds approach these assets? SIMON MUMME reports. … Read more

Linked in: the perks and pitfalls of running ILBs

28/05/201905/08/2009 by Staff Writer

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Heavy hitters at the Paul Woolley conference

30/04/201505/08/2009 by Staff Writer

The Paul Woolley Centre for Capital Market Dysfunctionality will hold its third annual conference in Australia on October 28-30 at University of Technology Sydney. Running over three days this year rather than two, the conference features some interesting academics from Australia and overseas, as well as the former governor of the Reserve Bank, Ian Macfarlane, former Federal Reserve Bank of Atlanta vice president, Robert Eisenbeis, and former boss of the old BT Australia, Rob Ferguson.

Heavy hitters at the Paul Woolley conference

30/04/201505/08/2009 by Staff Writer

Behind the fuzziness, there’s money in UN PRI

07/02/201905/08/2009 by Staff Writer

At least one well-known funds management identity, when speaking privately about the UN PRI, will pronounce it so as to sarcastically emphasise the ‘PR’ part. He is saying what at least some of the industry is thinking. That becoming a signatory to the grandly named United Nations Principles for Responsible Investment looks great on a press release and is a nice thing to tell your members or investors, but is fuzzy when it comes to the actions required, and the outcomes that can be reasonably expected.

Behind the fuzziness, there’s money in UN PRI

07/02/201905/08/2009 by Staff Writer

Normal 0 false false false MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} At least one well-known funds management identity, when speaking privately about the UN PRI, will pronounce it so as to sarcastically emphasise the ‘PR’ part. He is saying what at least some of the industry is thinking. That becoming a signatory to the grandly named United Nations Principles for Responsible Investment looks great on a press release and is a nice thing to tell your members or investors, but is fuzzy when it comes to the actions required, and the outcomes that can be reasonably expected.

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Passive versus Active – Jack Gray and Ron Bird have their say

30/04/201505/08/2009 by Staff Writer

Jack Gray and myself were disappointed in the general tenor of the cover story last month on passive versus active management and annoyed by some of the views expressed. Therefore, we would like to take this opportunity to “correct” some of these views. We have restricted ourselves to those that we think are most important which we will address in the order that they appear in your article:

Passive versus Active – Jack Gray and Ron Bird have their say

30/04/201505/08/2009 by Staff Writer

Normal 0 false false false MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;}Dear Editor, Jack Gray and myself were disappointed in the general tenor of the cover story last month on passive versus active management and annoyed by some of the views expressed. Therefore, we would like to take this opportunity to “correct” some of these views. We have restricted ourselves to those that we think are most important which we will address in the order that they appear in your article:

Pages: 1 2 3

Colonial goes global to reflect offshore revenue

07/02/201905/08/2009 by Staff Writer

One-quarter of Colonial First State Global Asset Management’s assets under management were sourced outside Australia at the end of the first quarter, but so was 40 per cent of total revenue and CEO Mark Lazberger thinks this proportion will increase.

Don Ezra’s three lessons for even better super

Why super raters struggle with the long term

Why super raters struggle with the long term

Linked in: the perks and pitfalls of running ILBs

Linked in: the perks and pitfalls of running ILBs

Heavy hitters at the Paul Woolley conference

Heavy hitters at the Paul Woolley conference

Behind the fuzziness, there’s money in UN PRI

Behind the fuzziness, there’s money in UN PRI

Passive versus Active – Jack Gray and Ron Bird have their say

Passive versus Active – Jack Gray and Ron Bird have their say

Colonial goes global to reflect offshore revenue

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