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Super funds coy on backing National Broadband Network

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Super funds are eyeing the Rudd Government’s $43 billion National Broadband Network as a potential investment opportunity, but say it must be competitive on risk and return grounds. Last month, the Government announced the establishment of a new company to build and operate the network, to be funded through the Building Australia Fund and the issuance of Aussie Infrastructure Bonds (AIBs).

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Performance surveys skewed by big DTA differences

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High levels of deferred tax assets (DTAs) in super fund portfolios are corrupting performance surveys, because funds have markedly different policies on valuing the DTAs within their unit prices or crediting rates. Having incurred big losses across most asset classes over the past 18 months, funds are able to reflect the future income tax benefits of the losses in their unit prices today, but only to the extent they are confident they can generate gains against which to offset the losses within a reasonable period of time.


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Performance surveys skewed by big DTA differences

by
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;} High levels of deferred tax assets (DTAs) in super fund portfolios are corrupting performance surveys, because funds have markedly different policies on valuing the DTAs within their unit prices or crediting rates. Having incurred big losses across most asset classes over the past 18 months, funds are able to reflect the future income tax benefits of the losses in their unit prices today, but only to the extent they are confident they can generate gains against which to offset the losses within a reasonable period of time.

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Future unclear for former CSAM equities team

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The future remains unclear for Credit Suisse’s former Australian equity team post-Aberdeen acquisition after none of the team were offered positions with Aberdeen’s newly expanded $20 billion business.

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Counterparty risk awareness drives commission sharing: ITG

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Michael CorcoranA renewed focus on counterparty risk by fund managers is driving the trend towards commission sharing agreements, which could soon become the dominant research payment system in Australia, according to Investment Technology Group (ITG).

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Meagher steps into Winterton’s old role at AMP Capital

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AMP Capital Investors has appointed John Meagher as acting head of institutional distribution while it continues to search for a permanent replacement for Dean Winterton.

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End looms for Alpha IM after AussieSuper redeems

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The future of Alpha Investment Management is uncertain after AustralianSuper redeemed $345 million from the boutique in the rationalisation of its Australian equities portfolio, which according to Alpha’s CIO had in aggregate been delivering an ‘index-like’ portfolio with a tilt to cash.

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Future Fund piles into debt

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The Future Fund has significantly upweighted its exposure to debt securities over the last quarter, with other highlights including the construction of a mandate with a Baltimore-based investor in venture capital funds and direct projects, and the debuting of active Australian equities.

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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.

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