Chief investment officer of the $175 billion Aware Super, Damian Graham, said the government has significantly underestimated the capital needed to reach its 1.2 million new homes by 2029 target. The federal budget put forward an $11 billion package for housing this week, but Graham said the real cost may be closer to “hundreds of billions”.
Andrew Gregory, head of advice for the $135 billion profit-for-member fund UniSuper, is confident qualified advisers will complement the advice landscape and is “excited” about how they will sit in the fund’s business model. However, he is clear there needs to be well-defined guardrails over what advice is given and an effective way to triage into holistic advisers when the need arises.
Images from the 2024 Investment Magazine Fiduciary Investors Symposium, held in the Blue Mountains west of Sydney, on 14 to 16 May.
Despite pushback from the FSC on issues with the first tranche of QAR legislation over how advice fees are deducted from funds, Minister for Financial Services Stephen Jones backed the current wording of the bill saying it reinforced what Michelle Levy recommended. The minister has been taken aback by the controversy describing the provision as being “non-contro” and wants to move onto other parts of the reform package.
Changes to compulsory insurance under the Protecting Your Super (PYS) measures haven’t stopped the $85 billion Cbus from increasing the proportion of its members with insurance cover. Head of insurance Noel Lacey says it’s largely due to clear and effective communication with members, and a successful application under the Dangerous Occupations Exemption.
Link Group has rebranded to MUFG Pension & Market Services after its acquisition by Mitsubishi UFJ Trust & Banking Corporation was successfully implemented.
Aware Super has appointed Winnie Huen to the newly created role of general manager strategy and transformation.
Former First State Super chief investment officer Richard Brandweiner said super funds should expect to be called upon when it comes to investing in key economic areas such as the energy transition, irrespective of the sometimes not so subtle political agenda around some of these issues. At the Investment Magazine Fiduciary Investors Symposium in the Blue Mountains on Tuesday, the energy transition opportunity emerged as a megatrend that investors need to grapple with “whether they like it or not”.
Disruptive innovation catalysed by artificial intelligence could drive associated company market values from 16 per cent of global stock market capitalisation to more than 60 per cent by 2030. Asset owners and managers must learn how to assess the ESG implications of the design, development and deployment of AI.
Nearly 6000 wills, along with related estate planning documents currently held by ANZ Group, will be transferred to Equity Trustees for management and safekeeping.
Retail workers industry fund REST has urged the Australian Government to remove a rule that prevents most workers under-18 years old from earning any superannuation after research showed that the majority of Australians supported the change.
The $116 billion Colonial First State is seeking to diversify how it construct portfolios across a range of products, and chief investment officer Jonathan Armitage says a push into the unlisted worlds of private credit and infrastructure tops the list.
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We acknowledge the Traditional Custodians of this land upon which Conexus Financial sits, the Cadigal of the Eora Nation. We recognise their continuing connection and unique cultural and spiritual relationships to the land, waters and community. We pay our deepest respects to them and their culture, and to Elders both past and present.
