APRA, ASIC publish FAR information pack
APRA and ASIC have published information to help banks, insurers and super funds prepare for the commencement of the Financial Accountability Regime (FAR).
Members ‘billions better off’ thanks to Australian funds’ lower costs
A focus on driving down costs, accelerated by the Your Future Your Super performance test, has seen Australian superannuation funds emerge as significantly lower-cost fiduciaries of retirement savings than their global counterparts. Members of Australian funds are billions of dollars a year better off as a result.
Managed account FUM reaches $194.8 billion at December 31: IMAP
IMAP’s Census of Managed Account FUM in conjunction with Milliman Australia shows that managed accounts FUM reached $194.8 billion as at 31 December 2023 due to an increase of $33.1 billion in 6 months with growth from both inflows and market gains.
Equity Trustees names new non-executive director
Equity Trustees has appointed Suzanne Holden as a non-executive director to its superannuation trustee business, as it passes the $60 billion funds under supervision (FUS) milestone.
Bold changes needed before retirement flaws are entrenched
The Conexus Institute’s submission to the Treasury consultation on the retirement phase of superannuation highlights the need for policymakers to pay more attention to designing a choice architecture that leaves no member behind.
Industry funds claim 6 of 10 highest-paid super CEO jobs
CEOs of super and sovereign wealth funds received upwards of $3 million in total remuneration in the 2023 financial year, according to Investment Magazine’s latest analysis based on fund reports and APRA data. CEOs of many of the funds included in the analysis could expect to receive better compensation elsewhere in financial services, industry experts said, but most are tied to the superannuation sector by a sense of purpose.
Performance drives $1 million-plus salaries for super CIOs
Superannuation fund CIOs are well paid to perform the task of maximising risk-adjusted returns for their members. New analysis by Investment Magazine, based on APRA data, reveals the pay packages of fund CIOs, and the link between pay and performance.
Chair remuneration reflects complex political and governance climate
The task of chairing the board of trustees of a modern, progressive superannuation fund becomes more complex by the year. The remuneration structures of superannuation boards and chairs reflect the realities of the expanding world they operate in.
What global asset owners should do beyond International Women’s Day
International Women’s Day has come and gone again, but still the stats are not good. The pay gap still exists, there are still too few women in C-suite positions and women have less savings in retirement. So what are you going to do about it?
Govt opens consultation on super performance test
Treasury has released a consultation paper on the superannuation performance test, addressing concerns from funds that the benchmarks are restricting their investment choices.
Ditching finance stereotypes key to recruiting women to investment teams
Aware Super’s head of income assets, Sonia Baillie, believes investment teams in super funds are still facing a huge “industry image problem” derived from the masculine Hollywood-style fund manager stereotype. At the fund’s International Women’s Day event, she said getting more women into core portfolio management and trading roles will really “move the dial” on closing the gender pay gap.
Super sector celebrates political win on paid parental leave
The Albanese government has announced it will pay super on taxpayer-funded parental leave, earning praise from executives and lobbyists in the super industry, who have pushed for the policy for decades. But since it may not be implemented until after the next election, and Labor has a track record of backflipping on this issue, some activists and commentators are sceptical it will be delivered.
