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Investment Magazine

Anne-Marie Corboy, chair of Australia’s largest corporate superannuation fund, talks to Investment Magazine about sustainability, the Retirement Income Review and the urgent need for policies that help disadvantaged women.

Q |With 30 years’ experience as a director and chair and a former chief executive of HESTA, what policies do you think Canberra should put in place to improve the retirement outcomes for women who are disadvantaged?

A |Women in Super have very sound policies in this area which they have been advocating for some time – and which I strongly support – including an increase in the superannuation guarantee, abolishing the $450 threshold and paying superannuation on parental leave. A further important issue being discussed more is the taper rate for access to the Age Pension, just another policy decision which has a major impact on women. This policy needs more discussion and reform. I would also like to see intra-fund advice expanded so that access to the Age Pension can form part of the advice in relation to superannuation balances.

The rest of this article can be found at investmentmagazine.com.au.

Investment Magazine

HESTA has hired Steven Semczyszyn to build an in-house Australian equities team as part of a broader program that will see the $55 billion superannuation fund also internally manage cash and fixed interest strategies. Named general manager of growth, Semczyszyn was the former chief investment officer of Australian equity fund manager JCP Investment Partners before it wound down last year after losing several key mandates. HESTA’s new Australian equities team is expected to be implemented by 2021, while plans for cash and fixed interest will get underway by 2022.

“These changes mark the start of an exciting new chapter for our investment team,” HESTA CIO Sonya Sawtell-Rickson said in statement.“Our forward strategy embraces a hybrid model – combining internal management alongside the best external asset management partners the world has to offer – to manage a growing and significant pool of assets.” James Harman, who was promoted to the role of general manager for listed assets in 2015, will continue to oversee the remaining asset class exposures and will take on additional responsibilities as he transitions into a new role as general manager of investment corporate strategy.

The rest of this article can be found at investmentmagazine.com.au.

InvestorDaily

A researcher has called Australian fund managers to move beyond slight changes to investment strategies to ramp up sustainability measures, starting with overhauling their organisations’ teams. Willis Towers Watson (WTW) research hub the Thinking Ahead Institute (TAI) has issued the call to action to the investment industry this week across Sydney and Melbourne. After conducting 120 cultural reviews across high-conviction managers, TAI raised concerns with a number of them because of an “undue reliance on one individual” or a “personality cult” as described by WTW strategic advisory consultant Rebecca Bannan.

“Individual talent, superior skill and insight [have] been foundational to the success of this industry, which is why the star fund manager model has evolved and it has indeed flourished,” Ms Bannan said. “But is it sustainable? Investing has been shifting from an individual game to a team sport. Leadership in the investment industry must demonstrate self-awareness and humility to embrace the team context. “But this doesn’t mean that we’ve lost our conviction in boutique asset managers, just that we think teams are more positioned for a sustainable future and even the smallest funds can be run with a team.”

The rest of this article can be found at investordaily.com.au.

Investment Magazine

First State Super and WA Super are in potential mergers talks, the latest in a flurry of deals that are expected to sweep across the $2.9 trillion superannuation industry this year. First State, which is still finalising its tie up with VicSuper, has signed a Memorandum of Understanding with the $4 billion WA Super fund to undertake an extensive due diligence process that will likely be completed by mid year, according to a joint statement. First State chief executive Deanne Stewart said the motivation for the $105 billion fund was to grow its national footprint.

“The ability to merge with WA Super does give us a strong presence and ability to support our members in Western Australia,” she said in an interview. “There are a lot of conversations going on in the market at the moment so you have to make sure you having the right conversations with the right people.” First State’s tie up with VicSuper to create a $129 billion is still expected to be completed by June 30, just in time for a final decision to be made on whether to proceed with the WA Super merger.

The rest of this article can be found at investmentmagazine.com.au.

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