Funds Management News

Funds Management News

CFA Institute appoints BlackRock exec as new chair

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

The global association of investment management professionals has announced the appointment of a new chairman and vice-chair of its board of governors. Daniel Gamba, CFA, will step into the role of board chair, while Maria Wilton, CFA, will take on the role of vice chair. Mr Gamba succeeded Diane Nordin, CFA, who continues on the board. “I’m honoured to be continuing my long-term relationship with CFA Institute as chair of the board of governors,” Mr Gamba said.

“Working with my board colleagues, our CEO, our society leaders, and our members, I’m committed to supporting the leadership of CFA Institute to continue its mission to lead the investment profession globally by promoting the highest standards of ethics, education and professional excellence. I’m also humbled to assume this new role as the first board chair of Latin American descent.” Mr Gamba is a managing director and co-head of fundamental equities at BlackRock, and a member of its global operating and human capital committees.

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

Are super funds failing on climate change?

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

Super funds are talking the talk on climate change – but are they walking the walk? A report from ClimateWorks Australia in partnership with Monash has found that one-fifth of superannuation organisations studied have publicly stated their intention to achieve net-zero emissions in their portfolios by 2050 – a significant acceleration in efforts to address climate change risk. “In 2018, superannuation funds owned almost half of Australia’s shares; by 2040, experts suggest they will own 60 per cent of ASX-listed equity,” said ClimateWorks CEO Anna Skarbek.

“That means the decisions they make matter enormously to the rapid decarbonisation of the Australian economy. By setting targets now, super funds can create the context in which their commitments become realisable. Their own actions can bolster expectations and spur the development of methods for sectoral decarbonisation.”

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

CFS head of super joins Allianz Retire+

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

Allianz Retire+ has recruited a Colonial First State head of super to lead its institutional solutions division, as the company signals its strategy for the segment. Fintan Thornton has taken the role head of institutional solutions with the group, where he will be held responsible for developing its partnerships and solution design for the institutional segment of the investment market. Allianz Retire+ chief executive Matt Rady said he believed the company could play an important role in helping superannuation trustees during industry reforms.

“We are entering a new era in the delivery of a more robust retirement income system,” Mr Rady said. “With the upcoming retirement income covenant, there is finally a sharper focus on the development of a more sustainable framework. It’s pleasing to see several progressive trustees seeking innovative ways to meet the post-retirement investment challenge.”

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

Former Merrill Lynch director joins Prime Super board

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

Prime Super has named a new director, an ex-board member from Merrill Lynch representing the National Farmer’s Federation. Allison Harker has joined the $5.2 billion fund’s board, previously being a director at Merrill Lynch/Bank of America in Hong Kong. Ms Harker is currently a partner in her family’s mixed farming business in Yass, NSW, as well as board chair and director.

Prime Super chair Nigel Alexander said Ms Harker will make a valuable contribution to the board. “With her strong financial background, primary industry experience and previous roles with community and government organisations, Allison is a great addition to the board,” Mr Alexander said. Prime Super was formed in 1996 through the amalgamation of four rural super funds and rebranded to its current name in 2004.

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

Super mergers deliver significant fee reductions

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

As superannuation merger activity heats up, new research has shown that mergers can lead to fee decreases of more than 20 per cent for members. Rainmaker analysed 13 mergers between 22 super funds managing a collective $410 billion. Of the 13 mergers, 11 were “traditional” – not integrations – and led to the more expensive funds’ fees being lowered by an average of 21 per cent. A majority of the funds with lower fees also saw average fee reductions of 5 per cent.

“Mergers have created efficiencies and economies of scale for the funds, which has led to members being better off,” said Rainmaker executive director of research Alex Dunnin. “Regulators and political leaders continue to heap pressure on funds to merge, particularly if they lack scale or consistently under perform.” Rainmaker also found that fees actually went up on average across the funds that integrated –  primarily the combining of Virgin Super and Mercer Super Trust, and the integration of trustees offices of Catholic Super and Equipsuper.

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

Australian super fund growth outpaces overseas peers

Posted by Anton Murray Consulting on . Posted in Funds Management News

InvestorDaily

While total assets in pension funds globally grew by 8 per cent in 2019, a new survey has shown Australian superannuation funds grew by more than double the rate. The finding has come from new research on the top 300 pension funds worldwide by Willis Towers Watson’s Thinking Ahead Institute. Assets under management (AUM) globally increased to US$19.5 trillion in 2019, rising by 8 per cent compared to a 0.4 per cent decline the year before.

The top 20 pension funds saw their AUM rise by 8.1 per cent over the year, equating for 40.7 per cent of the total AUM in the rankings. The compound annual growth rate of the top 20 funds during the last five years was 5.5 per cent, compared to 4.9 per cent across all 300 funds for the same period. Meanwhile super funds in Australia grew by 19.2 per cent for the year, with funds rising an average of 13 places through the global ranks.

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

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