InvestorDaily

Perpetual has promoted Vince Pezullo to the role of head of equities within Perpetual Asset Management Australia following the resignation of Paul Skamvougeras. In an ASX announcement on Monday, Perpetual confirmed that Mr Skamvougeras had made the decision to step down from the role, with Mr Pezullo taking over from him immediately. With over 26 years of experience in the industry, the firm said that Mr Pezullo has a deep understanding of its investment approach, process and philosophy as well as a proven ability to deliver strong performance through market cycles.

He originally joined Perpetual in 2007 and has been its deputy head of equities since 2016. CEO and managing director Rob Adams described Mr Pezullo as a highly respected portfolio manager. “His long tenure as deputy head of equities combined with Perpetual’s investment in succession planning and the resultant strength across our Australian equities team, provides us with confidence that this will be a seamless and successful transition,” said Mr Adams.

InvestorDaily

InvestorDaily

Industry super funds CareSuper and Spirit Super have announced they have entered into a preliminary non-binding memorandum of understanding (MOU) to explore a possible merger. If the two funds proceed with a merger, a combined fund with over 500,000 members and over $45 billion in funds under management (FUM) would be created. “Both funds have identified a shared common vision to potentially create a mid-sized fund that provides a distinct point of difference in the market,” CareSuper chair Linda Scott and Spirit Super chair Naomi Edwards said in a joint statement on Wednesday.

“Both funds will now undertake extensive due diligence, before any decision is made, to ensure a merger is in the best financial interests for members of both funds.” The super funds indicated that this process is expected to take several months, with both continuing to operate independently with no disruption to operations in the meantime. “Both CareSuper and Spirit Super members can be assured they will be kept informed of any material decisions. There is no change to any aspect of any member’s funds, investments or insurances as a result of this preliminary non-binding MOU,” Ms Scott and Ms Edwards said.

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With the vision of “reshaping superannuation for the benefit of all Australians”, Vanguard Super is launching with an accumulation product – Vanguard Super SaveSmart – which includes a MySuper default fund called Lifecycle, as well as a range of index-based diversified and single sector investment options as part of the choice menu, the firm said on Friday.  “Vanguard believes saving for retirement shouldn’t be complex. That’s why we’re delighted to launch Vanguard Super, a compelling new offer that combines real simplicity with smart, global investment expertise. We want to deliver members a low-cost, high-quality super fund that includes a default offer designed to move with them right through life,” Vanguard Australia managing director, Daniel Shrimski said.

“As the first new entrant into the Australian superannuation industry in years to gain an RSE licence, and launching despite industry consolidation, we’re here because we truly believe we can improve retirement outcomes for Australians and be a catalyst for much needed change in the industry.” Vanguard confirmed a 0.58 per cent yearly fee on its default options, representing the lowest in the Australian superannuation market for member balances under $50,000, and members aged 47 years and under.

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

InvestorDaily

The Future Fund has reported a 0.6 per cent fall in assets during the September quarter to $193.13 billion, down from $194.38 billion in the June quarter. Despite this fall, which came on the back of a negative 1.2 per cent return in the 2021-22 financial year, Future Fund chair Peter Costello said that the sovereign wealth fund has proved “resilient and well positioned” to shocks while also maintaining its long-term performance. Over the quarter, he noted that developed listed markets were down by 5.2 per cent. Annually, the Future Fund fell 3 per cent compared to a fall of nearly 8 per cent for the ASX 200.

Mr Costello said that the withdrawal of “exceptional” monetary and fiscal stimulus was reducing asset prices and introducing much more volatility. “The inflationary pressure unleashed by unprecedented stimulation, together with political events, has led to central banks tightening policies by raising interest rates,” he said. “Central banks are responding by tightening policy and will continue to increase rates to fight inflation, increasing the risk of a policy induced recession.”

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

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