Opening up early access to super for housing would have a negative effect on the balances of even those members that don’t dig into their savings, with funds forced to adopt more conservative investment strategies and hold more liquid assets.
The circa $88 billion industry fund for workers in health and community services reckons that alleviating the affordable housing crisis will boost its other investments by easing the cost of living and inflation.
Citi bucks trend with transitions team boost
Citi has strengthened its Australian transitions management team at a time when other big players in the US and Europe, in particular, are shuttering or reducing their services in this area due to low activity volumes.
Citi has recruited former Mercer consultant Sandeep Gurkhi who was, most recently, at State Street as vice president, portfolio solutions, in the Global Markets division. In the role at Citi he will be responsible for the management of portfolio transitions, derivative overlays, currency overlays, interim equity portfolios and other portfolio related solutions for asset owners in Australia and Asia.
Michael Jacket-Simpson, the head of Citi’s transition and pension services in Australia, said the appointment demonstrated the firm’s commitment to the Australian market and growing its business.
As previously reported, Credit Suisse and JP Morgan have closed down some of their transitions business overseas, including North America and the Middle East, although JP Morgan is maintaining its Australian, Asian and European operations.
At Citi, Gurkhi joins a team including Mick Larkin, Dan McGree and Stephanie Ng, as well as Jackett-Simpson, one of the most experienced players in this market.
Citi says it has managed more than A$10 billion in Australian transition trades in the past 12 months.
