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.
Investors on the move…
Chris Davies, the chief operating officer at UniSuper, will step up to a CEO role and Ben Samild, the well-regarded investment manager at industry fund LUCRF is to join the Future Fund in a yet-to-be-specified capacity.
Davies is set to replace the retiring Martin Crowe at the $11 billion Telstra Super after a lengthy search. And, according to industry newsletter ‘Insto Report’, Samild, the head of strategy at the $2.8 billion LUCRF, has joined Future Fund’s 40-person investment team.
Crowe, who has overseen a big restructure of the Telstra Super investments and implementation systems in the past two years, including the introduction of a member-directed-investments option for members with big balances, announced his pending retirement in June.
Interestingly, UniSuper’s recently retired CEO, Terry McCredden, was Crowe’s predecessor at Telstra. He is currently doing some consulting work with QIC. UniSuper’s new CEO is Kevin O’Sullivan a former actuarial consultant at Russell Investments.
