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.
Brown to step down from ACSA
Rob Brown has resigned his position as chief executive of the Australian Custodial Services Association to pursue business interests. He will continue until a suitable replacement is found.
Brown has spent many years in asset servicing, starting with State Street in the mid-1990s – as well as running NAB-owned Ausmaq for six years until 2010, followed by four years at HSBC as head of client relationship management.
He said he intended to launch a new business with key associates. Details would be announced in coming months. He is expected to remain with ACSA at least until September to assist with a handover.
The position is an important one for ACSA, involving the co-ordination of a lot of the behind-the-scenes work of the various committees which produce advice and analyses of regulatory changes and proposals impacting the investment operations of both managers and super funds.
Prior to his appointment the association had contracted for assistance from the Financial Services Council, but this was seen to have run its course after key personnel had left.
Sally Surgeon, the ACSA chair, is overseeing the transition process. She said: “On behalf of the ACSA board and our members I want to thank Rob for his advocacy, leadership and contribution to the association over the past four years.
“Rob led the organisation through a major transformation of operating model, put in place key management disciplines and fostered a high standard for engagement within the member base and external stakeholders. We wish him all the best for his future endeavours.”
Brown said he was proud of his contribution and believed that ACSA was in a strong position to continue its role as the voice of the custody and investment administration sector.
“ACSA does an amazing job through our voluntary working groups in promoting systemic efficiency improvement on behalf of members and their clients. While not grabbing the headlines, the association makes an important contribution to the machinery of the financial services sector, including superannuation and managed funds,” he said.
