News

(Pictured: Michael Cole) After years of discussions, both formal and informal, the big three NSW Government funds have agreed to a three-way merger to create a $60 billion fiduciary fund for super and insurance. Michael Cole, the well-regarded former fund manager and business man, will be its chairman. NSW State Super (SAS Trustee Corporation – known…

(Pictured: Kerry Series) Kerry Series and key staff at Eight Investment Partners (8IP), the boutique small cap and Asian equities specialist, have bought back the firm from major shareholder Sanlam. Sanlam, a South African financial services firm, backed the establishment of 8IP by Kerry Series after earlier acquiring another Australian boutique, Atom Funds Management. Following the…

(Pictured: Paul Wells) La Trobe Financial, which is Australia’s largest and oldest privately owned mortgage lender and credit fund manager, has entered the RMBS market with a $102 million public raising. La Trobe* and its long-time banker, Commonwealth Bank, which is lead manager, have priced a capital markets residential mortgage-backed securities issuance covering 586 “near prime”…

(Pictured: Gerard Noonan) Comment by Greg Bright Media Super has taken the unusual decision to do away with the role of chief investment officer, terminating Jon Glass after five years with the $3.5 billion fund. This has been done to save on costs. Graeme Russell, the chief executive, will now oversee investments with the support of…

(Pictured: Tim Unger) Institutional investors are expected to become more aggressive with their investments next year, according to their fund managers, as most equity markets remain positive and emerging markets provide for longer-term growth. The results of the annual survey of 128 global fund managers by Towers Watson, published last week, were complemented by the latest…

(Pictured: Larry Fink) Pension funds need to address the problem of longevity risk and increase their allocations to growth assets as well as an increasing range of alternatives, according to Larry Fink, the founder and chief executive of BlackRock, the world’s largest fund manager. Fink spoke last week at the UK National Association of Pension Fund…

(Pictured: Gary Bailey) Gary Bailey, head of institutional business for Fidelity International in Australia, has resigned and left after nearly five years with the firm. He said that he decided that he “really needed a change” and resigned at the end of January after returning from a month’s leave. His last day was February 28. Michael…

(Pictured: Lounarda David) Sunsuper has recruited Lounarda David, a former worldwide partner of Mercer and head of the Mercer Sentinel regional custody, transitions and implementation arm of the firm. She will be head of investment operations at Sunsuper – a new role. Reporting to Sunsuper CFO, Bruce Wilson, David had recently been doing some consulting work…

(Pictured: Timothy Schuler) While many hedge funds delivered on their promise, or close to it, during the global crisis, changes have been afoot to their strategies and processes since. Greater transparency and more backoffice resources to cope with regulatory changes and client demands have received most attention. However, there has been a more subtle change too….

(Pictured: William Priest) Last year was a record, of sorts, for share buybacks and other capital restructurings in the US. Fund managers who focus on company cashflows and what is done with them to deliver shareholder returns did very well. It’s not only about the increased flexibility cash delivers a company through the safety of liquidity,…

(Pictured: Salvador Saiz) Financial advice is the most important service that super funds can provide their members in the run-up to retirement, according to a survey of members of all types of funds. Only 13 per cent of those currently using an adviser do so from one inside their fund. The survey of 997 members aged…

(Pictured: Phil Gardner) Philip Gardner, the Australian head of Goldman Sachs Asset Management (GSAM), has retired from the company. He will leave this Friday, take a holiday and consider various options. “I don’t have a plan,” he said last Friday. “I don’t even have a plan to make a plan.” He may stay within the…