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Why super mergers are like marriages

The first thing funds usually consider in a merger is cost to member – but that won’t necessarily be what leaves them better off. The trick is getting the alignment right. According to David Carruthers, senior consultant and head of the members solutions group at Frontier, the top priority for any fund considering a merger…

Lachlan Maddock | 8th Oct 2021 | More
Delaney: Size creeps up on you (but venture capital stays the same)

As AustralianSuper continues to grow, Mark Delaney is focusing his attention on the burgeoning private markets space and the problem of culture in megafund land. “Size can creep up on you. You stand still, and all of a sudden you’re bigger than what you think you are. I first started managing pension money 20 years…

Lachlan Maddock | 8th Oct 2021 | More
  • S&P uncovers ‘index effect’ disappearing act

    Investors looking to arbitrage index ins-and-outs would have seen shrinking rewards for their efforts over the last 25 years based on the findings of a new S&P Dow Jones Indices (S&PDJI) paper. The S&P study found a “structural decline” in the so-called ‘index effect’ where share prices bounce up on entering key market benchmarks and…

    David Chaplin | 1st Oct 2021 | More
    The great crypto debate

    Bitcoin’s volatility means that institutional investors have historically steered well clear. But the times are a-changing, and even skeptics believe the cryptocurrency will have its day. Cryptocurrency is clearly here to stay. While most investors watch its massive price swings with bemused detachment, a few have begun to think seriously about the role they can…

    Lachlan Maddock | 1st Oct 2021 | More
  • Winners and losers in the new great game

    China’s regulatory crackdown is just one piece of the puzzle when it comes to investing in Asia. The real game is geopolitics – and in that area, things are heating up. “I think Asia will probably look better as we move into 2022. I think the remainder of 2021 is really about timing of entry;…

    Lachlan Maddock | 1st Oct 2021 | More
    Fund returns and the tyranny of expectations

    The problem with high expectations is that you have to keep meeting them. And after a year where some funds returned 20 per cent, investors and super members are expecting more, more, more. Investors are relentlessly cheerful creatures. According to Schroders’ latest Global Investor Study, Australian investors (defined here as those expecting to invest the…

    Lachlan Maddock | 1st Oct 2021 | More
    Mega funds chase mega deals as infra appetite soars

    The tilt at Sydney airport and the privatisation of WestConnex has showcased the appetite for Australian infrastructure from super funds and offshore investors. The only problem is in meeting it. “The appetite to invest in Australia, as you’re seeing through these mega-privatisations, is huge,”says Nicole Walker, chief commercial officer at specialist alternative asset manager HRL…

    Lachlan Maddock | 1st Oct 2021 | More
    Cash-loading could sink family office returns

    Family office portfolios could see massive underperformance ahead with most well-overweight cash, according to the latest Citi Private Bank global survey of the sector. David Bailin, Citi Global Wealth chief investment officer, said about a third of family offices in the survey reported cash holdings of 20 per cent or more while a further third…

    David Chaplin | 23rd Sep 2021 | More
    September curse strikes, correction talk grows

    September has historically been a bad month for markets, and it could be about to get worse. But then again, talk is cheap. Everybody in equity markets knows that September is the cruellest month, to paraphrase Elliot.Nobody really understands why it happens (theories range from tax-related selling to seasonal behavioural biases) but it happens. The…

    Lachlan Maddock | 23rd Sep 2021 | More
  • A new problem for super, insurance consolidation

    As superannuation and life insurance consolidation continues apace, risk firm Retender warns that the government cannot rely on the invisible hand of the market to ensure competitive outcomes. It’s well understood that big super is getting bigger. That’s as a result of both “Your Future Your Super”, which drives consolidation by closing underperforming products and…

    Lachlan Maddock | 23rd Sep 2021 | More
    Super takes lead on post-Covid M&A

    Cashed-up industry funds are expected to be leaders leader in post-pandemic M&A activity as investors begin to see the light at the end of the Covid-19 tunnel. While Fidelity anticipates that the Covid-19 pandemic has caused a structural shift in consumer and market behaviour, the increased certainty provided by reopening means that M&A activity will…

    Lachlan Maddock | 23rd Sep 2021 | More
    Why Cathie Wood believes in the ‘super-crazies’

    Implausible doesn’t mean impossible. But it remains to be seen whether the “creative destruction” that ARK Invest is banking on can trump the possibility that we’ve been in a bubble all along. They’re what legendary investor/prophet of doom Jeremy Grantham calls “super-crazies” – the wildly overvalued assets that start to appear shortly before the bubble…

    Lachlan Maddock | 23rd Sep 2021 | More
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