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.
Coenraads in new investment job at Sydney Catholics
(Pictured: Paul Coenraads)
Paul Coenraads, former head of investments at AUSCOAL Super, has taken up a new role running investment operations at Australian Catholic Super in Sydney. He started there this month.
AUSCOAL announced last August that it was restructuring its small investment team, with the proposed appointment of its first chief investment officer, who would have a different skill set. Coenraads, who had been at AUSCOAL for seven years, is a specialist investment operations executive. The fund oversees about $7.5 billion in assets.
The fund said on his departure last year: “These foundations have been put in place, resulting in a high calibre team continuing to deliver strong long-term investment performance for AUSCOAL Super members. Having contributed broadly to the fund as a senior executive, Paul steered AUSCOAL Super through the implementation of unit pricing, the investment governance requirements of MySuper and established AUSCOAL Super’s Community Awareness Program.”
In his new role at Catholic Super, Coenraads will be overseeing investment operations for about $5 billion on behalf of 90,000 members. The Sydney-based fund, run by long-time chief executive Greg Cantor, is the largest of several Catholic funds in terms of membership but runs neck-and-neck against the Melbourne-based Catholic Super, run by Frank Pegan, in terms of assets.
