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.
Cristina Cifuentes bows out of super for ACCC role
Long-time NSW State Government super fund trustee and former bank economist Cristina Cifuentes is resigning all her board positions to take up a five-year job as full-time commissioner of the federal Australian Competition and Consumer Commission.
Her main remaining super position, which she resigned this month, was that of trustee of the AUD$38 billion First State Super (FSS) of NSW. She left her trustee spot at NSW Treasury Corporation last year.
This coincided with the announcement of the retirement, from management, of the CIO of FSS, Mark Sainsbury. FSS announced the previous week the appointment of a “director of investment services”, Richard Brandweiner, above Sainsbury.
The federal Government’s announcement regarding the ACCC said: “Ms Cifuentes’ appointment…will mean that the ACCC will continue to have deep energy networks and market regulation knowledge and experience. Ms Cifuentes is eminently suitable to take up the role of full-time commissioner, following her roles at the Australian Energy Regulator and the NSW Independent Pricing and Regulatory Tribunal.”
She replaces Ed Willett, from the end of May. He has been a commissioner for 10 years.
Sainsbury joined FSS as CIO in 2005 from a position running investments at three related funds: NSW Local Government Superannuation Scheme, the Energy Industries Superannuation Scheme, and the Chifley Investment Fund.
He was the inaugural winner of the AIST’s CIO of the Year Award and well-known as a hands-on CIO with a special interest in active currency management.
He was also known to keep odd working hours, often starting early and working late after others had gone, sometimes smoking in his office. Michael Dwyer, the fund’s chief executive who hired Sainsbury, is said to have given him a fire extinguisher for his office as a present.
Brandweiner joins FSS from Perpetual, where he was group executive of income and multi-sector products.
He left Perpetual at the end of March and will start at FSS on April 29.
