This year’s top 10 stories included a peek into AustralianSuper’s international equities build out in London, AMP’s move to slash employee benefits, and plenty of hard-hitting analysis of the issues that matter in institutional investment. But the real story is how readers helped shape all of that coverage.
Orbis’ Stuart Place is riding from Melbourne to the Moon and Back to fund a treatment for the “monster of a disease” that his youngest son was born with. The investment industry is rallying behind him.
GESB replaces asset consultant
The $17 billion West Australian Government super fund, GESB, has terminated its asset consulting contract with Mercer Investment Consulting following a review.
The new consultant is JANA Investment Advisers. Mercer is understood to be continuing to provide actuarial advice to the defined benefit part of the fund. (A GESB spokesperson was unavailable last week to confirm this.)
GESB is actually a state-government statutory authority and the WA Treasurer and minister for transport – until recently Troy Buswell, the hapless West Australian MP who had to retire this month due to several politically embarrassing incidents – has to sign off on the major investment decisions, such as manager selection.
Nevertheless, GESB’s seven-person board is largely independent. Only one director, Glen Townsing, who works for the department of transport, is a state public servant. The chair, John Langoulant, is a retired former state under treasurer. Well-regarded actuary and consultant Catherine Nance is also on the board.
