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.
Hodge takes a step back in changing of the guard at PIMCO
(pictured: Doug Hodge)
Doug Hodge, the PIMCO chief executive who is well known to Australian and Asian investors from his time in the region several years ago, will step down from his position but remain a managing director at the big Newport-based global bond firm.
Hodge is relinquishing the chief executive role in favour of new recruit Emmanuel (Manny) Roman, who was chief executive of the listed global hedge fund manager Man Group. Roman starts in Newport on November 1.
Hodge, who joined PIMCO in 1989, oversaw the firm’s Asia Pacific business from 2002-2008, primarily from Tokyo but with extended periods in the Sydney office.
At a Russell Investments annual conference in Cairns, Australia, in 2007, Hodge famously predicted a global recession – before that became the publically stated position of PIMCO.
He said last week: “Once I complete a smooth and seamless transition of my chief executive duties to Manny Roman, I will assume the role of managing director and senior advisor.
“As I have in my 27 years with the firm, my focus will be on working our global teams across the full spectrum of our important, strategic client relationships. In this capacity, I will continue to my engagement with our clients in Asia Pacific, where I spent many years and have many friendships across our diverse client base. I fully anticipate, and personally look forward to, visiting Australia.”
Meanwhile, the announcement of Roman’s appointment last week was the culmination of a process which had the full support of PIMCO’s leadership team, including Hodge, the firm said in a statement.
Roman has nearly 30 years of experience in the investment industry, with expertise in fixed income and executive leadership. Prior to Man Group, whre he was chief executive for the past three years, Roman worked for more than 18 years at Goldman Sachs, where he was co-head of Worldwide Global Securities and co-head of the European Services Division.
The French-born 53-year old currently lives in London with his wife and two daughters.
Daniel Ivascyn, managing director and PIMCO’s group chief investment officer, said: “Doug [Hodge] has made a significant contribution to PIMCO with his leadership and professionalism. We are pleased he will remain with PIMCO to provide counsel to the firm and the managing directors, leverage his global relationships with our clients and ensure continuity throughout the transition of executive leadership to Manny.”
– Greg Bright
