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.
Media fills investment spot as Wu arrives at State Super
(Pictured: Justin Nunan)
Media Super has recruited Justin Nunan, head of treasury sales at ME Bank, as its new investment manager, following the departure of Charles Wu last month. Wu has taken a senior investment strategist role at NSW State Super (STC), whose portfolios are being merged with those of NSW Treasury Corporation and NSW WorkCover into one of the country’s biggest funds.
Nunan, a CFA, had held various investment management and analytical roles during his nine years at the bank. Graeme Russell, Media’s chief executive, said Nunan had considerable experience across investment operations, administration and compliance which would add value to the $4.3 billion fund.
“The fact that he’s worked closely with custodians and asset consultants, including Media Super’s custodian [BNP Paribas] and asset consultant [Frontier Advisors] will also be very valuable,” Russell said.
“Justin’s roles at ME Bank involved direct, day-to-day work with industry funds in respect of their investments, which means he’s very familiar with our investment management processes and stringent compliance requirements.”
Meanwhile, the last of Media Super’s founding trustees, Chris Warren, has stepped down from his day job as federal secretary of the industry’s union, the Media and Entertainment Arts Alliance.
Warren became a trustee of the former JUST Super on its formation in 1987, shortly after Award Super was born as the precursor to the Superannuation Guarantee. JUST was also one of the first funds to negotiate a big merger, with the former actors and entertainers’ fund known as JEST. The fund later merged with the printing industry fund, Print Super.
At the union Warren has presided over many journalist disputes with the big newspaper companies, including Fairfax Media where he did his cadetship in the 1970s, and in recent years has fought hard for journalists’ rights in a downsizing industry.
