Australia’s biggest super funds disagree on what the new Your Future, Your Super performance test should look like, but they both think the consequences for failure should be just as weighty – and apply to everybody equally.
The $280 billion ART has become the latest megafund to set up an offshore outpost as it looks to secure “even more compelling investment opportunities” for its 2.3 million members.
Ownership change no hindrance to IFAA
The IFAA Group has seen almost immediate success with new business from several sources, notwithstanding its recent acquisition by Auckland-based administration and consulting firm MMC.
Neil Harvey, IFAA Group’s managing director, said last week that recent wins for the group were the reappointment late last year as fund administrator for Gardior and a new appointment as the administrator of NSW Fire Super, which provides death and disability superannuation benefits for Fire & Rescue NSW’s firefighters, as from May 1 this year following a competitive tender.
Chris Matthews, NSW Fire’s fund secretary, said IFAA was selected on the basis of its strong client focus, technology capabilities, and the demonstrated capacity and experience to provide NSW Fire Super with all the necessary support and services required by the Trustee.
Gardior, the independently operated trustee of TIF, a $2.3 billion infrastructure fund based in Queensland, also appointed IPS, IFAA Group’s provider of administration, accounting and unit registry services,, after a contested market tender.
At the time of the reappointment of IPS, Jon Addison, then chair of Gardior, said that the board and management were looking forward to the continuing relationship.
“The reappointment of IPS was made on three bases; the long and responsive relationship that had been established between the two parties, the competitive fee model agreed, and the new technology that IPS will be implementing,” Addison said.
Harvey said that he was very respectful of the trust and faith that Gardior had placed in IPS. “The key with IPS, like all the businesses in our Group, is our focus on client needs first – both through our services and through our technology platforms. IPS is implementing the NeXus MIS system, developed by MMC. The implementation of the adaptive and responsive NeXus system linked with our online investor portals will be a game changer for us – and for our clients. We look forward to expanding IPS’ services to other managed investment schemes,” he said.
“The financial strength that the recent change in ownership brings will allow IFAA to offer its technology and personal services to a wider range of super funds and managed investment schemes across Australia.”
