A new report “from the coalface” of super fund investing has gone some way to quantifying the cost of shonky investment management, with members potentially losing out on hundreds of thousands of dollars.
Surging equity markets have driven the Future Fund’s return higher, but its prediction that inflation will be stickier than expected has been born out and it “remains conscious of the potential for significant deterioration”.
PIMCO back in business with senior appointments
(Pictured: Adrian Stewart)
After more than a year of searching and, possibly, soul searching, PIMCO last week announced two key appointments for the region – head of Asia Pacific and head of Australia.
Adrian Stewart, former head of institutional business at Macquarie, is the new Australian chief, based in Sydney, and Eric Mogelof is the new head of Asia Pacific, to be based in Hong Kong.
Doug Hodge, the chief executive of PIMCO to whom Mogelof will report, is familiar with the region, having held the head of Asia Pacific role, then based in Tokyo, for several years before returning to Newport, California head office. Mogelof, who is to relocate from New York for his new job, has been with PIMCO in 2003.
The position of Australia head has been vacant since early last year after the resignation of John Wilson, who set up the firm’s business here in the 1990s and oversaw its growth to the number one position for fixed interest managers. Wilson has made a lifestyle change and is currently pursuing a masters degree and sitting on a number of boards.
Rob Mead, a managing director and head of portfolio management, has been acting chief executive in Australia since Wilson’s departure. He was also part of the hiring committee for Stewart’s appointment.
Stewart’s career encompasses both wholesale and retail distribution. Before heading up the institutional business he was head of Macquarie’s ‘professional series’ where he was responsible for product, investment, distribution and marketing.
