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.
RBC hires Goodacre for coverage role
(pictured: David Goodacre)
RBC Investor & Treasury Services has recruited experienced salesperson David Goodacre into the new position of director of global client coverage. He left BNP Paribas Securities Services in April after 12 years with that firm.
Goodacre, who was most recently sales manager, Australia and New Zealand, at BNP will be working with former BNP colleague Steve Tremelling, the director of sales and distribution, who joined RBC in February 2014.
RBC sees the appointment as one that “strengthens its capability in Australia, underscores its commitment to the region and supports its strategy to provide best-in-class solutions”.
The custodian has had a good run of late, in a hectic period of tenders and transitions in the marketplace. Key mandate wins include Bennelong, Legg Mason, and the re-signing of its major client, Perpetual Investments.
It has also developed several new products including the recently released passive currency overlay service first developed for Perpetual.
Prior to BNP, Goodacre, who reports to chief executive David Travers, previously worked in transitions for BT and JP Morgan.
Club Plus custody contract
In other custody news reported last week, JP Morgan has won the $2.1 billion Club Plus super fund from NAB Asset Servicing after a review assisted by specialist consultant Patrick Liddy of MSI Group.
