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.
Sipek joins State Super to help three-way merger
(Pictured: Peter Sipek)
Peter Sipek, the former director of investment services and head of operations for AMP Capital, who left the organisation last August, has started a new role as implementation director at State Super.
Sipek had been at AMP Capital for eight years, starting as head of investment operations, and his departure last year surprised the securities servicing part of the industry, in which he was highly regarded. Prior to AMP Capital he was head of investment operations at Colonial First State for eight years. He started his new role in December.
State Super (formally known as SAS Trustee Corporation) and the other two NSW Government-sponsored funds which are in the process of merging their investments and backoffice functions – NSW Treasury Corporation and NSW Workcover (formally known as Safety, Return to Work and Support Division) – are yet to announce the detail of their new leadership teams at the operational level of the funds.
The funds will retain their own boards and continue to make their own asset allocation decisions. Michael Cole, a former fund manager, will chair the combined operations. State Super accounts for about $38 billion of the combined $65 billion on jointly managed assets.
