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‘Come at us’: Mercer ready for competition at scale

Mercer Super Trust’s merger with Westpac’s superannuation assets will prepare the retail fund for a new era of competition in Australia’s rapidly consolidating super sector. BT’s Personal and Corporate superannuation funds will be merged into the Mercer Super Trust in a successor fund transfer that will create a superannuation fund with $65 billion under management…

Lachlan Maddock | 27th May 2022 | More
Lessons from a $5 billion fund in the world of ‘bigger is better’

Life isn’t always easy at the small end of town, but the $5 billion legalsuper is kicking against APRA’s orthodoxy that bigger is nearly always better. “It’s hard not to notice this incredible fixation in our industry that you’ve got to be big to be here in the future,” says Andrew Proebstl, CEO of legalsuper. …

Lachlan Maddock | 6th May 2022 | More
‘It’s not an automatic win’: Why size won’t come easily to super

Australia’s super funds are racing to achieve massive size in the understanding that it will create untold benefits for members. But “a little but of circumspection and caution” is required. “People seem to be taking it as a fact that you just need to be bigger, and that it’s obvious you need to be bigger…

Lachlan Maddock | 6th Apr 2022 | More
  • APRA seeks to prove its theory of scale

    APRA’s orthodoxy on scale and its importance to funds has been disputed by all comers, with “massive and passive” a common refrain. But the regulator is hoping to prove that bigger really is better. One of the more controversial moments of Helen Rowell’s career as APRA’s superannuation executive was the claim that any fund below…

    Lachlan Maddock | 30th Mar 2022 | More
    Open fund reserves for upgrades: AIST

    The Australian Institute of Superannuation Trustees (AIST) has argued that funds should be permitted to use their operational risk financial reserve (ORFR) to upgrade their systems and prevent future risks earlier. The ”blunt” 0.25 per cent of fund capital that funds must hold in their ORFR is now becoming a “very significant sum” for some…

    Lachlan Maddock | 23rd Mar 2022 | More
    Quants get a boost from merger mania

    As funds get bigger and bigger – and the Your Future Your Super (YFYS) performance test bites – they’re rethinking everything from alpha generation to their intrinsic investment philosophies. While the increasing size of super funds will benefit them in unlisted markets – where big funds can increasingly play on the same field as global…

    Lachlan Maddock | 17th Mar 2022 | More
  • In YFYS, one number ‘doesn’t tell the whole story’

    To fix the Your Future, Your Super (YFYS) performance test, Treasury and regulators need to reconsider their fixation on a “bright line” measure. It’s a testament to the flaws of the YFYS performance test that, several months after it was first applied to MySuper products, the super sector’s intelligentsia are still trying to fix it….

    Lachlan Maddock | 4th Mar 2022 | More
    ‘They’re going to get smashed’: YFYS chaos looms for choice

    A mere 13 funds were dispatched by the first round of the Your Future Your Super (YFYS) performance test. Chant West believes the damage could be worse in the choice sector. Later this year, APRA’s performance test will be brought to bear against the choice sector after a dry run on the smaller universe of…

    Lachlan Maddock | 2nd Mar 2022 | More
  • More work to be done for members after YFYS

    In the aftermath of Your Future Your Super (YFYS), members of dud funds still aren’t moving their super. And it’s not clear what the government and regulators can do about it. It sometimes seems that so much time was spent on implementing the contentious YFYS reforms that the question of what would happen to members…

    Lachlan Maddock | 23rd Feb 2022 | More
    Big super needs capital requirements: Equity Trustees

    While profit-to-member funds have been given the go-ahead to build reserves from new fees on members, Equity Trustees believes that fund shareholders should pony up instead. The issue of so-called “$12 trustees” has leapt to prominence in recent months as super funds flocked to courts to get the green light to build capital reserves through…

    Lachlan Maddock | 16th Feb 2022 | More
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