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Truth, consequences, and insider trading

The accusations of insider trading hurled at Australia’s big super funds are explosive in nature – and pose something of a headscratcher. Regardless of their weight, reputations are at stake. The revelations made by ASIC on Wednesday last week (October 27) are a tough wake-up call for an industry that prides itself on its duty…

Lachlan Maddock | 5th Nov 2021 | More
APRA fires latest salvo in super wars

A significant chunk of super fund advertising could now be on ice, with APRA finding that marketing expenditure could not be shown to have improved members’ financial position. As stapling puts a nail in the coffin of default distribution, many of Australia’s biggest super funds have turned their attention to the dark art of advertising…

Lachlan Maddock | 28th Oct 2021 | More
Fund returns and the tyranny of expectations

The problem with high expectations is that you have to keep meeting them. And after a year where some funds returned 20 per cent, investors and super members are expecting more, more, more. Investors are relentlessly cheerful creatures. According to Schroders’ latest Global Investor Study, Australian investors (defined here as those expecting to invest the…

Lachlan Maddock | 1st Oct 2021 | More
  • A new problem for super, insurance consolidation

    As superannuation and life insurance consolidation continues apace, risk firm Retender warns that the government cannot rely on the invisible hand of the market to ensure competitive outcomes. It’s well understood that big super is getting bigger. That’s as a result of both “Your Future Your Super”, which drives consolidation by closing underperforming products and…

    Lachlan Maddock | 23rd Sep 2021 | More
    YFYS short-termism can’t hurt ESG: Summerhayes

    Geoff Summerhayes, former APRA executive, concedes that while the short-term nature of the Your Future Your Super (YFYS) test is a “challenge” for ESG investment, climate change is a mega-trend that demands more attention. One of the main frustrations around the YFYS performance test has been that climate change does not occur on a regimented…

    Lachlan Maddock | 17th Sep 2021 | More
    Instos chase decarbonisation as climate threat looms

    The advent of Your Future Your Super (YFYS) and a new wave of climate regulation means institutional investors are increasingly turning their gaze towards decarbonisation, according to Northern Trust Asset Management. Scott Bennett, Northern Trust Asset Management head of quantitative research and client solutions for Australia and New Zealand, believes YFYS and other regulations have…

    Staff Writer | 10th Sep 2021 | More
  • APRA’s performance test flaws laid bare… and the unintended consequences

    The 88,000 members of Australian Catholic Superannuation and Retirement Fund (ACSRF) are about to be very confused. As are members of some other big super funds. Forty-year-old members in ACSRF’s default MySuper product, LifetimeOne, will be told they just earned an average 20.9 per cent from their super (after fees and taxes for the year…

    Greg Bright | 3rd Sep 2021 | More
    ‘We know it’s not perfect’: The future of Your Future Your Super

    Despite APRA’s move to name and shame 13 underperforming funds, it’s clear that Your Future Your Super (YFYS) is a work in progress. More needs to be done to make it a true and fair test. Call them the Dirty (Baker’s) Dozen: 13 funds named and publicly shamed for their failure of the YFYS performance…

    Lachlan Maddock | 3rd Sep 2021 | More
  • YFYS and ‘new ways to judge the past’

    The public facing aspects of Your Future Your Super (YFYS) risk creating a “pseudo ‘best in show’, according to new research from Deloitte. The research, titled “New ways to judge the past“, highlights a number of mostly unexamined pain points in the YFYS legislation and regulations – notably around the ATO’s YourSuper comparison tool and…

    Lachlan Maddock | 13th Aug 2021 | More
    Super funds chase momentum as performance test looms

    With the advent of Your Future Your Super (YFYS) Australia’s super funds are more closely examining their indexing options. The trick is ensuring member outcomes don’t suffer. Benchmark-relative risk is now top of mind for super funds, with specialist implementation manager Parametric seeing a substantial uptick in the number of funds taking an interest in…

    Lachlan Maddock | 30th Jul 2021 | More