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Trustees called to ignore peer pressure
Superannuation fund trustees need to avoid becoming bogged down by succumbing to peer pressure with respect to determining asset allocation, according to QSuper chief investment officer Brad Holzberger.
Addressing the Conference of Major Superannuation Funds in Brisbane, Holzberger pointed to the similarities which existed with respect to asset allocations across Australian default funds.
He said those similarities had continued to exist over a number of years, despite radical changes to the underlying investment environment.
"Despite changes to the backdrop, asset allocation has not changed," Holzberger said.
He said it was in these circumstances that superannuation fund trustees needed to reflect upon their roles and the influence exerted by their peers.
Holzberger's concerns were reflected by Future Fund chief investment officer Brad Neal, who warned that acceding to peer performance measures could see valid investments being marginalised.
Neal described peer indexing as an overly simplistic investment philosophy and approach.
He said those who pursued such a path were translating their definition of risk from absolute to relative.
AUTHOR
Mike Taylor
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