AMP Limited has received confirmation that it has lost one of its largest corporate superannuation mandates – Australia Post.
Just weeks after receiving news that it had lost the Anglican National Super Plan to Mercer, AMP Limited corporate superannuation executives have been formally informed of the loss of the Australia Post mandate.
AMP Limited had forewarning of the loss of the mandate following the earliest hearing weeks of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services where it faced tough questioning over its attempts to “ring-fence” grandfathered commissions and fees for no service.
At that time, the Australian Council of Trade Unions asked industry superannuation funds to review their relationships with financial institutions and key unions covering workers employed by Australia Post expressed deep concern at what had been revealed before the Royal Commission.
Australia Post has not yet formally announced its choice of a new corporate superannuation provider, but Mercer is understood to have been among the front-runners of those superannuation providers under consideration.
Money Management understands that the boards of at least three other AMP superannuation clients are still considering their positions.
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.