Industry fund AustSafe Super has initiated a process to find a new administrator.
The fund, which boasts $1.6 billion in funds and more than 140,000 members, has retained Deloitte to undertake the tender process.
AustSafe has previously utilised Superpartners as its administrator.
Superpartners was sold to the Link Group, the parent company of Australian Administration Services, with the transaction being completed in mid-December.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.