POWERED BY MOMENTUM MEDIA
IOOF confirms key changes to its superannuation business
IOOF has confirmed it is working with the Australian Prudential Regulation Authority (APRA) to create appropriate business separation with respect to its superannuation funds.
At the same time as announcing that its managing director, Christopher Kelaher and chairman, George Venardos would be standing aside pending the outcome of APRA legal action, the company said it was working with the regulator on a Managed Action Plan (MAP) integral to which was separation of the Registrable Superannuation Entity and Responsible Entity functions.
It said the move entailed “separating the RSE and RE functions of both IOOF Investment Management Limited and Australian Executor Trustees Limited”.
“Following recent discussions with APRA, the process to effect this separating has been approved by the relevant boards and is underway,” the company’s Australian Securities Exchange (ASX) announcement said. “This process involves various licensing issues and other significant work that will take some time to implement effectively and will address many of the other issues included in the MAP.”
“We will progress this initiative with diligence and as expeditiously as possible,” the IOOF announcement said.
It said that IOOF was also establishing a dedicated business function for all APRA regulated entities and that integral to this was an independent chair and majority independent board members.
IOOF also signalled that it was consolidating its superannuation businesses, and that this would take further shape following completion of its acquisition of the ANZ business.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
