POWERED BY MOMENTUM MEDIA
ISA outs underperforming industry funds
Industry Super Australia (ISA) has named industry superannuation funds which it believes are underperforming but has noted that they are not members of ISA.
Giving evidence before the House of Representatives Standing Committee on Economics, ISA deputy chief executive, Matthew Linden, named Nationwide Super as well as Concept One and Combined Super Fund as being amongst industry funds which had underperformed.
He also made clear that membership of ISA was not open to all industry funds.
Citing Nationwide Super, Linden said that it was a fund which called itself an industry fund which had consistently underperformed.
“In fact, I'm pretty sure that particular fund doesn't necessarily have employer and union sponsors like many other industry funds, but it calls itself an industry fund,” Linden said. “There are a range of others which have since merged. One was Concept One, which I'm aware of. There is another one called Combined Super fund. Many of these, even since this data was published, have merged or wound up.”
Asked whether ISA approach non-member industry funds to become members, ISA chief executive, Bernie Dean, responded: “We don’t”.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over 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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
