POWERED BY MOMENTUM MEDIA
ISA reasserts FSI submission claims
Industry Super Australia (ISA) has sought to reinforce the position it adopted in its 28 August second submission to the Financial Systems Inquiry by this week issuing a media statement once again claiming the superiority of industry superannuation fund returns over those of bank-owned and retail funds.
The ISA statement, widely published within daily newspapers, also sought to counter the current Financial Services Council (FSC) campaign to have the default funds under modern awards regime open to all Australian Prudential Regulation Authority (APRA)-approved MySuper funds.
The ISA's 28 August submission argued that the banks should be prevented from selling default super fund services to employers who were already using the bank's services and this was something reiterated at the weekend in the statement issued by ISA chief executive, David Whiteley.
At the centre of the ISA case is the proposition that banks are able to offer service discounts to employers who utilise bank-backed default fund products.
The ISA submission cited "profit orientation where trustees exhibit undivided loyalty to members rather than attempting to balance the interests of members and parent company shareholders".
Recommended for you
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.
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(%)
