POWERED BY MOMENTUM MEDIA
Legalsuper announces low-fee index option
The industry super fund legalsuper has added a low-fee index investment option to help it prepare for the MySuper environment.
Legalsuper chief executive Andrew Proebstl said the new option would provide the fund with "valuable insights" into the potential structure of its MySuper product.
The fund will be observing movements into and out of the new investment option, and will also be seeking feedback from members, Proebstl said.
The low-fee option has been designed in conjunction with State Street and legalsuper's administrator AAS. It has a management fee of 0.12 per cent, and members with a $50,000 balance will pay a total fee of $262.60 or 0.53 per cent (ie, including investment and administration fees).
Proebstl said the creation of the new option was proof that specialised funds like legalsuper could leverage off companies like State Street to provide members with the benefits of scale.
Along with the introduction of a low-fee option, Legalsuper has announced it is increasing the investible universe of its S&P/ASX200 direct shares option to the companies in the S&P/ASX300 index.
The fund also enhanced its insurance offering in November, giving members the option to increase their death and total and permanent disability cover by two units. The fund has also reduced its premium rates for fixed cover insurance, and given members the option to increase their insurance cover when they experience significant life events.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
