Superannuation administrator, Link group has retained a key mandate with legalsuper announcing that it would be extending what has already been a 15-year association with the administration company.
Confirming the move, legalsuper chief executive, Andrew Proebstl said the reappointment had followed a rigorous competitive review which had had covered organisational strength, technology infrastructure, pricing and compliance.
He said the review process had been assisted by consultancy KPMG.
Proebstl said legalsuper had sought expressions of interest from six fund administrators but that it had opted for Link on the basis of new arrangements including daily unit pricing and increased transparency and immediacy around member account updates and transition to a new direct investment platform offered by UBS.
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.