POWERED BY MOMENTUM MEDIA
Maritime Super withdraws from ISA
Maritime-focused industry superannuation fund Maritime Super has withdrawn its association from industry lobby group Industry Super Australia (ISA).
This meant it would no longer carry the Industry SuperFund logo or be involved in any marketing campaigns.
The removal comes as MySuper performance results would be released tomorrow, which Maritime Super was expected to perform poorly in, having being called out by prudential regulator as an underperformer.
The ISA or Maritime had not stated how this would affect the strategic partnership it entered into with another industry fund, Hostplus.
The change to the fund, which had around 24,500 members, took effect on 27 August.
ISA chair, Greg Combet, said: “Putting the financial interests of members ahead of everything else is what Industry SuperFunds are all about, and this decision by Maritime Super is an example of that.
“Maritime Super was at the forefront of establishing super for working people as far back as 1967 and it was the first super fund with which I was personally involved.
"On behalf of the Industry SuperFund collective, I thank the fund for its contribution and the positive difference it has made to its members thus far in its history.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.
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
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
