POWERED BY MOMENTUM MEDIA
NESS goes public offer
NSW-based scheme NESS Super has received the necessary approvals to go Public Offer.
The fund, previously known as the NSW Electrical Superannuation Scheme, confirmed the Australian Prudential Regulation Authority and Australian Securities and Investments Commission approvals today.
Commenting on the move, NESS Super chairman Anthony Glossop said it represented a positive step and natural progression in the evolution of the fund.
"It will certainly allow us to extend our reach within the electrical and communications industry and to capitalise on the significant opportunities that currently exist," he said.
The fund's formal announcement said that a primary benefit of going Public Offer would be to allow the principals of electrical and communications contractors who are self-employed or have a partnership business structure to join NESS Super, in addition to their employees.
NESS chief executive Angie Mastrippolito said that going Public Offer from June 2014 represented the latest enhancement to the fund after receiving MySuper approval in April 2013, as well as improved default insurance arrangements.
Mastrippolito said that while going Public Offer would provide the fund with greater reach, it intended maintaining its specialist, industry-specific focus.
Recommended for you
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
