POWERED BY MOMENTUM MEDIA
Paying market rates to get good people
Financial services organisations need to choose the right people and pay them appropriately if they are to successfully pursue change, a superannuation conference has been told.
The chief operating officer of UK-based USS Investment Management, Howard Brindle told the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that creating the investment management business out of a universities-based pension fund had represented a substantial challenge which had meant changing internal attitudes.
He said one of the internal attitudes which had changed was the belief that it was appropriate to pay people below market rates in the belief that this was acceptable because it was offset by lifestyle benefits.
Looking at the billions of dollars in funds under management being handled by USS IM, Brindle said when managing that amount of money it was important to pay the right money to get the right people.
"It is amazing what you can do if you have the right people and appropriately empower them," he said.
Brindle said that once the right people had been employed they, in turn, needed to be empowered to hire more good people.
Recommended for you
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.
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
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
