POWERED BY MOMENTUM MEDIA
RC may signal more corporate super exits
The future of a number key corporate superannuation mandates will be in the balance on Monday evening when the Government makes public the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Money Management has learned that a number of corporate superannuation funds have asked major consultancies to examine their options in the event that their current providers are named and shamed in the final report of the Commissioner, Kenneth Hayne.
The contingency planning comes against the background of a number of corporate funds last year moving to change providers in the wake of revelations at the Royal Commission, particularly those concerning AMP Limited.
AMP last year lost the corporate superannuation mandates of Australia Post and Anglican National Super, but managed to retain most of its other corporate superannuation business.
Money Management understands that the contingency planning being undertaken by corporate superannuation clients extends beyond AMP clients with those of IOOF Limited, BT and others also contemplating their options.
The Royal Commission’s final report will be made public after the close of trade on the Australian Securities Exchange (ASX) on Monday.
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(%)
