Russell Investments has picked up an implemented investment mandate from small industry fund, NESS Super.
The mandate was confirmed by both NESS Super and Russell on Wednesday with confirmation that the fund had recently transferred $700 million into Russell’s management.
Commenting on the mandate, Russell Investments managing director, Australian Institutional, Jodie Hampshire said it would entail investment consulting and implementation advice as well as the delivery of investment strategies.
NESS Super acting chief executive, Peter Murphy said the fund had turned to Russell Investments in large part due to the firm’s experience with superannuation funds, its range of investment capabilities and willingness to engage in complexity.
APRA’s latest data reveals Australia’s biggest super funds spent up to $100 million on marketing in 2022–23.
The government is in discussions with the Future Fund regarding its future, Treasurer Jim Chalmers has confirmed.
Cbus has responded to Morningstar’s note in which the research firm questions the fund’s ability to retain talent and raises concerns regarding the extent to which union affiliates impact its investment decisions.
A research firm has voiced concerns regarding Cbus’ culture, its ability to retain key talent, and the extent to which union affiliates impact its investment decisions.