POWERED BY MOMENTUM MEDIA
Super funds can suffer from patchwork data strategies
One of the main goals for a superannuation fund when implementing a data strategy is to make sure there will be one "source of truth" across the fund's entire operations.
Speaking at an International Business Review webinar, James Milne, AlphaCert head of product, said he often encountered organisations with no fundamental agreement on the source of truth for data, which created mismatched datasets across the business.
“It might be that one team recognises a particular source and a particular couple of data points within that is the source of truth and they’re basing their market values or their numbers of those,” Milne said.
After getting everyone on the same page, Milne said the next step toward fixing data solutions for super funds was to sort where organisational data came from, how it was defined and catalogued and find out who was responsible for the data.
Then it was important for there to be a strong commitment from the top of the organisation to get the right data maintenance teams, staff training and governance frameworks.
Milne described an adequate data model as a self-servicing one that had one trusted source of underlying data.
“That really allows the scalability of those data requirements out to the business and that can be delivered via BI tools [data reporting tools], or other specialist tools as well,” Milne said.
Recommended for you
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
Australia’s second-largest super fund is prioritising impact investing with a $2 billion commitment, targeting assets that deliver a combination of financial, social, and environmental outcomes.
The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
