UniSuper has surpassed the $100 billion in funds under management (FUM) milestone as it opens to members outside the higher education sector on Monday.
Kevin O’Sullivan, UniSuper chief executive, said: “Today is a momentous occasion for the fund. Hitting $100 billion in FUM, including over $12 billion in our sustainable options, as we open our doors to all Australians, marks a significant milestone for UniSuper.
“The continued growth and popularity of our three sustainable investment strategies along with the exceptional investment returns of almost 50% from our unique Global Environmental Opportunities option have contributed to the fund hitting this key milestone.
“There has been a tremendous amount of work in the build-up to today, and we’re thrilled to finally bring our award-winning range of services and investments to a wider audience, while continuing to offer the same excellent service our existing members have come to expect.”
O’Sullivan said since announcing it would open to a wider market in early May, the response from existing members was positive.
“This is a real testament to our member focus, consistent strong performance and low fees,” O’Sullivan said.
“This powerful combination, and our growing scale, will be even more important as regulatory change and industry consolidation continue to reshape the super sector.
“It’s been a real honour to lead this wonderful organisation over the last eight years and I’m very proud of the many successes achieved.
“Opening the fund more broadly signifies an exciting new chapter for UniSuper, and this is just the beginning.”
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.