Specialist superannuation administrator Australian Administration Services (AAS) has suffered a setback, losing its mandate to handle Queensland-based industry fund Austsafe.
Super Review understands that Austsafe, which has strong links to the Australian Workers’ Union and covers agricultural workers, has handed its administration mandate to SuperPartners following a review and competitive tendering process.
Austsafe has 150,000 members and boasts around $820 million in funds under management.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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