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Russell Investments has consolidated its relationship with OneSteel via a corporate superannuation outsourcing mandate.
Russell announced on Monday that the OneSteel fund would tuck into the Russell Super Solution Master Trust.
The mandate represents the next step in an ongoing relationship that had seen Russell providing trusteeship, administration and investment management services.
Russell had been working with OneSteel since 2001 and described the mandate as representing one of the largest master truss mandates in Australia.
The OneSteel fund has around 5,000 members and $1.1 billion in funds under management.
APRA-regulated funds have reportedly raised concerns with the government over Division 296, as news of potential policy tweaks makes headlines.
The CEO of one of Australia’s largest super funds says his outfit has become an expert at rolling with regulatory punches, but warned government interference in investment decisions would be a disaster for members.
A private member’s bill to allow for the splitting of super balances between spouses was introduced to the Senate on Thursday.
With the latest print of GDP figures overshooting economist expectations, analysts have warned that the Reserve Bank of Australia (RBA) could face a difficult policy path ahead.