South Australian private sector fund, Statewide Superannuation Trust, has appointed a leading businessman as its new chairperson and a senior female union official to its board.
Statewide chief executive Francis Magill said a director with the fund since 2007, Nicholas Begakis, had now assumed the chairmanship while ACTU executive member Janet Giles had been appointed a director.
Begakis is the chairman of a South Australian food company and has experience in the manufacturing, merchant banking and corporate recovery sectors.
Magill said the appointments, together with that of Lindsay Oxlad as chairperson of the fund's subsidiary, Statewide Financial Management Services, provided the organisation with strategic experience and leadership.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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