POWERED BY MOMENTUM MEDIA
APRA’s alternative facts
Many a senior Cabinet minister will acknowledge that their journey to the front bench was accelerated by their performance on various Parliamentary Committees.
Rollover can think of many politicians who made their name in the committee rooms of the Federal Parliament not least former Labor Senators Robert Ray and John Faulkner and, in a very different way, former House of Representatives speaker, Bronwyn Bishop.
So it was with a wry smile that Rollover noted the efforts of the Federal Opposition spokesperson on Financial Services, Senator Katy Gallagher, during Senate Estimates where she was doing her utmost to pursue endorsement of the notion that industry funds are better than their counterparts.
Questioning senior executives of the Australian Prudential Regulation Authority (APRA), Gallagher asked what the regulator was doing with respect to the under-performance of some superannuation funds.
Gallagher would have been disappointed in the response of APRA deputy chair, Helen Rowell who acknowledged that the regulator was keeping a close eye on under-performance across the superannuation sector and had some “firm conversations” with laggards.
“Actually, in our list of the bottom segment, a large proportion of those are not-for-profit and industry funds in particular,” she said.
Cue Coalition questions on notice.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
Recommended for you
With rainy weather abound in Sydney, Rollover was sat in front of his TV watching the smorgasbord of niche documentaries free-to-air has to offer.
As a history buff, Rollover is well-aware of the importance of the role the vanguard plays in a military force, as the leader at the front of battle.
Now that crypto investing is mainstream, with Rest Super announcing it will put a portion of its funds into it, Rollover wonders whether his grandkids will think he is hip when he shows them his crypto balance in his new digital wallet.
Rollover is almost as fascinated by superannuation fund mergers as the deputy chair of the Australian Prudential Regulation Authority (APRA), Helen Rowell.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment