UniSuper, the tertiary education superannuation fund which emerged from a mega merger in October 2000, continues to grow from strength to strength, consolidating its position as the largest open fund in this year’s Super Review’s TOP 300.
The fund, which represents 37 of Australia’s universities, grew its assets by nearly $1 billion to $9.8 billion over the past year, and continues to offer an open defined benefit and accumulation sections.
UniSuper CEO Anne Byrne attributes the asset growth to reasonable investment returns and increased member contributions, but adds that the fund doesn’t categorise itself either as a public sector, industry or corporate fund.
It has been a busy year for Byrne whose challenges have included combining all the assets of the merged funds into one and finalising management appointments. Among these was that of former Deutsche Asset Management CEO Elizabeth Bryan as UniSuper’s investment committee chairperson this year.
The mega merger between the Superannuation Scheme for Australian Universities (SSAU) and Tertiary Education Superannuation Scheme (TESS) has given former TESS members access to investment choice for the first time. They can select one of seven choices, including two socially responsible investment options.
“Going forward, the challenge for everybody is to ensure that they comply with the Financial Services Reform Act and for UniSuper to define what is the role of our staff and university staff …. and also, to continue to be best practice. Therefore, we will look at what we are doing according to a range of issues whenever we do anything,” Byrne says.
She says the issues UniSuper is currently examining include the role it, as a super fund, should play in the corporate governance of companies it invests in, as well as the opportunities for investment in the commercialisation of university research.
The fund also aims to provide members with more information and enhanced member education through its revamped Web site, as well as its newsletters and through seminars. Membership communication is being improved, based on findings from a survey conducted late last year.
On a personal note, Byrne says her many challenges include remaining up-to-date on issues in the pension world, not just in Australia, ensuring that investment returns are in the top quartile and managing the fund cost-effectively while still maintaining a high level of quality.
