POWERED BY MOMENTUM MEDIA
Pillar and RBA part ways on admin mandate
Pillar Administration has acknowledged that initial moves for it to handle administration for the Reserve Bank of Australia's (RBA's) Officers' Superannuation Fund have been aborted.
Asked to comment on the status of the arrangement, Pillar chief executive Peter Beck said that while the administrator had been actively working with the fund to transition members, a decision had been made not to proceed.
The arrangement would have seen Pillar handling administration for the Officers' Superannuation Fund, Note Printing Australia and some staff of the Australian Prudential Regulation Authority (APRA).
However Beck said that after completing due diligence, Pillar and the RBA had "agreed not to proceed with the outsourcing of RBA's superannuation administration to Pillar".
He said the decision had been taken on the basis of the proposed arrangements not being mutually beneficial.
Recommended for you
Taking a purely passive investment approach is leaving many investors at risk of heightened valuation risks, Allan Gray and Orbis Investments have cautioned.
Annual trimmed mean inflation saw a slight spike in April, according to data from the ABS.
Active managers say that today’s market volatility and dislocation are creating a fertile ground for selective stock picking, reinforcing their case against so-called “closet indexers”.
Platform leaders admit they’re operating under constant pressure and a persistent “state of paranoia” to keep pace with technology that is reshaping how clients access and interact with their wealth.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
