ING has picked up a key corporate superannuation mandate, winning the right to handle three QBE Staff Superannuation Funds and combine them into a single entity.
An ING spokesman confirmed the mandate this week and said it followed an extensive tender process conducted by QBE.
Under previous arrangements, the largest of three QBE funds had been administered by Russell, while ING had responsibility for the two small funds.
The funds are understood to have a combined value of around $350 million and to cover more than 3,000 members.
The sovereign wealth fund grew $11.5 billion in the March quarter, according to its latest portfolio update, having previously voiced caution about inflation’s downward trajectory.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
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