MLC-backed Plum Financial Services has picked up a significant corporate superannuation mandate: the BP Superannuation Fund.
Plum has been appointed to provide superannuation services to the $470 million, 2,500-member corporate fund.
According to Plum, the BP mandate, together with other wins this year, has added $4.7 billion in funds under administration and 45,000 new members.
Other funds to come under the Plum umbrella include Royal Automobile Club of Victoria, Merck Sharp & Dohme and NAB Staff Superannuation Fund.
JANA Investment Advisers will provide the investment management services element of the BP mandate.
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.
Add new comment