MLC superannuation subsidiary Plum Financial has picked up two new corporate superannuation mandates worth around $340 million — the Royal Automobile Club of Victoria (RACV) and pharmaceutical manufacturer Merck Sharp & Dohme.
The mandates were won by way of a tender process and involve the superannuation accounts of around 3,000 members.
Acknowledging the mandate wins this week, Plum managing director Scott Hartley claimed the company had not been unduly affected by member switching generated by the uncertainty surrounding the global financial crisis.
“Although we received greater numbers of enquiries about switching, the vast majority of members have maintained their investment strategy,” he said.
“While some superannuation funds have reported significant member switching, our cash option holdings have increased by less than 3 per cent in the past 12 months,” Hartley said.
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