Just months after being sold by Telstra, Australian Administration Services (AAS) has lost a key client to Pillar Administration.
After undertaking a review of its administration needs, the big AXA-owned eligible rollover fund National Preservation Trust (NPT) opted to end its long-running relationship with AAS.
NPT is the eligible rollover fund for a number of corporate and industry superannuation funds, including Holden, Transuper, Care Super and the new on-line superannuation offer, maxsuper.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.