The superannuation administration sector appears to be reshaping itself following Mercer’s acquisition of Pillar Administration and with at least three funds reviewing their administration needs.
In the same week that former Financial Planning Association (FPA) chief executive, Jo-Anne Bloch returned from Mercer in the US to run the Pillar Administration business as Mercer Wollongong, Super Review understands that three super funds have taken their administration needs to market – TWUsuper, EISS Super, and Energy Super.
The three tender processes will be viewed as a test of market sentiment towards the former Pillar business and the Link Market Services-owned, Australian Administration Services (AAS).
TWU Super is currently using AAS, as is EISS while Energy Super is using Independent Fund Administrators and Advisers (IFAA).
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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