POWERED BY MOMENTUM MEDIA
(July-2003) Local Govt schemes to team up
Seven local government super schemes around Australia, with more than $10 billion in combined assets and over 250,000 members, are poised to form an association in a bid to boost their bargaining power and efficiencies.
They are set to meet again in early August to resolve constitutional issues.
It is understood that Brett Westbrook, CEO of the Local Government Superannuation Scheme and the Energy Industries Superannuation Scheme, has been put forward as the association’s chair. Westbrook, however, declines to comment on this possiblity.
“We have not signed the constitution yet and while some members have indicated that they’d like to see me take on the role of chair, that hasn’t been resolved yet,” he says.
The formation of an association will allow the funds to speak with one voice. While the funds have been working together as an informal forum since 1993 to compare notes, the drive now is to formalise this relationship.
The association is expected to bolster the funds’ clout when negotiating contracts with service providers and to facilitate the sharing of ideas and resources between them.
AUTHOR
Zilla Efrat
Recommended for you
Australia’s largest super fund has warned APRA against implementing prescriptive governance requirements that impose con...
Nuclear weapons, the ultimate symbols of destruction, are bad, unless, of course, you’re a super fund quietly growing its portfolio off the back of them.
The Australian Prudential Regulation Authority (APRA) has warned superannuation trustees to lift their game on managing fund expenditure, after identifying shortcomings in how some funds justify spending decisions under the best financial interests duty.
Treasurer Jim Chalmers says the best defence against global economic uncertainty is a more productive economy and a more sustainable budget.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
