Major institutional player BNY Mellon has made a key appointment specifically aimed at tapping into the self-managed superannuation funds (SMSFs) segment.
The company confirmed today that it had appointed former Perpetual and Alliance Bernstein staff member Brigette Leckie as vice president, intermediary relationships in Australia.
Announcing the appointment, BNY Mellon Asset Management Australia managing director Bruce Murphy said the new position had been created to support the company's planned expansion into the SMSF arena.
"The SMSF segment is the fastest growing in Australia but, as yet, has not embraced global investing as a way to diversify risk and improve returns," he said.
BNY Mellon Asia-Pacific chief executive Alan Harden said the company was very ambitious and had a long-term goal to become one of the premier investment management firms in the region.
"Australia is a key market in helping us achieve this goal," he said.
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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