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Member demand sees NGS add low-cost option
NGS Super has responded to demand from its members with the introduction of the low-cost Indexed Balanced investment option.
The new investment option is aimed at older or more conservative Australians who are feeling anxious about the current market volatility and want to reduce fees, according to NGS Super chief executive Anthony Rodwell-Ball. The objective of the new option will be to achieve a return of 3 per cent above the consumer price index.
"The investment management fee is 0.15 per cent, substantially below the investment management fee of our Diversified default option, which is 0.77 per cent. The asset allocation for the Indexed Balanced option is split into 67.5 per cent growth assets and 32.5 per cent defensive assets," said Rodwell-Ball.
Rodwell-Ball was quick to add that the option was not NGS Super's response to MySuper. He said it was too early to tell what would be required of default funds under MySuper, although he added it was likely the NGS default Diversified option would qualify.
NGS Super recently released its annual report, showing the effect of the merger with Cuesuper which officially took place on 1 April 2011. Rollovers received was up from $80 million as of 30 June 2010 to $460 million as of 30 June 2011, reflecting the influx of Cuesuper members.
Additionally, NGS Super inherited significant investment mandates from Cuesuper. These included a $34.5 million Schroder Investment Management mandate, and a $32 million Diversified Asset Management mandate that has since been liquidated. NGS Super also awarded Vanguard Investments a $60 million global listed property mandate, according to the fund's annual report.
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