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(November-2003) Industry funds’ winning streak
There’s been plenty of good news for industry funds with some exciting wins in the outsourcing stakes, including the Seafarers’Retirement Fund scooping the AdSteam super fund, ASSET picking up a Salvation Army fund and Acumen enjoying no rest in its growth.
The tender for the AdSteam Superannuation Fund, which has assets of around $76 million and 650 members, is the first tender to be won by the Seafarers’ Retirement Fund, which is focused on the maritime industry.
Glenn Davis, the newly appointed CEO of the Seafarers’ Retirement Fund, says the win brings his fund’s assets close to $600 million and its membership to around 7000.
In a similar move, the Salvation Army Australia Eastern Territory, which has estimated assets of between $16-20 million, has moved its superannuation arrangements from MLC to ASSET Super, which has funds under management of $555 million.
Meanwhile, Acumen Super, which is owned by industry fund REST, says its assets have grown to over $140 million since its launch just over 12 months ago.
St John Ambulance WA, Fidelity Investments Management (Australia) and Mitsui & Co (Australia) are the latest clients to come on board, bringing the total number of Acumen clients to 14.
Neil Cochrane, CEO of REST and Acumen Super, attributes these wins — and ongoing market interest — to Acumen’s competitive pricing, flexibility and high levels of personalised service.
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The super fund has significantly grown its membership following the inclusion of Zurich’s OneCare Super policyholders.
Super balances have continued to rise in August, with research showing Australian funds have maintained strong momentum, delivering steady gains for members.
Australian Retirement Trust and State Street Investment Management have entered a partnership to deliver global investment insights and practice strategies to Australian advisers.
CPA Australia is pressing the federal government to impose stricter rules on the naming and marketing of managed investment and superannuation products that claim to be “sustainable”, “ethical”, or “responsible”, warning that vague or untested claims are leaving investors exposed.
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