Paying market rates to get good people
Financial services organisations need to choose the right people and pay them appropriately if they are to successfully pursue change, a superannuation conference has been told.
The chief operating officer of UK-based USS Investment Management, Howard Brindle told the Conference of Major Superannuation Funds (CMSF) on the Gold Coast that creating the investment management business out of a universities-based pension fund had represented a substantial challenge which had meant changing internal attitudes.
He said one of the internal attitudes which had changed was the belief that it was appropriate to pay people below market rates in the belief that this was acceptable because it was offset by lifestyle benefits.
Looking at the billions of dollars in funds under management being handled by USS IM, Brindle said when managing that amount of money it was important to pay the right money to get the right people.
"It is amazing what you can do if you have the right people and appropriately empower them," he said.
Brindle said that once the right people had been employed they, in turn, needed to be empowered to hire more good people.
Recommended for you
Australia’s largest super fund, AustralianSuper, has announced multiple additions to its executive leadership team to focus on global growth and innovation.
Super Review rounds up last month’s biggest people moves in the superannuation industry, including a new fund chair and a private markets head.
Investment returns for the Future Fund hit a milestone in September, adding $200 billion in value for the first time ever.
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
