POWERED BY MOMENTUM MEDIA
RC may signal more corporate super exits
The future of a number key corporate superannuation mandates will be in the balance on Monday evening when the Government makes public the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Money Management has learned that a number of corporate superannuation funds have asked major consultancies to examine their options in the event that their current providers are named and shamed in the final report of the Commissioner, Kenneth Hayne.
The contingency planning comes against the background of a number of corporate funds last year moving to change providers in the wake of revelations at the Royal Commission, particularly those concerning AMP Limited.
AMP last year lost the corporate superannuation mandates of Australia Post and Anglican National Super, but managed to retain most of its other corporate superannuation business.
Money Management understands that the contingency planning being undertaken by corporate superannuation clients extends beyond AMP clients with those of IOOF Limited, BT and others also contemplating their options.
The Royal Commission’s final report will be made public after the close of trade on the Australian Securities Exchange (ASX) on Monday.
Recommended for you
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.
The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity.
A ratings firm has placed more prominence on governance in its fund ratings, highlighting that it’s not just about how much money a fund makes today, but whether the people running it are trustworthy, disciplined, and able to deliver for members in the future.
AMP has reached an agreement in principle to settle a landmark class action over fees charged to members of its superannuation funds, with $120 million earmarked for affected members.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
