Russell Investments has targeted industry and government funds with the launch of a new consulting service.
Russell Future Proofing Consulting (RFPC) will offer advice and solutions to assist industry and government funds retain members during this period of regulatory change.
To lead the new service and a team of 15, Russell has appointed former AMP Capital Investors executive Michael Clarke as managing director, industry and government funds.
Chief executive for Australasia, Chris Corneil, said the new appointment and service will help funds with governance issues, developing retirement solutions for members and MySuper requirements.
He said one of the major issues for funds leading up to legislative change has been the prospect of scale requirements for MySuper products, which has left some funds feeling that mergers are the only option.
Corneil said one alternative could be keeping the existing fund but outsourcing fixed costs, while areas like product development and member services can be made more cost-effective.
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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