POWERED BY MOMENTUM MEDIA
Strong support for more competition in super admin sector
Just weeks out from the Australian Competition and Consumer Commission (ACCC) making its final decision around those eligible to bid for Pillar Administration, a new survey has revealed overwhelming support for more competition in the superannuation administration sector.
The survey, conducted by Super Review during the recent Association of Superannuation Funds of Australia (ASFA) conference, noted that the outsourced administration service provider market was very concentrated with limited choice and asked how important respondents believe it was for new providers to enter the market.
The survey found that nearly half of all respondents (48.9 per cent) believed it was very important, while a further 49.2 per cent believed it would be useful, while only 6.3 per cent believed it was unimportant.
The survey findings come as the ACCC considers whether Link Market Services should be allowed to bid for Pillar which is being sold by the NSW Government subject to a number of conditions.
The ACCC has already issued a preliminary opinion indicating that it believes Link has already achieved a dominant market position but subject to further representations on the issue.
In the absence of Link being permitted to bid for Pillar, the likely contenders are Mercer and private equity interests.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
