Local Government Super (LGS) has accrued $11 billion funds under management (FUM), just 11 months after it hit $10 billion last April, suggesting a growing appetite amongst Australians for long-term sustainable investment.
LGS chair, Bruce Miller, said that the performance of the fund showed that sustainably investing has clear commercial benefits.
“The strong performance of the fund across various asset classes demonstrates that responsible, sustainable investment makes real commercial sense,” he said.
“The market is quickly catching up to the fact that long-term growth sectors that support positive social or environmental change are the same sectors that will ultimately deliver lasting and reliable returns – a truly win-win scenario.”
LGS held investments in Australian and international shares, property, infrastructure, private equity, fixed interest and absolute return asset classes.
The fund said that over the past year, its in-house property fund, international shares and private equity in particular had positively contributed to its growing FUM.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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