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The A$53bn industry fund says it may have to invest over shorter time horizons if the early withdrawal scheme is extended.
Changes to financial hardship provisions have seen members affected by covid-19 withdraw significant sums, with the largest funds and those with membership cohorts in struggling industries the hardest-hit.
The two profit-for-member funds have delayed their merger date by six months due to concerns about market volatility and to help ease staff working arrangements.
Managers should get ready for internationalisation, downward pressure on fees and bigger private capital allocations, should the current wave of mergers come to pass.
Sydney skyline
Speaking at a conference in Sydney, Mark Delaney highlighted the stronger-than-expected returns generated by infrastructure in comparison to bonds.
The two funds, which both count public-sector workers among their membership, say a merger will lead to stronger returns and lower fees for members.
Sydney skyline
Diana Callebaut's departure comes a little over a week since the superannuation fund announced its CEO, David Atkin, would also be stepping down by mid-2020.
First State Super CEO Deanne Stewart will continue as chief executive of the merged entity, which the two funds said would provide access to more investment opportunities and reduce costs.
Troy Rieck, the superfund’s newly appointed CIO, talks fees, an increase in co-investments and debt commitments, and why he ‘doesn’t care’ about the definition of infra – as long as it’s a good investment.
Brisbane, Queensland
The combined entity would have more than A$180bn of AUM and be larger than the country’s current largest fund, AustralianSuper.
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