The ASFA IMA model was designed from the perspective of the Superannuation agent. It differs from the previous version of the Good Practices document in strengthening the responsibility and responsibility of the investment manager and reflects all the new requirements of siS and APRA (as in the included regulatory checklist). According to a study by local consultant CoreData, the average Australian pension fund holds about AUD 2.3 billion, which is still well below auD 10 billion, generally recognized as a breaking point where the benefits of the scale come into effect. The country`s second largest pension fund, the AustralianSuper, with AUD 46 billion, recently won the contract to manage the AUD 1.7 billion IBM pension fund, while StatewideSuper and Local Super merged to create a new 160,000-member fund worth AUD 4 billion. CareSuper and Asset Super will merge this year to create a AUD 6.5 billion fund, although another major merger between Equipsuper and Vision Super collapsed after the absence of an agreement between the two funds. «We expect the number of superfunds to decrease by 40% over the next 10 years, based on industry knowledge,» says a recent CoreData research paper. David Elia, Chairman of the Board of Directors of the AUD 9.9 billion HOSTPLUS fund, says some of its investment managers have recently agreed to reduce fees after underperformance in a challenging market environment. «We had three or four managers who did just that.» Allens is pleased to have been involved in updating the Financial Services Council`s Investment Management Bid Agreement. The provision of FSC members and other industrial materials with good practice materials ensures that the sector meets high standards. Bryan Gray, director of sales and client management at J.P. Morgan Worldwide Securities Services in Australasia, says the company has recently experienced a significant share of the merger business. J.P.
Morgan is the second largest director of the Australian market with a fortune of about AUD 400 billion. «The largest funds in the market are really positioning themselves as a one-stop shop at great prices and are actually making economies of scale for the benefit of their members. If we move into a MySuper environment next year, it will be very important. The purpose of this document is to provide best practice guidelines for a wide range of issues facing attorneys in the management of claims. To achieve this, it is necessary to adequately explain the legal framework. Thus, the 3rd edition of this good practice document (January 2015) is more comprehensive than its predecessors. However, this document should not be construed as legal advice. Investing is a basic capacity of superfunds. Traditionally it has been outsourced, but in recent years there is a tendency to insurcize parts of the function. Directors may receive recommendations from management or consultants.
The purpose of this paper is to assess the challenges faced by the agents who review these recommendations. A working group made up of members of ASFA`s investment policy subcommittee and ASFA`s Best Practices Committee reviewed the 2006 ASFA Best Practices document in detail. Difficult investment markets over the past four years have strengthened the accountability of super-insurance fund administrators to ensure that the investment decision-making process within their funds is clearly delineated, documented and understood by internal and external investment service providers. Cost management An industry-wide increase in royalties: costs remain a priority for the sector when the MySuper scheme is introduced. A number of major industry funds, such as AustralianSuper, have started in-house investment management, while other funds have been able to negotiate lower fees.