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ASX launches first Australian bond and credit index futures
|ASX has launched Australia's first exchange traded bond and credit index futures, giving institutional investors a new way to manage exposure to the domestic fixed income market.
Second bidder emerges for Equity Trustees
|Following TPG Global's initial bid for Equity Trustees' holding company last week, a local investor has joined with an improved offer.
HESTA reduces fees, minimum balance for income stream
|HESTA will reduce administration fees and lower the minimum balance required to start an income stream account from September 30.
AMP North appoints head of strategic growth
|AMP North has appointed Emma Kirk as head of strategic growth, marking her return to the financial services giant after two decades.
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Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
As an ex-employer nominated Board member of an industry fund, I was always impressed by the employee representatives on the Board (oh those terrible union officials) and their motives with regard to the Fund..
They considered the establishment of a retirement scheme for their working class members one of their greatest achievements and industrial issues never, by my observation, conflicted with their objective of maximising the retirement benefits for their members. Their philosophical problem was that they were making their socialist members capitalists by default. They were however always interested in an employer that was behind or defaulted in his payments, but so they should be.
Anyway, the proof will be in the future returns to members as industry funds beat the retail funds hands down currently, so we will see what happens. I think it must be all to do with Mr Abbott's inability to deal with trade unions and his determination to destroy the good work that they do in this area and also he wants to give the retail funds (and their profit margin) a leg up at every opportunity.
Has anyone ever heard of any fraud or misappropriation or any negative in the administration of an Australian industry fund that has made this change necessary?