Pillar Administration has acknowledged that initial moves for it to handle administration for the Reserve Bank of Australia's (RBA's) Officers' Superannuation Fund have been aborted.
Asked to comment on the status of the arrangement, Pillar chief executive Peter Beck said that while the administrator had been actively working with the fund to transition members, a decision had been made not to proceed.
The arrangement would have seen Pillar handling administration for the Officers' Superannuation Fund, Note Printing Australia and some staff of the Australian Prudential Regulation Authority (APRA).
However Beck said that after completing due diligence, Pillar and the RBA had "agreed not to proceed with the outsourcing of RBA's superannuation administration to Pillar".
He said the decision had been taken on the basis of the proposed arrangements not being mutually beneficial.
The asset manager is bolstering its investments in the global energy transition and climate opportunities.
The ethical investment manager has reported record FUM as its growth trajectory continues apace.
The chief investment officers of UniSuper, HESTA, and TelstraSuper have elaborated on opportunities and risks that are top of mind when it comes to illiquid assets like private credit within their portfolios.
In an address to the National Press Club last week, the incoming chair of Australia’s sovereign wealth fund said institutional investors could play a role in the winding road towards net zero.
Add new comment