Just how much major industry superannuation funds pay in investment fees to fund managers and others has been laid bare to a Parliamentary Committee.
Industry fund, Hostplus has revealed that it paid a total of just over $229 million in fees, with the greatest portion related to the fund’s exposure to Australian equities and international equities.
The superannuation fund revealed it spent $193,199,647 on management fees and $35,805,660 on performance fees.
The superannuation revealed the fee expenditure when providing an answer to a question on notice asked during hearings by the House of Representatives Standing Committee on Economics inquiring into the banks and superannuation funds.
NSW Liberal member, Jason Falinski had asked who had been the largest receiver of management fees paid by the company.
Taking the question on notice, Hostplus chief executive, David Elia said the fund had some active Australian equities managers which had performed exceptionally well.