ING has picked up a key corporate superannuation mandate, winning the right to handle three QBE Staff Superannuation Funds and combine them into a single entity.
An ING spokesman confirmed the mandate this week and said it followed an extensive tender process conducted by QBE.
Under previous arrangements, the largest of three QBE funds had been administered by Russell, while ING had responsibility for the two small funds.
The funds are understood to have a combined value of around $350 million and to cover more than 3,000 members.
The $75 billion fund has gained exposure to decarbonisation solutions in its first listed equities impact investment.
The superannuation fund is expanding its investment exposure to industrial property through a $1 billion partnership with Barings, a global investment manager.
AustralianSuper has usurped the Future Fund as the biggest Australian asset owner, jumping from 43rd to 36th place globally, according to an annual study by the Thinking Ahead Institute.
IFM Investors, the global institutional asset manager owned by superannuation funds, has signed a memorandum of understanding with the UK government to invest £10 billion by 2027.
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