Plum picks up corporate mandates

MLC superannuation subsidiary Plum Financial has picked up two new corporate superannuation mandates worth around $340 million — the Royal Automobile Club of Victoria (RACV) and pharmaceutical manufacturer Merck Sharp & Dohme.

The mandates were won by way of a tender process and involve the superannuation accounts of around 3,000 members.

Acknowledging the mandate wins this week, Plum managing director Scott Hartley claimed the company had not been unduly affected by member switching generated by the uncertainty surrounding the global financial crisis.

“Although we received greater numbers of enquiries about switching, the vast majority of members have maintained their investment strategy,” he said.

“While some superannuation funds have reported significant member switching, our cash option holdings have increased by less than 3 per cent in the past 12 months,” Hartley said.