Specialist superannuation administrator Australian Administration Services (AAS) has suffered a setback, losing its mandate to handle Queensland-based industry fund Austsafe.
Super Review understands that Austsafe, which has strong links to the Australian Workers’ Union and covers agricultural workers, has handed its administration mandate to SuperPartners following a review and competitive tendering process.
Austsafe has 150,000 members and boasts around $820 million in funds under management.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
HESTA has slammed Woodside’s climate transition action plan, pointing to “significant” gaps.
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