Major superannuation funds administrator, Link Market Services is predicting more fund mergers but a potential slowing in superannuation fund growth in the wake of the COVID-19 pandemic.
In a presentation delivered to a Macquarie Australia investor conference, Link pointed to the increased pressure and activity placed on administrators as a result of COVID-19, not least the Government’s hardship superannuation early release.
It said that call volumes within its member contact centres had been driven by investment switching, advice and super early release but that a decrease in fund members was anticipated from early access withdrawals.
Looking over the horizon, the Link predicted increased fund merger activity and increased new business opportunities driven by “increasingly complex regulatory and operating environment”.
However, it cautioned that industry growth of new accounts might slow through early access, lower employment growth and lower workforce mobility.
BlackRock boss Larry Fink praised Australia’s superannuation system in his annual chairman’s letter.
The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
Add new comment