Russell Investments has picked up an implemented investment mandate from small industry fund, NESS Super.
The mandate was confirmed by both NESS Super and Russell on Wednesday with confirmation that the fund had recently transferred $700 million into Russell’s management.
Commenting on the mandate, Russell Investments managing director, Australian Institutional, Jodie Hampshire said it would entail investment consulting and implementation advice as well as the delivery of investment strategies.
NESS Super acting chief executive, Peter Murphy said the fund had turned to Russell Investments in large part due to the firm’s experience with superannuation funds, its range of investment capabilities and willingness to engage in complexity.
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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.
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