Queensland-based fund, Sunsuper has entered into an alliance with investment firm, Vanguard Group, to "share expertise and resources".
The alliance was announced to the market today, with Sunsuper chief executive, Scott Hartley saying that as as the world's largest mutual investment manager, Vanguard shared common business values with the fund.
As part of the arrangement, Sunsuper will direct mandates for passive investment management to Vanguard "as appropriate and subject to favourable market conditions"
"This alliance represents a fantastic opportunity for Sunsuper," Hartley said. "Both Sunsuper's members and staff are set to benefit from the expertise and the $3 trillion global investment scale Vanguard brings to the alliance. It will give Sunsuper direct access to Vanguard's investment management expertise plus the ability to draw on a broad range of functions, including member services, product development, digital and technological development, and economic and market insights."
"Our aim is to extract as much value from the relationship as we can in order to pass the benefits of Vanguard's world-class expertise on to our customers in the form of new and improved products and services," Hartley said.
Vanguard Australia Managing Director, John James described the alliance as exciting saying it brought Vanguard's global scale to Sunsuper.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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