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.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
Add new comment