UniSuper, the higher education and research sector, has announced it will open to new members from outside the sector from July this year.
However, the $95 billion fund said it would continue to maintain its ‘strong affinity and deep knowledge of the sector’.
Over the 10 years to 31 December, 2020, the Balanced/My Super option ranked equal first among all super funds, returning 9% per annum, the firm said.
UniSuper’s chief executive officer, Kevin O’Sullivan, said that the regulatory change and industry consolidation significantly reshaped the super sector and would continue to do so in coming years and both the higher education sector and the super industry were undergoing significant disruption.
“In this environment, scale is increasingly critical in delivering strong performance and competitive fees for the benefit of all members. We have scale now, and opening more broadly will enable UniSuper members to benefit from even greater scale,” he said.
“As the fifth largest super fund in the country and largest investor in ESG-themed strategies — with more than $10 billion in funds under management across these options— UniSuper is well placed to navigate the changing environment and welcome new members from outside the sector given our strong investment performance, leadership in sustainable investing, low fees and strong member focus.”