Opinion
What I took away from the world’s ‘festival of private capital’
The on- and off-stage antics at the extravagant Milken Global Conference in Los Angeles tell us a lot about where institutional capital is right on the money – and where it is putting its head in the sand. And while the event retains the extraordinary intellectual and financial firepower that has always been its signature, something has shifted. The absences are as instructive as what’s on the program.
Leadership & profiles
JANA gets new CIO as Frontier plots OCIO land grab
Former Morningstar Investment Management APAC chief investment officer Matt Wacher will join JANA as its new CIO as rival asset consultant Frontier Advisors prepares to bring its own outsourced CIO solution, powered by the former State Super investment team, to market.
Industry & regulation
Super complaints expected to reach 8000 in 2026: AFCA
Superannuation complaints to AFCA are on track to exceed 8000 this year, a second consecutive year of around 30 per cent increases. Heather Gray, who is retiring in May after six years as lead ombudsman for superannuation, told the authority’s Member Forum that the answer to reducing complaints lies in empowering funds’ IDR teams and communicating with complainants and AFCA early. The forum heard that handling unreasonable people is a critical skill.
CIO Series
Super is at peak illiquidity: UniSuper CIO
John Pearce, the chief investment officer of the $170 billion UniSuper, told Investment Magazine ‘s new podcast, the CIO Series, that demographic shifts mean Australia’s super funds are at “peak exposure” to illiquid assets, while the resurgence of the retail platforms could create near-term liquidity constraints.
12 – 14 May, 2026
Fiduciary Investors Symposium
21 July, 2026
Insurance in Super Summit
19 August, 2026
Retirement Leaders Summit
Leadership & profiles
Departing TelstraSuper investment head to fill HESTA portfolio design role
TelstraSuper acting CIO Kate Misic has moved to HESTA as head of portfolio design as her old fund enters the final stages of its merger with Aware Super.
Leadership & profiles
GESB CEO calls time: ‘Past regime of default super’ no longer sustainable
GESB chief executive Ben Palmer is set to leave the Western Australian government super fund, ending a 13-year tenure after steering the fund through the most significant change in its history. In a rare interview, Palmer examines the past, present and future of super and explains why GESB is treating platforms, not profit-to-member funds, as its benchmark.
Profiles
Why HESTA’s ‘joined-up thinking’ is one of its CIO’s favourite things
Sonya Sawtell-Rickson joined HESTA as the health industry workers’ super fund was taking steps towards investment internalisation and a total portfolio approach. She says the moves have been vindicated not only by member returns but in the “joined-up” conversations the now-$96 billion fund has with the companies it invests in.
Podcasts
Pension Policy Series podcast: What next for retirement policy reform?
The Conexus Institute executive director, Dr David Bell, and research fellow, Dr Geoff Warren, discuss key legislative reforms currently in the pipeline that need to be expedited by the government to support funds in their development of better outcomes for members.
Governance
Why funds need to deal with TPA’s ‘free rider’ problem
More and more super funds are pivoting to the TPA approach, but will need to confront the long-standing issues with accountability that come with it if they want that model to be sustainable into the future.
Governance
Aware backs tougher law to ensure company action against modern slavery
Aware Super has backed the call for a legislative change that will introduce mandatory human rights due diligence for large Australian companies, as head of responsible investment Liza McDonald said it’s a “reasonable request” which will help asset owners understand and manage the governance risks in their portfolios.
Industry & regulation
Diversa applies for $239m First Guardian government bailout
Diversa Trustees has applied to the government for a bailout of First Guardian investors worth approximately $239 million, arguing the losses were a result of fraud and it will be in the best financial interest to members.
Investments
Canada establishes new SWF amidst global push for nation-building investment
Canada has established its first national-level sovereign wealth fund with a seed of C$25 billion to underwrite “nation-building” projects like ports, mines and energy infrastructure. In an unusual funding mechanism, the fund will issue a retail product that will allow individual investors to invest with the SWF and “participate in Canada’s growth”.
Portfolio & risk management
‘Stick to your guns’: HESTA says disciplined DAA still delivers
Dynamic asset allocation has become increasingly popular among pension and sovereign wealth funds as a top-down tool to generate alpha and mitigate risk in the face of changing market conditions, though not every asset owner believes in the approach’s value-add. But HESTA’s general manager of dynamic assets Michael Blayney argues active asset allocation is just natural extension of the underlying logic in security selection.
