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
Treasury proposes sweeping YFYS changes to supercharge ’emerging asset classes’
Treasury is considering a new benchmark for “emerging assets” under proposed changes to the Your Future Your Super performance test meant to discourage the index-hugging behaviour that has characterised super fund investments since its introduction in 2021.
Investments
With YFYS changes, the nation-building poker game is reaching showdown
The performance test ‘side pocket’ proposal in the just-released Your Future Your Super consultation paper removes barriers to investing in nation-building, but that does not mean that there will be more investment as a result. Understanding why requires looking at both sides of the table.
Equities
Future Fund boosts active equity program with new EM manager
Australia’s sovereign wealth fund has added an active equity strategy from a local boutique manager to its emerging markets allocation and dropped one of its existing providers after signaling it had identified “inefficiencies” in the space.
