AustralianSuper

Last updated
AustralianSuper
Company type Mutual fund
Industry Superannuation
Predecessors
  • Australian Retirement Fund (ARF)
  • Superannuation Trust of Australia (STA)
Founded1 July 2006;17 years ago (2006-07-01)
Headquarters,
Australia
Key people
Paul Schroder (CEO)
Mark Delaney (Deputy CEO and CIO)
AUM Increase2.svgA$300 billion (2023) [1]
MembersIncrease2.svg 3.2 million (2023) [1]
Number of employees
1,471 (2023) [1]
Website www.australiansuper.com

AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure.

Contents

With nearly A$300 billion of retirement savings under management and over 3.2 million members, AustralianSuper is the largest superannuation fund in Australia and the eighteenth largest pension fund in the world. [1] [2]

History

AustralianSuper was established on 1 July 2006 through the merger of Australian Retirement Fund (ARF) and Superannuation Trust of Australia (STA). [3] Ian Silk, who was the CEO of ARF, became the CEO of AustralianSuper; while Mark Delaney, who was the CEO of STA, became the Deputy CEO and CIO of AustralianSuper.

In June 2022, Labour Union Co-operative Retirement Fund (LUCRF) Super was merged into AustralianSuper. [4] In September 2023, AustralianSuper invested $1.5 billion into Vantage Data Centres. [5] Also in September, The Australian securities regulator issued a lawsuit against AustralianSuper, claiming the fund failed to uphold appropriate policies for identifying members who had multiple accounts. [6]

In November 2023, it bought significantly more shares in order to oppose a deal for Origin Energy, one of Australia’s largest energy companies and climate polluters, to be bought by Brookfield Renewable Partners, potentially blocking the deal. This deal would have led to “a big transition, shutting down coal, getting rid of gas, (and) building up 14 gigawatts of wind and storage” which was more than the Australian Governments renewable energy target. [7] They felt the deal undervalued the company, despite it being higher than independent valuations, and also refused to join the deal. [8]

In January 2024, AustralianSuper raised its stake in lithium miner Pilbara Minerals and Endeavour Group. [9]

Features

AustralianSuper offers a 'Member Direct' option, allowing users greater control in selecting a portfolio of Australian shares, ETF's, term deposits and cash. [10] The member direct option was designed for the purpose of competing with SMSF options. The fund has a MySuper authority. The fund's trustee is owned jointly by the Australian Council of Trade Unions, and employer peak body Australian Industry Group.

AustralianSuper's asset portfolio is invested globally, and includes shares, transport infrastructure, office blocks, and shopping centres. [11] The fund owns two-thirds of London's Kings Cross Central development. [12]

Controversies

In 2021, the fund was criticised by the AFR for forcing subscriptions to The New Daily onto its members, unless opted out within one-month. [13] The paper was designed and funded by the Industry Super Holdings.

In 2022, the company launched a new digital platform including a new online portal and mobile phone applications. The updates were met with severe criticism as members were unable to access their accounts and were unable to get any answers from the customer support portals. [14]

See also

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References

  1. 1 2 3 4 "FY23 Annual Report" (PDF). AustralianSuper. Retrieved 20 October 2023.
  2. "World's top pension funds see the largest assets fall in 20 years". WTW. Retrieved 20 October 2023.
  3. "AustralianSuper Annual Report 2007" (PDF). AustralianSuper. Archived (PDF) from the original on 2020-11-02.
  4. "Conservative headline act at CPAC is no Tupac". 2 August 2022.
  5. "AustralianSuper invests €1.5 billion in Vantage Data Centres EMEA". Data Center Dynamics. Retrieved 16 January 2024.
  6. "Regulator sues AustralianSuper over multiple pension accounts". Reuters. Retrieved 16 January 2024.
  7. "Origin takeover: Big Super shouldn't block Brookfield's bid for Origin". 2023-11-20. Archived from the original on 2023-11-20. Retrieved 2023-11-20.
  8. "AusSuper rejects eleventh-hour offer to join Origin bid". Australian Financial Review. 2023-11-13. Retrieved 2023-11-20.
  9. "AustralianSuper ups stakes in Pilbara Minerals, Endeavour Group". Nasdaq. Retrieved 16 January 2024.
  10. "Member Direct". AustralianSuper. Archived from the original on 2018-09-11. Retrieved 2019-08-21.
  11. "AustralianSuper Annual Report 2016-17" (PDF). AustralianSuper. Archived (PDF) from the original on 2018-08-03.
  12. "Bisnow". Capital Sees Record Starts For Office Projects Even As Biggest 2024 Openings Sit Empty. Retrieved 16 January 2024.
  13. "AusSuper signs up its 2 million members to news website". Australian Financial Review. 2021-05-19. Retrieved 2023-06-18.
  14. Sharples, Sarah (9 January 2023). "AustralianSuper plagued with upgrade issues, users locked out of accounts". News.com.au . Retrieved 9 January 2023.