Statewide Super’s big returns
A key investment option backed by more than 90 per cent of SA superannuation fund Statewide Super’s members has delivered stellar seven-year returns.
SA Business
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A key investment option backed by more than 90 per cent of SA superannuation fund Statewide Super’s members has delivered returns of 8.42 per cent over seven years.
About 122,832 members of Statewide Super, or 91.5 per cent, have some funds in its MySuper investment option.
The diversified asset option has a medium to high exposure to risk and is suited to those looking for relatively high returns over the medium to long term and who can handle fluctuations in returns and won’t be cashing out super for ten years or more.
Statewide Super chief executive officer Tony D’Alessandro said the fund is one of the few of its size that has been able to compete on long-term returns for its members.
“The median for 7-year returns is an estimated 7.4 per cent, compared to Statewide Super’s 8.42 per cent,” Mr D’Alessandro said.
Statewide Super chief investment officer Con Michalakis said the long-term figures demonstrate continued commitment to members and offers some comfort in what has been a volatile year.
The updates comes as new chief risk officer Jason Muir settles into the key position, which has given him autonomy to build a risk road map for the group.
“Risk should inherently be a part of the culture of an organisation and as such, I want to impart my philosophical view that risk is an enabler to support people to make better decisions,” says Mr Muir, who joined in May.
Former chief risk officer Kieran Netting and chief financial officer Grant Eastwood were sacked in January this year following “a failure to conform to internal controls’’.