Fund Company Update

UniSuper moves to 7% fossil fuel exposure

In line with its net zero goals, the UniSuper board has put a cap on fossil fuel exposure of seven per cent, while divesting from companies that generate over 10 per cent of revenue from extracting and producing thermal coal. UniSuper has committed to a net zero portfolio by 2050 and a 45 per cent reduction by 2030.

ETF Securities acquired by Mirae and Global X

ETF Securities is now Global X ETF after being purchased by Mirae Asset Financial Group and Global X earlier in 2022. The combined company will use the Global X ETF name and logo and ETF Securities’ listed products will get new names, without any impact on the funds’ structure.

AMG Super rebrand

AMG Super has opted to close it’s MySuper product after it failed the Your Future, Your Super performance test for the second time, after it was closed to new members. AMG Super has decided to focus on its wealth management platform for advisers, moving away from its offering of a MySuper product. AMG Super will undergo a rebrand, now to be known as Acclaim Wealth. AMG stands for Acclaim Management Group. A new portfolio service called Acclaim Invest will be launched, with the superannuation fund called AMG Super name and branding.

RIAA names responsible investment leaders

Australia’s assets under management in the responsible investment market hit a record $1.54 trillion last year, up from $1.28 trillion in 2020. A new report from the Responsible Investment Association of Australasia (RIAA) shows that 43 per cent of the total managed funds are responsibly managed, compared to 40 per cent in 2020 and 31 per cent in 2019. ESG integration, the most popular approach, is sitting at $752 billion.

Out of 140 investment managers in the collection, 74 companies were found to be leaders, including AustralianSuper, Aware Super, UniSuper, IFM Investors, AMP Capital, Pendal, QIC, Perpetual, Fidelity and BetaShares. RIAA-certified products outperformed over the medium to long term.

New ESG award from ANZIIF, QBE takes trophy

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) 2022 Australian Insurance Industry Awards have introduced new categories, including the Excellence in Environmental, Social and Governance Change (ESG) award recognising outstanding ESG business strategies and practices. QBE won the award, with other finalists Honan Insurance, Insurance Australia Group (IAG) and Swiss Re.