Cbus seems to be to show web page with $100b FUM however outdated | Australian Markets
Large construction industry superannuation fund, Cbus has regarded to show the web page on the controversies of 2024 by pointing to the truth that robust investment returns have seen its funds below management grow to $100 billion.
However the Federal Opposition seems decided to make sure Cbus stays within the headlines.
The news of the growth in FUM comes as Federal Opposition awaits solutions from the Australian Prudential Regulation Authority (APRA) to questions round governance and the fund committing $500 million to the Housing Australia Future Fund (HAFF).
The query, requested by NSW Liberal Senator, Andrew Bragg, was put to APRA during Senate Estimates in November final yr and stays unanswered.
Cbus introduced on Monday that its default Progress (MySuper) investment option – through which the bulk of members are invested – generated returns of 10.77% for 2024. The Fund’s second largest option, the Excessive Progress investment option, returned 13.78% for the yr.
The fund famous that, for its default option, Cbus stays one of the highest 5 best performing funds over the ten and 20 years to 31 December 2024i with returns of 7.83% p.a. and seven.53% p.a. over 10 and 20 years, respectively.
The Cbus announcement quoted the fund’s chief investment officer, Brett Chatfield as stating that the $100 billion milestone was “a huge recognition of the longevity and trust that members have put in Cbus over its 40-year history”.
“Our number one priority is delivering strong investment returns so our members can enjoy the retirement they deserve. We’re pleased to deliver double digit growth for our members for the 2024 calendar year and we thank our over 900,000 members for helping us reach the significant milestone of $100 billion,” the assertion stated.
Bragg’s query referenced a assertion by Cbus chief govt, Kristian Fok that he was not concerned in an interplay which noticed the fund’s chair and former Labor Treasurer, Wayne Swan, commit $500 million to the HAFF.
“I’m wondering from a governance point of view whether you would expect that the chief executive would be involved in committing members’ money to major projects or to major investments?” Bragg requested
He additionally requested whether or not APRA may take motion in opposition to a chief govt or whether or not APRA solely had jurisdiction over fund administrators.
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