Super industry sees liquidity challenge as members switch to cash

first_img“If you looked around the industry, you’d find most funds have had a playbook to deal with liquidity obligations at least of the magnitude we’re talking about, on a moderate, even to severe, early release scenario.”Patrick said COVID-19 had put a spotlight on liquidity, but the reality was that liquidity was not a new challenge for the industry.Telstra Super CIO Graeme Miller agreed that liquidity stress was far more likely to come from option-switching behaviour than from early release.“While that’s probably not true of every super fund in Australia, I’d say it’s likely to be the case for the great majority of funds in Australia,” he said.“(It) is a much bigger deal from a liquidity perspective than any COVID-19 or early release scheme.”Mark Delaney, AustralianSuper’s CIO, said it was still early days for members’ option switching.“We’re not sure how this is going to pan out,” he said. “Most funds I’ve spoken to on this panel have adopted a very conservative approach to managing to make sure they’re not caught out.”AustralianSuper, Australia’s largest super fund, has so far paid A$319m to 40,000 members who requested early release of part of their superannuation savings.The fund has received requests from 85,000 members representing total super savings of A$650m.“I don’t think the super system has too many illiquid assets”Mark Delaney, AustralianSuper’s CIOThe Australian government is allowing members to take up to $20,000 as early release from their savings in two tranches to meet COVID-19 financial stresses.The participating CIOs were unanimous in believing the industry would not have a liquidity problem of the type suggested by some critics because of the sector’s high exposure to illiquid assets.Delaney described such claims as “a furphy” –  Australian slang for an erroneous or improbable story that is claimed to be factual.“I don’t think the super system has too many illiquid assets. Most funds would have two thirds of their portfolio in liquid assets.”The CIOs said allocations to illiquid assets gave members exposure to the broader economy, and that the risks often justified the returns.Telstra Super’s Miller said: “Some of the very best assets, some of the very best companies and some of the very best investment opportunities will present themselves in liquid form.”Another panelist, Troy Reick, CIO of Queensland-based LGIA Super, said it was “very hard” to make a case to buy a bond at 80 basis points per annum for the next 10 years.“(How do you) tell members that that’s going to meaningfully contribute to their retirement outcomes?” he said. Members switching to cash options will present a bigger liquidity challenge than early release of savings for Australia’s A$3trn (€1.8trn) superannuation industry, according to industry leaders.Chief investment officers from superannuation funds managing a total of A$600bn have told a virtual online roundtable hosted by Queensland Investment Corporation (QIC) that option-switching is a “much bigger deal” for the sector.Ian Patrick, SunSuper CIO, said his fund had learned from the 2008-09 global finacial crisis that member behaviour could drive people to make an investment switch from balanced options to cash.Liquidity stress testing, he said, had to anticipate meaningful moves away from today’s investments, whether by member behaviour in switching options or in choice of investment funds.last_img read more

Aging Algeria striker scores for club at 45

first_img Promoted ContentBirds Enjoy Living In A Gallery Space Created For ThemWhich Country Is The Most Romantic In The World?7 Black Hole Facts That Will Change Your View Of The UniverseCristiano Ronaldo Turns His Hotels Into Coronavirus Hospitals?8 Things To Expect If An Asteroid Hits Our Planet7 Ways To Understand Your Girlfriend BetterWho Is The Most Powerful Woman On Earth?10 Risky Jobs Some Women Do8 Amazing Facts About Ancient Egypt9 Facts You Should Know Before Getting A Tattoo6 Interesting Ways To Make Money With A DroneTop Tastiest Foods From All Over The World Former Algeria striker Nassim Akrour has signed for French third-tier side Chambery and scored on his debut at the age of 45. Loading… Akrour has been without a club since leaving Ligue 2 side Annecy six months ago and was on target as Chambery won a friendly on Saturday. He is the all-time leading scorer for French side Grenoble with 110 goals in 312 appearances over two stints from 2005 to 2010 and 2013 to 2016.Advertisement The France-born player began his professional career in 1995 at French lower-league side Olympique Noisy-le-Sec before moving to England’s lower divisions with Sutton United and Woking. Read Also:Benzema wants to play for Algeria after being told he can’t play for France  He returned to France in 2000 when he signed for Istres, who he also had two stints with. He played 18 times for Algeria including at the 2002 and 2004 Africa Cup of Nations finals. FacebookTwitterWhatsAppEmail分享 last_img read more

Ripley County Participating In Drug Take Back

first_imgOn October 26th from 10 a.m. to 2 p.m. the Ripley County Sheriff’s Office and the Drug Enforcement Administration will give the public its seventh opportunity in three years to prevent pill abuse and theft by ridding their homes of potentially dangerous expired, unused, and unwanted prescription drugs.Bring your medications for disposal to the Ripley County Jail at 210 N Monroe St., Versailles. The service is free and anonymous, no questions asked.Last April, Americans turned in 371 tons of prescription drugs at over 5,829 sites operated by the DEA and its thousands of state and local law enforcement partners.last_img read more

Johnson confident in freshman following pair of wins over SCSU

first_imgFollowing a disappointing pair of close losses to No. 1 Minnesota, Mark Johnson was pleased to see the consistency of the women’s hockey team, particularly the freshmen, as they earned two wins against St. Cloud State.The No. 2 Badgers (4-2, 4-2 WCHA) trounced the Huskies 4-1 Friday night in a game where UW fired 56 shots-on-net. The team returned Saturday to post a decisive 6-0 game two win.“Just reflecting on our two games this past weekend against St. Cloud, as I told the team Saturday night or afternoon after our second game, we were able to put six good periods together,” Johnson said. “I thought our intensity and our pace in Friday night’s game was excellent.”With tough losses against the No. 1 Minnesota Gophers the prior weekend, the Badgers’ ability to bounce back and to execute their game plan against St. Cloud State was a refreshing sight for Johnson.“I think the mindset, as a coaching staff, we have to make sure our players are on the same level that we’re at, and I think we were able to do that,” Johnson said. “We talked about competing and having that intensity Friday night, and for certainly the first two periods, when the shots were certainly lopsided if you looked at the shot chart, and we were able to do that.”With a strong sense of mentorship between veteran and new players, Johnson has expressed confidence in his freshman players.Freshman goaltender Ann-Renée Desbiens earned the start in Saturday’s matchup against the Huskies, giving senior goaltender and captain Alex Rigsby a rest. Desbeins recorded an impressive 6-0 shutout in her first-ever start.Johnson was not only impressed with Desbiens’ performance, but also the mature mentality he saw coming from a young player.“I thought her composure, I thought her poise, didn’t look like it was her first game,” Johnson said. “What was interesting, as we were taking the ice at the start of the game, Alex was leading the team out. I was trying to think in the back of my mind, ‘does Ann realize she’s playing?’ Usually in our business, the goaltender that’s going to start leads the team out. Someone told me, ‘No, Ann didn’t want to lead the team out.’ She wanted our captain to lead the team out.”Desbiens is not the only freshman to impress Johnson so far this season. As the team gets deeper into their schedule, the young Badgers will be increasingly looked on to make an impact on the ice no matter who the competition may be. Freshman forwards Sydney McKibbon and Sarah Nurse have both recorded their first career goals of the season and have tallied two points apiece thus far. Johnson has been pleased with the freshmen’s ability to exude confidence and skill, not only in practice but in big game situations.“I’ve been very impressed since our first practice with this group. They seem to be composed. They haven’t been really nervous at any other point than maybe taking our team photo,” Johnson said. “But I think for [McKibbon] and for [Nurse] to get some production early on, especially goals, it takes the pressure of that away real quickly … They seemed comfortable playing against Minnesota’s top line throughout both the games up there.”Wisconsin will look to keep their momentum going against a winless Lindenwood this coming weekend.While the Badgers are primed for another pair of wins on paper, Johnson was adamant that it doesn’t matter how well or poor his team performed last week, the preparations for the next opponent remain set at the highest standards.“You practice today and then throughout the week, the expectations are we practice at a high level,” Johnson said. “And one thing I’ve learned is, you know, you have to respect your opponent. Don’t look at their record. Don’t look at their history. Prepare for that 60 minutes Friday night like it’s the last game of the season and you have to go out and win it.”The Badgers will go up against the Lions (0-7-1) Friday and Saturday at LaBahn Arena. The series will serve as the final UW home stand before the team goes on a six-game road stint in November.last_img read more