AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS
11 July 2016,
RETIREMENT savings in AustralianSuper have hit more than $100 billion for the first time.
The industry super fund hit the milestone with a strong growth in returns for more than two million members.
AustralianSuper CEO Ian Silk says the fund is exploring global investments as the membership base continues to grow.
"We are very proud of all the work that has been done to try and ensure that members can retire with the biggest possible savings to assist in providing them with an income in retirement for their post-work life," Silk says.
"The members' first business model at AustralianSuper has included undertaking a major internalisation of investment management with the aim of driving down investment costs and to deliver strong returns for members.
"The fund has delivered a total return of just over 50 per cent over the past four years."
AustralianSuper has been involved in a number of domestic and global deals in recent years, including a $1.1 billion stake in Ala Moana shopping centre in Hawaii, 67.5 per cent stake in London's King's Cross development valued at $1.3 billion, $5 billion acquisition of Port Botany and Port Kembla in NSW and $7 billion Queensland Motorways deal as a member of the Transurban consortium.
The milestone comes after three years of consecutive double digit growth and seventh consecutive year of positive returns.