AUSTRALIA - Vision Super has awarded a US$30m international property mandate to Macquarie Wanda Real Estate Fund, which has "significant" investments in Chinese shopping centres.
CEO Rob Brooks said opportunities in Australia’s direct property market were “becoming tighter at this stage in the cycle”, and added the fund would continue looking for opportunities overseas to diversify its source of returns.
“We are implementing a long-term strategy of further diversifying our property asset class to counter compressed yields in core Australia direct property,” said Brooks.
The A$3.4bn (US$2.6bn) employer-sponsored fund also awarded three domestic property mandates, including $75m in the Eureka Core Property Fund 3, $30m to the Investa Enhanced Fund and $20m to the Gresham Property Fund 3.
In total, the four mandates are worth over $155m.
The allocations to the sector were developed in line with the Fund’s longer-term investment strategy as advised by Pinnacle Property Group and the fund’s property consultant, Frontier Investment Consulting the asset consultant.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.