AUSTRALIA - Two illegal unregistered managed funds, known as the Super Save Superannuation Fund and Integrity Plus Unit Trust, will be wound up, following an order from the Supreme Court of New South Wales.
An investigation by the Australian Securities and Investments Commission (ASIC) uncovered more than A$22m (US$20.9m) of what ASIC believes to be Super Save and Integrity Plus investor contributions that...
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.