Australia’s default superannuation funds have exited hedge funds, Pauline Vamos, CEO of the Association of Superannuation Funds of Australia (ASFA), said at a conference in New York Monday.
At the end of March, the superannuation assets totaled more than AU$2.05 trillion. Hedge funds managed AU$27 billion.
The ASFA is the policy and advocacy group for Australia’s “super” industry. Superannuation funds are retirement funds that employers and employees in Australia can contribute to. Employers must pay 9.5% of a person’s salary into a super fund.
Australia’s default Super funds have exited hedge funds says Pauline Vamos CEO Assoc Superannuation Funds #GFOR2015 pic.twitter.com/0COVksMTJR
— Frances Denmark (@FrancesDenmark) June 15, 2015