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OnePath closes $179m superannuation fund

Thursday 28th of July 2011

The superannuation has just under 2000 members and the money invested is then invested into separate PPS funds. One of these is the mortgage fund which is being closed.

OnePath genral manager funds management, David Boyle, says the super fund has reached the end of its life cycle and the amount of money in it has been decreasing for some time. The fund also lost a significant investor recently and that has contributed to the decision to close the fund.

He says fund managers have to have products and services that are appropriate for the market environment and meet the demands of investors and advisers.

The PPS Superannuation fund doesn't do that, he says.

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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
2 days ago Paul Flood
FMA outlines its latest expectations for advisers
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2 days ago agressively passive