Industry super fund AustralianSuper now has total funds under management exceeding $100 billion.
The fund has returned just over 50 per cent over the past four years, and AustralianSuper chief executive Ian Silk said the company is pleased to have reached the $100 billion milestone.
“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,” he said.
Mr Silk said this is a “major step” for AustralianSuper, adding that the fund is looking to “play a bigger role on the global investment stage” through more direct investments, such as the acquisition of a 67.5 per cent stake in a major development in London.
Mr Silk attributed the fund’s savings to the fund’s structure.
“The members’ first business model at AustralianSuper has included undertaking a major internalisation of investment management with the aim of driving down investment costs,” he said.