Why this award-winning Aussie super fund giant leads the pack
Australia's largest super fund has been crowned fund of the year at this year's Rainmaker SelectingSuper awards in Melbourne this morning.
AustralianSuper, with around 2.2 million members and $167 billion in funds under management, took home the coveted title.
Rainmaker executive director of research, Alex Dunnin says: "What makes AustralianSuper stand out from the crowd to be this year's winner is not its size but that as it gets bigger it gets better."
"It does this by not losing sight of its primary mission: delivering solid reliable investment returns after fees year after year and providing just the right type of extra features and services its growing number of members need."
AustralianSuper was also named best in show for its flagship MySuper product.
"It is one of Australia's most consistent investment performers too, ranking in the top 10 in three of the past five years. And when it wasn't top 10 it just missed out, ranking 16th in 2016 and 15th in 2015," says Dunnin.
"They were one of the first super funds in Australia to fully disclose everything they invest in and were the first to launch annual general meetings between members and the fund's key decision makers. They were one of the first super funds to make insurance voluntary for young members below the age of 25. AustralianSuper's impact is not because of their size, but because of what they do with it."
Speaking to Financial Standard at the awards, AustralianSuper group executive of membership Rose Kerlin said: "I know that everyone at the fund takes a great deal of personal and professional pride in this recognition."
"My hope is that we continue to work really hard in our own funds but also together to keep improving things for members and also so we can ensure that we have a really fit for purpose system that doesn't leave those that are most vulnerable behind."
AvSuper won the members choice award for the third year in a row, with Rainmaker saying it signifies the funds ability to engage its members.
Hostplus took out the long term performance award and HESTA Core Pool won in the risk-adjusted performance category.
The awards also recognise Australia's super funds and industry providers that have proved to consistently add the most value to members through sustained investment performance, best value fees and insurance, product innovation and investment leadership.
Rainmaker Group, publisher of Money magazine, says the award winners are chosen on quantitative and qualitative research, including long-term profiling of the super industry and an eye toward current trends in the super industry.
For the full list of finalists and to see how your super fund compares, head to the SelectingSuper website.