Suncorp appoints Russell Investment Group as interim manager
Previously, the Trustee advised that Suncorp Metway Investment Management Limited (‘SIM’) had announced on 29 November 2007 that the majority of its Australian Equities team was leaving Suncorp to set up a boutique funds management company. Dr Stephen Lam, Suncorp’s General Manager, Investment Strategy and Operations (who has 20 years’ asset management experience) was subsequently appointed to oversee the management of the SIM Australian Equities portfolios.
Suncorp Investment Management team strengthens its service offering to investors
Suncorp Metway Investment Management Limited (‘SIM’) has further enhanced the interim management of the Suncorp Easy Super Australian Equities Trust and Imputation Fund by engaging Russell Investment Management Limited (Russell).
Russell has been engaged on an interim basis to provide portfolio management services until the new Australian Equities team is in place. Russell is applying an enhanced-index style to the portfolio management and their support will include investment advisory services, implementation and dealing.
These changes affect the Suncorp Easy Super Australian Equities, Suncorp Imputation, Suncorp Capital Guaranteed, Suncorp Capital Guaranteed Cash Plus, Suncorp Growth, Suncorp Balanced and Suncorp Capital Stable investment options.
Reduction in Investment Fee
Suncorp is offering clients a temporary reduction in fees whilst the interim management is in place.
This reduction in fees is applicable to the following funds as tabled below:
Easy Super Personal and Easy Super Pension
Current Management Fees
| Investment Option |
Contribution Fee Option |
Investment Fee |
Issuer Fee |
Total Mgmt Fee |
| Suncorp Australian Equities |
Contribution Fee |
0.50% |
1.26% |
1.76% |
| Nil Contribution Fee |
0.50% |
1.75% |
2.25% |
| Suncorp Imputation |
Contribution Fee |
0.50% |
1.26% |
1.76% |
| Nil Contribution Fee |
0.50% |
1.75% |
2.25% |
New Management Fees (interim basis)
| Investment Option |
Contribution Fee Option |
Investment Fee |
Issuer Fee |
Total Mgmt Fee |
| Suncorp Australian Equities |
Contribution Fee |
0.00% |
1.26% |
1.26% |
| Nil Contribution Fee |
0.00% |
1.75% |
1.75% |
| Suncorp Imputation |
Contribution Fee |
0.00% |
1.26% |
1.26% |
| Nil Contribution Fee |
0.00% |
1.75% |
1.75% |
Easy Super Employer Sponsored
Current Management Fees
| Investment Option |
Investment Fee |
Issuer Fee |
Total Mgmt Fee |
| Suncorp Australian Equities |
0.50% |
1.26% |
1.76% |
| Suncorp Imputation |
0.50% |
1.26% |
1.76% |
New Management Fees (interim basis)
| Investment Option |
Investment Fee |
Issuer Fee |
Total Mgmt Fee |
| Suncorp Australian Equities |
0.00% |
1.26% |
1.26% |
| Suncorp Imputation |
0.00% |
1.26% |
1.26% |
The fee reductions are effective from 18 February 2008 for the duration of the interim arrangements. The value of members’ funds reflect these changes from this date.
What action has the Trustee taken?
The Trustee will continue to closely monitor SIM and the investment performance and changes to the management of the Australian Equities Trust and Imputation Fund over the coming months.
Members will be kept informed of any further important developments.
The Trustee always recommends members seek professional financial advice when making investment decisions.
For and on behalf of
Suncorp Superannuation Pty Ltd (Suncorp Portfolio Services Limited as of 30 June 2008)
4 April 2008
Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable, in respect of products and services provided by other entities of the Suncorp Group. The trustee of Suncorp Easy Super ABN 66 019 095 121 is Suncorp Portfolio Services Ltd ABN 61 063 427 958 AFSL 237905. Administration services are provided by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880. Except as stated in the governing documents of Suncorp Easy Super the investment performance and repayment of capital of Suncorp Easy Super is not guaranteed.
