Fund Company Update

UNSW centre being built by super fund consortium

A group of superannuation funds - HESTA, ISPT and UniSuper - are investing $600 million to develop a University of New South Wales (UNSW) Health Translation Hub. The new 15-storey building will be in Randwick, to form the core of a new health precinct.

The university will take up 65 per cent of the space, with the rest open to the health, research and education sectors. Each superannuation fund will hold a 33.3 per cent stake, with Plenary also an investor, development and asset manager.

Cbus updates climate roadmap

Cbus has made changes to its climate change roadmap to hit its target of reducing emissions by 45 per cent by 2030. The new methodology was proposed by Europe in the EU Climate Transition Benchmarks and EU Paris-Aligned Benchmarks.

The superannuation fund will focus on realistic reductions to meet the target, with reporting changes reflecting fluctuations in asset enterprise values to be sure carbon intensity reductions are not overstated.

PAC Capital acquires Clearwater Portfolio Management

Clearwater Portfolio Management has been purchased by PAC Capital, making its funds under management to just shy of $500 million. Clearwater is a Byron Bay-based boutique funds manager.

Fidante freshens up brand

Fidante has a new look with a fresh logo, with an updated website. The website will now offer more content, comparison tools and interactive charts.

Challenger selling banking NZ firm

Challenger is selling its banking arm to Heartland Group, a New Zealand firm. Challenger bought the banking business from Catholic Super for $35 million in late 2020, and will now sell it on for $36 million.