World-first funds management index launched in Melbourne
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5 March 2009
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A world-first funds management index comparing private and public superannuation or pension models in at least ten countries has been launched by the Victorian Financial Services Minister John Lenders at the Melbourne Financial Services Symposium.
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Comparisons of funds management centres across the globe will be possible with the establishment of the Melbourne Mercer Global Pension Funds Index.
“The Victorian Government is providing a $450,000 grant to the Melbourne Centre for Financial Services to work with leading financial services adviser Mercer on piloting the Index over the next 12 months,” Mr Lenders said.
The Index will highlight those countries that have superannuation or pension models in place that are innovative and that are meeting the needs of people.
The Index will represent the first time that national retirement income systems have been compared through the use of an Index.
It will use a basket of countries from the Americas, Europe and from the Asia Pacific region including Australia and two sub-indices will be reported for each country.
The adequacy sub-index will compare the gap between the retirement income objective and the level provided by each country’s social security system and then the extent to which the gap is being filled by private sector arrangements.
The integrity sub-index will consider issues related to governance, regulation, taxation support and legislation of pension fund arrangements.
Mr Lenders said when complete the Index report would be widely disseminated and was expected to generate strong interest in Australia and internationally, including with organisations such as the World Bank and OECD.
“It’s appropriate that Melbourne hosts this new initiative as we play a critical role in Australia’s managed funds sector – the fourth-largest pool of managed funds worldwide,” Mr Lenders said.
“As well as providing valuable data to boost the performance of our managed funds sector, the Index will highlight the important role that Melbourne plays in the growth of the Australian government mandated superannuation scheme.”
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