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Bloomberg
16-04-2025
- Business
- Bloomberg
Australia Pension Giants Seeking US Assets Worry About Trump
On a Monday morning in February in Washington, more than a dozen Australian pension executives showed why everyone in the US with a big project to fund wants to meet them. 'We have capital to invest in the United States—that was the purpose, that was the key message,' says Sam Sicilia, chief investment officer of the A$115 billion ($73 billion) pension fund Hostplus, after returning from the Australian Super Summit. 'We've exhausted our home country. We come to you wanting to invest money in the United States.' The executives were joined at the Australian Embassy by US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Australian Treasurer Jim Chalmers. Industry analysis released to coincide with their arrival for the roadshow showed that Australia's A$4.2 trillion workplace-based pension system—known locally as superannuation or super funds—has about $400 billion invested in the US. By 2035 that number is projected to climb to $1 trillion. Australia is also on track to surpass Canada and the UK to become the world's second-largest retirement system by 2031, said the report commissioned by IFM Investors Pty Ltd., a global asset manager owned by more than a dozen pension funds. 'The fact that Australia is coming out into the world with such a powerful amount of capital means you have to be taken seriously, and people are going to cultivate that,' says Henry Cornell, founder and senior partner of private investment firm Cornell Capital LLC. 'And I think that creates a huge opportunity for Australia.'
Yahoo
04-04-2025
- Business
- Yahoo
'Weak' security on super funds as some see $0 balance
People seeing a zero-balance in their retirement funds and those who cannot even check them are being assured their accounts are secure as superannuation managers contact members targeted in a cyber attack. Hackers have targeted hundreds of Australian superannuation accounts from funds managing more than $1 trillion in assets in a coordinated online attack using stolen passwords, with experts warning security needs to be bolstered. Hostplus, Rest, AustralianSuper and Australian Retirement Trust are among those targeted in an attack confirmed on Friday by Australia's National Cyber Security Coordinator Lieutenant General Michelle McGuinness. The nation's biggest fund AustralianSuper said hackers allegedly sought lump sum withdrawals from up to 600 accounts. Its more than 3.4 million members are struggling to log in amid high call-centre traffic and intermittent outages to online services, but some who have been able to gain access have been warned they will not like what they see. "Even though you may not be able to see your account, or you are seeing a $0 balance, your account is secure," the fund said, assuring members it is a temporary glitch. "We are working hard to resolve is as quickly as possible," it said. Cybersecurity expert Matthew Warren said multi-factor authentication, requiring uniquely generated codes in addition to entering a password, needs to be implemented for every customer. "This major cyber attack clearly highlights the weak authentication measures implemented by the Australian superannuation industry," the director of RMIT's cybersecurity centre said. Insignia Financial, which oversees brands including MLC and IOOF, said about 100 accounts on its Expand platform had been targeted, but no financial impact to customers had been detected. Rest said 8000 accounts may have had personal information accessed but no member funds were transferred. "We have already contacted impacted members to reinstate their account access and provide next steps and support," it said. While some targeted accounts were not breached, the Association of Superannuation Funds of Australia revealed "a number of members" had funds stolen and would be contacted. The attack took place on the weekend, and follows rising reports of online security threats in Australia with a cyber crime reported every six minutes. Superannuation and banking firms were working with government agencies to respond to the attack, Lt Gen McGuinness said. Superannuation funds are urging members to check for signs of fraud, ensure banking and contact details are correct, and change passwords if they are not unique to their account. The superannuation industry association also confirmed members' funds had been stolen. "While the majority of attempts were repelled, unfortunately a number of members were affected," the group said in a statement. It is believed that attackers were targeting accounts that could deliver lump sum withdrawals. Government agencies would investigate, Prime Minister Anthony Albanese said, warning online attacks had become common. "There is an attack, a cyber attack in Australia about every six minutes," he said. The Australian Signals Directorate Annual Cyber Threat Report in 2024 revealed cyber crime reports had increased 12 per cent, with an average of 100 calls per day to the Australian Cyber Security Hotline.
Yahoo
04-04-2025
- Business
- Yahoo
Aussie super funds hit by cyberattack
Australian superannuation funds have been hit by a major cyberattack, with members being urged to take action to protect themselves. National cyber security co-ordinator Lieutenant General Michelle McGuinness said she was aware of cybercriminals targeting individual account holders of a number of superannuation funds. 'I am co-ordinating engagement across the Australian government, including with the financial system regulators, and with industry stakeholders to provide cybersecurity advice,' she said. 'If you have been impacted or are concerned you may have been impacted, follow the advice provided by your super fund.' Nine newspapers have reported the superfunds targeted included Australian Retirement Trust, AustralianSuper, Hostplus, Rest and Insignia. AustralianSuper issued a statement that said they had seen a spike in suspicious activity across the fund's member portal and mobile app, and urged members to take steps to protect themselves online. AustralianSuper chief member officer Rose Kerlin said they identified passwords had been stolen from 600 members in an attempt to log into accounts and commit fraud. She said they took immediate action to lock those accounts and let the members know. More to come Sign in to access your portfolio
Bloomberg
04-03-2025
- Business
- Bloomberg
Top Australia Pension Pushes Back on More Private Asset Pricing
One of Australia's largest pension funds expressed skepticism over the potential for deeper regulation of private markets, and questioned whether it would be realistic for institutional investors to value unlisted assets more frequently. 'On the issue of valuations, the regulators are tying to solve for something that can't be solved,' Hostplus Chief Executive Officer David Elia told the Australian Financial Review Business Summit in Sydney on Tuesday. He also doubted whether it was realistic to value assets such as Sydney Airport 'on a daily basis.'
