27 Mar 099 On putting the spotlight on super fund managersMEMBER 5 writes, in response to the address given recently by the Minister for Superannuation and Corporate Law, Senator Nick Sherry, entitled "Putting You in the Professional Spotlight":
"Please note the following quotes from 'Financial Standard 16th March 2009 Volume 7 number 4' under the heading 'Super assets lose $25Bn'.
'Superannuation assets suffered a $25.1 billion loss for the financial year to 30th June 2008 - but smaller funds have bucked the trend to increase assets by 6.7% to $361 billion, according to data released by APRA"
"But while everyone suffered, small funds with less than five members continue to thrive amid the turbulent climate. Assets within these funds grew 6.7% to $361.3 billion last year"
I ask Senator Sherry, Who is placing the "spotlight" on the large Fund managers?