Opposition financial services spokesman Stuart Robert says many pension funds would be better off hugging an index than trying to beat the market.
Opposition financial services spokesman Stuart Robert has said many pension funds would be better off hugging an index than trying to beat the market as the Coalition pledges to fend off attempts to water down the previous government’s controversial superannuation reforms.
Shadow assistant treasurer Stuart Robert says passive investments would be better for some retirement savers.Mr Robert said he would take the government’s decision to review the legislation at “face value”, acknowledging that subjecting so-called choice funds to the annual test was a complex task given their wide range of investing styles and strategies.
“Every fund manager thinks they’re a genius and wants to [achieve] alpha … but it’s the Australian people who suffer because they still charge fees on every transaction and for their time while delivering poor service,” Mr Robert told“Every bit of research I’ve read says 75 per cent or more of fund managers over the medium term don’t even track the average. Therefore, mutual funds do not perform three-quarters of the time.
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