Bulge brackets move the outback to the forefront
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Tapping a growing rich list
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"If you look at some of the asset pools or super funds in Australia their allocations to alternatives have been quite high, 20% or more"
Paul Bolinowsky, UBS |
It’s chiefly to do with the so-called superannuation guarantee introduced in 1992. Today, this requires employers to put a sum equivalent to 9% of every employee’s salary into superannuation, which is what Australians call their pension funds. The compounding effect, buoyed up by one of the world’s highest levels of share ownership and a stampede into domestic equity products after a three-year bull run on the Australian stock market, has pushed the size of the market to these improbable levels....
