Catholic super fund seeks better retirement returns

The Catholic Superannuation and Retirement Fund has given a $100 million mandate to the MIR Australian Equities Fund for investment in the burgeoning Australian stockmarket.

The Financial Standard reports that existing Catholic Superannuation and Retirement Fund (CSRF) Australian equities mandates with Perpetual and Maple-Brown Abbott will be realigned on the back of the new MIR mandate.

The direct investment mandate through MIR is part of a CSRF strategy to phase out unit trust holdings to improve reporting transparency and control over individual company holdings, the report says.

Greg Cantor, the Fund's chief executive officer, said MIR's Australian equities capabilities had risen to prominence thanks to continued strong headline results.

"MIR is building an excellent reputation for performance in the Australian equities space. Through this mandate we hope to offer members exposure to MIR's robust returns, while enhancing the overall risk profile through manager diversification," Cantor said.

Michael Triguboff said the CSRF mandate was warmly welcomed.

"We are delighted to be recognised by CSRF as a leader in the Australian equities space, and we look forward to our role in delivering a strong and consistent return to the retirement savings of CSRF members."

The CSRF is the largest Catholic industry superannuation fund in Australia with approximately 78,000 members and over $3 billion in assets. It is a not-for-profit superannuation fund which operates solely for the benefit of its members and their beneficiaries.

The Fund says that all of its investment earnings, net of operating expenses and taxes, are allocated to members. It does not pay any commissions to third parties and the Trustee does not pay any dividends to shareholders.

MIR scores $100m from Catholic Super and Retirement (Financial Standard, 25/10/06)

LINKS (not necessarily endorsed by Church Resources)
Catholic Superannuation and Retirement Fund

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26 Oct 2006