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Thanks. Okay then we agree on this infra-fund advice business. Hope some of the other posters get a bit more in touch with the reality of intra-fund advice. Beats me why intra-fund advice has anything to do with fund performance.

It is not just industry fund PR that saying that in general industry funds are outperforming for-profit funds. There's independent bodies such as the Productivity Council coming to the same conclusion. The for-profit funds have made a case about false advertising and lost.

On a normal distribution curve there's more for-profit funds at the end of the tail than normal distribution should indicate. There's more not-for-profit funds at the head of the tail than there should be.

What irritates me is that we are paying high fees to for-profit funds and not getting the net returns to justify the high fees. We are paying high fees to experts who are obviously not expert. In percentage terms the fees we are paying here in Australia are higher that equivalents in other parts of the world.

You have regurgitated the tired old line that industry funds are union funds. Employer representatives on the boards of industry funds must get sick of being told they are on the boards of union funds and therefore are unionists. Have a look at the employer representatives on industry funds - some are members of IPA.