Industry funds revalue unlisted assets
In a move which confirmed some of the long-held criticisms of financial advisers, two major industry superannuation funds have reduced the valuations applied to their unlisted assets.
Reports confirmed that both AustralianSuper and UniSuper had made the move with AustralianSuper telling its members it had reduced the value of unlisted assets on its books by 7.5% while UniSuper said it had cut the value of its holdings in unlisted infrastructure by 6%, and its unlisted property holdings by 10%.
The two industry funds moved on their unlisted assets at the same time that the Australian Prudential Regulation Authority (APRA) announced a change in regulatory focus amid the fall-out from the COVID-19 pandemic with an emphasis on liquidity and capital adequacy.
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