Colonial First State forges MySuper deal with BlackRock

Colonial First State (CFS) has inked a deal with BlackRock to improve the performance of its MySuper products and “quickly align” them with APRA’s new MySuper Product Performance Test.

“The appointment of BlackRock to provide additional investment services relating to our MySuper offerings will expand CFS’ investment capabilities and allow us to leverage BlackRock’s global scale to lower costs,” said Kelly Power, CEO of CFS Superannuation.

“This has already supported a recent fee reduction to members and will help these products exceed the Your Future, Your Super performance benchmark more quickly.”

Following the outcome of the government’s Your Future, Your Super performance test, CFS confirmed it is committed to making “necessary changes” to improve its MySuper products’ performance.

Under this commitment, it hopes the partnership with one of the world’s largest asset managers with around US$9.5 trillion in assets under management will provide its products with the resources, insights and investment services needed to deliver improved member results.

“BlackRock is honoured to have been appointed by CFS. Drawing on our experience in managing whole portfolios globally, BlackRock will offer the full breadth of its platform coupled with its in-depth investment expertise to support CFS’ efforts to deliver enhanced investment outcomes to its MySuper members,” said Andrew Landman, head of BlackRock Australasia.

“We have a strong heritage in serving Australian superannuation entities and we recognise it is a great responsibility to help manage the retirement savings of many Australians.

“It speaks to our core purpose of helping more and more Australians experience financial wellbeing, and in the process, helping them retire with dignity and security.”