Australian super funds pull out of hedge funds

    Australia’s default superannuation funds have exited hedge funds, Pauline Vamos, CEO of the Association of Superannuation Funds of Australia (ASFA), said at a conference in New York Monday.

    At the end of March, the superannuation assets totaled more than AU$2.05 trillion. Hedge funds managed AU$27 billion.

    The ASFA is the policy and advocacy group for Australia’s “super” industry. Superannuation funds are retirement funds that employers and employees in Australia can contribute to. Employers must pay 9.5% of a person’s salary into a super fund.