In new statements on the extent of greenwashing in the fund management industry, Desiree Fixler highlights some uncomfortable truths about sustainable investing.
Penn was sidelined in September last year after the Australian Prudential Regulation Authority (APRA) investigated AXAÆs decision to recalculate benefits paid to staff under its superannuation plan.
At the time AXA moved to quell negative media reports by placing him in a strategic development role. For the last 10 months his duties as the head of the Australasian business have been handled by the insurerÆs group chief executive Les Owen.
Owen was short on detail when he reinstated Penn yesterday. ôAndy is one of our most experienced executives and I am delighted that he is returning to his role,ö he says.
Penn has been with AXA in Australia since 1992. He was appointed chief financial officer in July 2002 and then head of Australasia in February 2004.
AXA came under investigation by APRA in the middle of last year. This occurred when some staff members complained about the prudential and disclosure aspects of a decision in 2002 to change the method of calculating the interest rate on termination benefits left in the AXA super fund from a æsmoothedÆ rate to an actual earnings rate.
The insurer eventually resolved the issue by adjusting upwards the superannuation benefits of more than 2,000 current and former staff members.
CDPQ's Ivanhoe Cambridge hires ex-GIC real estate expert; NZ Super adds board member; Future Fund appoints chief people officer; BlackRock real estate CIO joins Singapore's Capitaland; AMP Capital hires MD for energy; Northern Trust AM names new CIO; T Rowe Price hires AU and NZ institutional head; Nuveen hires Southeast Asia institutional head; Citi names sustainability head in Singapore; and more
Investors are increasingly turning to private companies and private debt in their hunt for ESG alpha, but the age-old problem of transparency and due diligence remains
Already on the rise pre-Covid, investments into data centre assets in Asia have accelerated in the past year, fuelled by interest from investors across the spectrum.
Actively managed funds were also not found to have better odds of higher returns than more passive funds.