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Vanguard launches Australian pension fund in bid for $2 trillion savings pool
The world's second-largest fund manager Vanguard launched a pension fund in Australia on Friday, the first new fund licence approved in six years as it bets a reputation for low fees will help break into the country's trillions of retirement savings. Twenty-four years after the launch of Vanguard's first Australian fund, Vanguard Super opens with 12 products, including a default "Lifecycle" fund that gradually shifts a member's holdings into more conservative investments as they age. Fees for the default option will be the lowest in the Australian pension market for younger members and those with balances under A$50,000 ($33,080), according to analysis from accounting firm Deloitte commissioned by Vanguard. The emphasis on fees and performance comes as legislation that came into effect last July forces superannuation funds to inform members if they failed to meet government-set performance benchmarks. A platform for financial advisers, who steward money on behalf of clients, is set to launch "in the coming months". Source: Investing.com #Vanguard
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