US asset manager Vanguard’s six-month-old Australian superannuation fund has signed on 10,000 members and now has A$500 million (US$332.23 million) of funds under management, according to a report in The Australian Financial Review, quoting Daniel Shrimski, managing director of Vanguard Super.
Shrimski says the figures are “pretty much right where we thought we would be”.
“It is not about the next year or next three years. It is really about the next decade and beyond. It accelerates from here,” Shrimski is quoted as saying in the report published on May 23.
Vanguard Super was launched on November 11, 2022. Some 60% of its members are between 25 and 44 years old.
Shrimski says the fund is open to mergers.
“We need to find the right partner and we are doing a lot of work internally in terms of readying ourselves for that,” he says.
Vanguard Super spokespersons did not immediately respond to questions from Asia Asset Management.