U.S. investment giant Vanguard has launched a pension fund in Australia in a bid to win a slice of the world’s fifth-largest pension fund worth $3.3 trillion (US$2.18 trillion).
On Nov. 11, Vanguard announced its new product, Vanguard Super, which will attempt to win over local workers by undercutting its competitors.
“As the first new entrant into the Australian superannuation industry in years to gain an RSE [registerable superannuation entity] license and launch despite industry consolidation, we’re here because we truly believe we can improve retirement outcomes for Australians and be a catalyst for much-needed change in the industry,” said Managing Director Daniel Shrimski in a statement….