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Parametric Appointed After-Tax Investment Manager for Qantas Super
Eaton Vance Affiliate Key Part of Australian Strategy
By: PR Newswire
Dec. 18, 2012 01:42 PM
SEATTLE, Dec. 18, 2012 /PRNewswire/ -- Parametric, a majority-owned subsidiary of Eaton Vance Corp. (NYSE: EV), has been appointed by Sydney, Australia based Qantas Superannuation Limited (Qantas Super), to provide an efficient implementation platform for Qantas Super's listed Australian and global equity portfolios.
Parametric has over 20 years' experience in managing equity portfolios with after-tax returns as a key objective, and has the technology, experience and skills, to systematically deliver efficient portfolio implementation.
"At Qantas Super, we are committed to reducing investment costs through the implementation of processes that increase savings potential for our member base. Parametric's appointment was a clear step for us in our drive towards greater transparency and more efficient investing. We have long held the view that returns should be measured and assessed on an after-tax basis because this is what matters most to our members," said Andrew Spence, Chief Investment Officer of Qantas Super.
Chief Executive of Parametric Brian Langstraat added, "Australia is a very important market for Parametric and we're proud to add an organisation of such caliber to our growing portfolio of clients. We are fully committed to building our operation and presence here, drawing on our direct research and technology experience in the after tax space."
Parametric will apply an agreed methodology to report both the before-tax and after-tax returns of Qantas Super's Australian and global equity portfolios, as well as attributing the performance to pre-tax and after-tax returns.
After-tax returns can give a materially different view of the real value that managers deliver to clients and the ranking of these managers, compared to assessments made using pre-tax returns.
Australia's retirement savings ("superannuation") industry is adapting to meet the Australian government's new legislation coming into effect on January 1, 2014. In an effort to improve the efficiency, competition and transparency of Australia's superannuation industry, the legislation requires superannuation funds to promote the financial interests of members, in particular net returns, which is the real return after fees, costs and taxes.
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