The watchdogs say funds must proactively and transparently account for falls in unlisted asset prices spurred by the global banking crisis and interest rate rises.
The corporate and prudential regulators have warned the $3.4 trillion superannuation industry to be proactive about updating the, amid price falls spurred by rising interest rates and the global banking crisis.
Dr Ellis suggested funds break from their usual quarterly or six-monthly revaluations of such assets – they are technically only required to disclose their investment holdings publicly twice a year – to ensure they had updated valuations now.“The unlisted assets base is really critical to get right, and we need to make sure that in volatile markets, things have been looked at,” she said.
The US-based Silicon Valley Bank and Signature Bank collapsed earlier this month and UBS and the Swiss government had to undertake an emergency bailout of Credit Suisse this weekRegulators have previously warned super funds need to improve the quality and frequency of their valuations of unlisted assets like office buildings.
“The expansion is going to be far greater in the B-Grade portfolios where it is going to be harder to get people to come back to work. [But] well-designed, highly attractive spaces remain in demand and so the revenue side should stand up because the employers are going to be wanting those sorts of environments to create the value proposition to get people back.
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