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To: Mark Adams who wrote (11048)	11/9/2001 10:29:24 PM
From: LLCF	Respond to of 74559

Another great example of 'the way things work'.... and no, I don't think you're being THAT cynical at all. DAK

To: Mark Adams who wrote (11048)	11/10/2001 12:19:09 AM
From: Moominoid	Respond to of 74559

Here, the superannuation fund I just exited which covers the entire University sector in Australia gives "mandates" to a whole bunch of different managers. I've seen in each annual report how they cancel or reduce the mandates of poor performers and increase or add mandates with better managers. Clients are either on a defined benefit scheme (which up till 3 years ago was the only option) or now there are 4 choices "cash", "conservative" "trustee selection" i.e. diversified and "shares". Most of the retirement saving system is set up here with such "industry funds". There are individually marketed supperannuation funds directly from commercial providers which are very similar to the mutual funds (managed funds) offered here. Colonial First State has come from nowhere to be one of the biggest funds in the last 5-6 years on the back of very superior performance in Australian shares. David