WA super fund hits $500m

WA’s biggest non-Government superannuation fund Westscheme has doubled its funds under management during the past three years to hit the $500 million mark.

Established as joint venture between the Chamber of Commerce and Industry of WA and UnionsWA, the fund is one a number of industry funds which collectively manage $34 billion in Australia.

Several of the larger funds have clubbed together to use former Reserve Bank of Australia chief Bernie Fraser to promote themselves aggressively at a time when big national rivals such as AMP and GIO have had to deal with sharemarket issues.

Westscheme was set up 14 years ago but its recent growth has come at a time when there are fewer WA-based fund managers.

Chief executive Howard Rosario said the fund was filling the gap left by mutual funds which had become listed companies.