Jo Townsend, the CIO of REST Super, a $28billion superannuation fund, says they have sent the majority of new funds allocations offshore

Jo Townsend, the CIO of REST Super, a $28billion superannuation fund, says they have sent the majority of new funds allocations offshore. Townsend says the dominance of the top 10 stocks in the Australian exchange have meant they have barely allocated new funds to domestic managers in over two years. Australian pensions, which manage the world's largest pool after the U.S., U.K. and Japan, have been putting more money offshore, including in the U.S., Europe and emerging markets, and in stocks such as Google Inc. and Walt Disney Co. The foreign flows overturn a long-standing bias in favor of local equities and highlight the challenge of investing A$1.8 trillion of pensions that have outgrown a domestic equity market dominated by a handful of industries. Read More (VIEW LINK)