Australian inquiry hears top pension fund defend ad spend, NAB apology

Australia’s largest pension fund on Thursday defended using members’ money to bankroll a marketing campaign that depicted the country’s biggest banks as foxes aiming to take a larger share of the country’s A$2.6 trillion savings pool. AustralianSuper Chief Executive Ian Silk, the most senior financial sector executive to appear at the year-long Royal Commission inquiry, said the A$500,000 ($371,050) spent on a TV ad depicting a fox being let into a hen house by a man dressed in a suit,...