Rest appoints WTW as asset consultant

Rest has appointed WTW as an asset consultant to its board and board investment committee. 

This followed a competitive tender process that began in October 2022 and WTW would commence the appointment on 1 July 2023.

JANA Investment Advisers would continue to act as asset consultant to Rest’s investment team by providing advice to complement the fund’s expertise. The firm had worked with Rest for over 30 years including during the reconfiguration of its investment team and framework.

Chair of Rest’s board investment committee, Michael Bargholz, said: “The continued maturing of our investment governance, culture, and data and technology are key to delivering ongoing strong, long-term competitive performance to our 1.9 million members.

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“Rest has continually refined our governance framework and strengthened the expertise and experience within our investments team in recent years in order to position the fund for further growth. The appointment of a new asset consultant is the next step in this process.

“WTW’s strengths in governance matters, and their global experience and insights, are expected to be a valuable addition to supporting the board in its responsibilities.”

Aongus O’Gorman, head of investments for WTW in Australia said the firm’s global footprint provided them with a unique perspective to help the super fund.

“We are delighted to be assisting Rest on its journey in this vital work, helping them continue to deliver and improve for their members through the key areas of best-practice governance and sustainability. Our global footprint, working with many major asset owners around the world, gives us a unique perspective to help create value for clients like Rest,” O’Gorman said.

“In our conversations with Rest, we all acknowledge that growth, the regulatory environment, and internalisation of the investment function create a new set of challenges for major superannuation funds, particularly for governance functions, responsible for oversight.”

Rest is one of Australia’s largest profit-for-member super funds with 1.9 million members and $70 billion in funds under management as of 31 December 2022.