The country’s largest super fund has expanded its leadership as it looks to simplify its processes for members.
Shane Hancock has been appointed AustralianSuper’s new general manager, retirement.
Hancock, who has been in the wealth management and superannuation industry for more than three decades, joined AustralianSuper in 2010, leading the delivery and growth of the fund’s guidance and advice services to members.
Since 2022, he has been responsible for all superannuation, insurance and retirement products as the head of member products, guidance and advice.
Commenting on his promotion, Hancock said: “AustralianSuper is in the retirement business so it’s a great privilege to be leading the fund’s growing progress to meet members’ needs and goals in this vital area.”
He explained that his focus will be on delivering simpler processes, more flexible products and help, guidance and advice when members need it.
“The task for me is to build on the strengths of the savings system and develop a retirement experience at AustralianSuper that is simple, seamless and member-centred,” Hancock said.
“We want to make things easier with more tailored information, help, guidance and advice to help members feel confident to spend the savings they have worked so hard for when they retire.”
“The fund is also committed to delivering positive change in policy, products and services so all Australians can live well in retirement.”
In his new capacity, Hancock will be reporting to chief member officer Rose Kerlin, who welcomed him to the team.
“Shane is a passionate, collaborative and authentic leader who has a proven ability to bring teams together to deliver outcomes for members,” Kerlin said.
“This will be crucial as we look to continue to build on our drive to be a leader in retirement.”
In a recent review of the fund, Morningstar commended the quality of AustralianSuper’s external hires – citing Mark Hargraves’ appointment to head of equities and John Normand to asset allocation research – over the past year.
“That said, we note some of the challenges within the teams and capabilities.
“The speed of hiring may, however, have peaked, with the investment team now around 370-strong, up from 120 at the start of 2020. Turnover is a watchpoint, with some notable departures over the past two years, and time is required for the new additions to settle in and establish their contributions.”
The research house also raised concerns around the potential for bureaucracy but added that these are alleviated by the “autonomy afforded to the capabilities, and the depth of resourcing promotes room for further internalisation”.
“This increases the potential to capture the benefits of scale through cost efficiencies – particularly in esoteric assets.”
