The superannuation industry saw two mergers and six key people moves in the first quarter of 2023.
Most notably, Australian Retirement Trust (ART) announced its third merger since the beginning of the year. This followed the fund’s target to achieve $500 billion in funds under management by 2030.
January
Prime Super started the year by appointing two new non-executive board directors, Gemma Dooley and Bev Durston. They took over from Brett Lazarides and Gavin Watson, who retired at the end of 2022.
Geoff Summerhayes, former Australian Prudential Regulation Authority (APRA) board member, took over as chair of Zurich Financial Services Australia. He previously held chief executive roles at Suncorp Life and MLC Superannuation and Investments.
February
February saw Vanguard’s head of super, Michael Lovett, depart after three months since the firm launched its super option.
Additionally, ART and AvSuper agreed to explore a merger, with both signing a memorandum of understanding (MOU).
The announcement followed after AvSuper scrapped its potential merger with Commonwealth Super Corporation (CSC).
March
ART signed an MOU with Alcoa Super in March, the mega fund’s third merger in 2023. The two funds would commence a comprehensive due diligence process, with any potential merger via a successor fund transfer (SFT).
Legalsuper announced the appointment of its CEO, Luke Symons, effective 11 April 2023. Symons was formerly the CEO of financial planning at ANZ and director of advice channel performance at AMP.
Finally, Cbus Super CEO Justin Arter was set to retire after nearly three years in the role. He supported the $73 billion fund’s expansion through two major mergers with Media Super and EISS Super.
