Brighter Super chief executive, Kate Farrar, has been named Fund Executives Association Limited (FEAL) 2024 Fund Executive of the Year.
The annual award, now in its 23rd year, honours a superannuation fund executive who has made an outstanding contribution to their fund and the super industry.
This year, it recognised Farrar’s “exceptional vision, drive and courage in her leadership of Brighter Super during periods of transformation and growth for the fund”.
Brighter Super was created in 2021 through the merger of LGIASuper and Energy Super, with Farrar taking the helm after leading LGIASuper for over three years.
In May 2023, the fund went on to merge with Suncorp Super, now known as SPSL Master Trust, to form a $30 billion super fund with more than a quarter of a million members.
With this, Brighter Super was the second-fastest growing fund in Australia last year, as per KPMG Super Insights 2023, recording 56 per cent fund growth.
“As CEO of Brighter Super, Kate embarked on a strategic plan over several years that was aimed at expanding the fund and enhancing member services, which led to an increase in both membership and the fund’s assets,” said FEAL chairperson, Brian Delaney.
“After completing two mergers, including the first acquisition of a retail fund by an industry fund, she has introduced a unique ‘boutique at scale’ model to achieve organic growth and benefits for Brighter Super members.”
He highlighted that leveraging technological efficiencies post the mergers enabled the fund to deliver additional value to their members, with benefits like an adviser portal to support 1,300 independent financial advisers for personalised advice, reduced member fees for some members by up to 70 per cent, and improved investment returns.
“Her commitment to innovation, high-quality services, and cost reduction has supported a promising future for the fund and tangible benefits for its members,” Delaney said.
In accepting her award, Farrar said: “It’s a tremendous endorsement of the strategy and work of the team at Brighter Super, who have tirelessly delivered on our program of transformation and growth, realising the benefits of our mergers for our members.”
Kylie Rampa, CEO at QIC, the award’s sponsor, said Farrar’s leadership “embodies the spirit of the award”.
“As the proud sponsor of the FEAL Fund Executive of the Year Award, we congratulate Kate on receiving this honour in recognition of her dedication to providing excellent service to members and contributing to innovation in the super industry more broadly,” Rampa added.
Last year, the award went to Bernard Reilly, then chief executive of the Australian Retirement Trust (ART), for “demonstrating exceptional strategic planning and leadership skills in coordinating a successful merger of Sunsuper and QSuper to form ART” in 2022.
