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(April-2003) Lockery boldly goes...
DeutscheAsset Management’s (DeAM) head of corporate superannuation, Ken Lockery, has left the group now that all five corporate plans in its master trust, DirectChoice, have been rolled into other master trusts.
Lockery left the group at the end of February and is currently playing lots of golf and examining opportunities in the market. “I’m not in a hurry,” he says. “I’m busy working hard on my golf handicap.”
He confirms that following DeAM’s decision in September last year to wind up DirectChoice, four of its plans were moved to the Mercer Super Trust on February 1, including Deutsche Bank’s own staff plan. At the same time, one scheme went into Plum. In each case, the decision on where to move was made by the corporates involved.
After two years of knocking on doors, DeAM decided to close DirectChoice, which had an estimated $200 million in assets, after it failed to reach the critical mass needed.
According to DeAM, an internal committee considered proposals from a range of outsourcing organisations and concluded that Mercer offered the best overall package for Deutsche members.
AUTHOR
Zilla Efrat
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