Australian Retirement Trust (ART) has hit a new growth milestone as it crosses $300 billion in funds under management, having added over $40 billion in the last financial year.
As it enters its next phase of strategic growth, the fund has announced a new streamlined operating model that focuses on three lines of business, namely, investments, workplaces, and members.
The three lines of business will be enabled by an integrated operations and delivery team, to
be overseen by ART’s new chief operating officer Kathy Vincent, who has served as its chief retirement officer since December 2023.
ART elaborated that the new operating model is to be supported by specialist enterprise partners covering finance & strategy, people & culture, risk & compliance, and enterprise services.
“Australian Retirement Trust has an impressive legacy of accomplishments, and the time is right to now focus on our future and how we will unlock our potential and support our members to retire well with confidence,” said ART’s CEO David Anderson.
“I strongly believe Australian Retirement Trust will be the distinctive market leader in retirement if we put our collective focus on becoming world class in four disciplines – strong investment performance, innovative retirement solutions, and excellent member and digital experiences, all underpinned by outstanding governance practices.”
Under the new operating model, the fund’s revamped executive committee will comprise:
ART also announced Steve McKay will serve as interim chief commercial officer, replacing Dave Woodall, who leaves ART after nine years to join another organisation.
Meanwhile, Dianna Orbelle has been named interim risk officer.
ART will also see the departure of Lachlan East, who was chief member officer, and will exit at the end of August after 12 years at the fund.
Looking at its growth in the last year, ART said it added more than $40 billion of funds under management, $19 billion of which comprised four successful mergers with Commonwealth Bank Group Super, Woolworths and Endeavour Group, AvSuper and Alcoa Super.
ART also announced its latest merger partner in Qantas Super last week and is set to welcome some 26,000 members and $9 billion in assets under management in 2025.
The $3 million super tax bill is expected to become a key election issue after the Senate dismissed a motion to discharge the legislation.
A report advocating for reduced union involvement in super funds was tabled on Thursday on behalf of Senator Andrew Bragg.
Qantas Super has announced the completion of its merger with the Australian Retirement Trust.
The Coalition has made headlines in recent months over its alleged plans to dismantle the superannuation system, but the shadow assistant treasurer insists top Coalition members support super.