Self-Managed Superannuation Fund administration software provider, Class has appointed a new chief executive and managing director, Andrew Russell.
Russell is currently the executive general manager, Financial Services at REA Group and will take up his new role in May.
Prior to joining REA, Russell was general manager and Interim CEO of Mortgage Choice, where he led the successful launch of its wealth management and financial planning business.
Confirming the appointment, Class chairman, Matthew Quinn said the firm was pleased to welcome Russell who brought with him wealth of knowledge and practical experience in financial services, technology and product innovation.
“Andrew’s priorities on commencement will be to improve our market leadership in the SMSF administration sector and broaden our scope to become a leading SaaS platform provider in the financial services space,” he said.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
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ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.