Future Group flags job cuts amid organisational reshaping

21 February 2024
| By Rhea Nath |
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Future Group has hinted at job cuts ahead as it transitions to a “single integrated team running multiple brands.”

The group currently consists of five superannuation brands and is understood to be one of the top 15 largest superannuation groups by number of members served.

Last November, it formally welcomed Verve Super into the fold, having previously held a 20 per cent stake in the super fund when it was first established in 2018 and having served as Verve’s investment manager since then.

Additionally, it acquired GuildSuper Services and Child Care Super that same month in a transaction approved by the Victorian Supreme Court.

Future Group’s brands also include smartMonday, which it acquired from global insurer Aon in 2022, and Future Super.

In a recent announcement, the group’s chief executive Simon Sheikh shared that assets under management have grown tenfold in the last four years, achieved by both a growing appetite for ethical investments alongside a targeted program of acquisitions.

“Our mission is to use these brands and the power of our members’ superannuation to drive change in the $3.5 trillion super industry while delivering great outcomes for our members,” Sheikh said.

“Now that our acquisitions are finalised, we need to reshape our organisational structure to execute our strategy. Put simply, we are moving from being a group of acquired businesses to a single integrated team running multiple brands.

“Sadly, this means saying farewell to some valued individuals who’ve made important contributions to our mission.”

While there was no mention of how many job cuts might be expected, Sheikh said they would be consulting with their team over the next few days to identify redeployment opportunities where possible.

“All that we’ve achieved in building this business has been on the shoulders of our team,” the CEO added.
 

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