The Investment and Financial Services Association (IFSA) has named its board following the group’s annual general meeting last week.
Perpetual managing director David Deverall remains as chair, while Vanguard Investments managing director Jeremy Duffield and Peter Maher, group head — banking and financial services group at Macquarie Bank, share the position of deputy chair.
Greg Cooper, chief executive of Schroder Investment Management, and Anne O’Donnell, managing director of Australian Ethical Investment, will replace long-standing IFSA board members Maurice O’Shannassy and Justin Wood.
O’Shannassy has been awarded honorary membership of IFSA for life after serving as an inaugural member for 11 years, IFSA chief executive Richard Gilbert said.
IFSA’s board members for 2008-09 are:
* Michael Bargholz, chief executive officer, AllianceBernstein Australia;
* Brian Bissaker, chief executive officer, Colonial First State Investments;
* Robert Coombe, chief executive officer, BT Financial Group;
* Greg Cooper, chief executive officer, Schroder Investment Management Australia;
* Allan Griffiths, chief executive officer, Aviva Australia;
* Warren Lee, chief executive officer — Australia, AXA Australia;
* Geoff Lloyd, group executive of wealth management, St George Bank;
* Craig Meller, managing director, AMP Financial Services;
* Anne O’Donnell, managing director, Australian Ethical Investment;
* Steve Tucker, chief executive officer, MLC Australia; and
* Maria Wilton, managing director, Franklin Templeton Investments Australia.
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
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.