POWERED BY MOMENTUM MEDIA
Legalsuper CIO steps down
Norman Zhang, chief investment officer at legalsuper, is set to depart the fund after three and a half years to pursue a new role.
Legalsuper CEO, Luke Symons, confirmed Zhang will be leaving in December to pursue a new role with investment manager Koda Capital.
Koda offers services in structuring and tax, investment strategy, family leadership and philanthropy.
“Norman and his team have worked diligently and strategically, particularly over the past three highly volatile years, to maintain legalsuper’s strong, long-term record of investment performance, and we wish him well as he pursues a different career path in this next stage,” Symons said.
The $5.4 billion fund will now commence a search for a new CIO alongside its search for a chief financial officer, a newly created role for the fund.
“We are well progressed with our search for the newly created role of chief financial officer to support our growth agenda and now look forward to appointing a new chief investment officer to play a key role in building on our demonstrable strengths in delivering strong, net investment returns and providing excellent members services and support,” Symons added.
Prior to leading investment at legalsuper, Zhang spent almost two and a half years in a similar role at the $6.5 billion fund Media Super. His experience includes almost six years as an investment consultant at Frontier Advisors.
Commenting on his departure, Zhang said: “I want to firstly say that legalsuper is a fantastic organisation, led by a strong board and executive team, and one that is 100 per cent focused on its members and their retirement outcomes. legalsuper is an organisation that is prepared to innovate and make long-term decisions for the benefit of the members.
“I want to personally thank the board, the staff, and specifically Kirsten Mander (chair of board), Richard Fleming (investment committee chair) and Luke Symons for their support and leadership over the years.”
As well as the loss of its CIO, chief operating officer Trevin Erichsen announced in August that he will be departing the fund.
Erichsen joined legalsuper in October 2022 as COO and also worked as interim CEO for seven months after the departure of Andrew Proebstl at the end of 2022 after 20 years.
The fund went on to appoint Symons as CEO in April 2023.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The Super Members Council (SMC) has called for streamlined super reporting to cut costs, boost investment flows, and strengthen retirement outcomes.
AustralianSuper’s reliance on unlisted assets dragged on performance over the past year, as the rally in listed markets left funds more heavily weighted to equities outperforming their peers.
IFM Investors has urged for government-industry collaboration to accelerate projects, unlock capital, and deliver long-term returns for Australians.
With super funds turning increasingly to private credit to lift returns, experts have cautioned that the high-yield asset class carries hidden risks that are often misunderstood.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
