Sunsuper has announced the appointment of its new chief executive, former State Street Global Advisors executive, Bernard Reilly.
The superannuation fund confirmed Reilly’s appointment, pointing out that the had been most recently State Street Global Advisors Head of Global Strategy and an executive vice-president.
Commenting on the appointment, Sunsuper chairman, Andrew Fraser said Reilly’s global expeience coupled with very strong investment and risk governance leadership credentials had given the board every confidence in his ability to lead the fund.
Reilly succeeds Scott Hartley in the CEO role and will formally take up his duties on 8 October, with Hartley remaining engaged to assist in the transition.
There is a need for Australia’s superannuation funds to simplify their investment menus, according to the firm, given over a third of funds have more than 30 options, of which one or more are “arguably subscale”.
The research house is set to offer research ratings of superannuation funds for the first time amid growing demand from financial advisers.
Treasury is calling for submissions on its draft regulations in relation to the calculation of the proposed Division 296 tax.
Initially intended to offer a “simple, cost-effective” option for Aussies invested in default fund options, a super consultant has weighed in on what the scheme has actually done for members.
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