Rest’s FUM growth coincides with the arrival of Michael Clancy as the fund’s new CIO and the appointment of two senior executives.
Rest, one of Australia’s largest profit-to-member superannuation funds, has surpassed $100 billion in funds under management (FUM) for the first time.
The fund began investing on 1 July 1988 and now represents more than 2 million members (the equivalent of one in seven working Australians) and holds the largest proportion of members under 30 of any super fund and the second-highest number under 50.
CEO Vicki Doyle said reaching $100 billion in FUM is a proud moment that reflects Rest’s longstanding commitment to helping members achieve the best possible retirement outcomes.
“Rest has the great privilege and responsibility of growing the retirement savings of millions of hardworking Australians, many of whom are in part-time and casual roles and have less opportunity to retire with larger balances,” Doyle said.
“This level of growth gives Rest the size, scale and financial benefits to continue delivering for members – it helps us maintain competitive fees, flexible insurance, digital tools and financial advice.”
She added that such large scale gives members access to investment opportunities they’d likely not be able to obtain on their own, which has assisted in delivering strong long-term performance.
“Since we invested our first dollar in 1988, we have focused on delivering strong long-term returns to support our members’ financial futures,” Doyle added. “So much has changed since then – back in 1988, we were still in the early years of personal computers, technology that would go on to revolutionise everyday life. Today, we are at the dawn of another revolutionary transformation with AI.”
The milestone coincides with the arrival of Clancy, who joined Rest this week as its new chief investment officer.
“I’m delighted to welcome Michael Clancy, our new chief investment officer, who joins us at this important moment in Rest’s history. His leadership will help ensure we continue the work to support our members as we look to the future,” Doyle said.
Clancy commented that Rest’s investment team is committed to building on its strong track record of delivering long-term results for members.
“With around three-quarters of our members still decades from retirement, our long-term focus remains as strong as ever. We’re thinking deeply about the world our members will retire into and how we can contribute to a more sustainable future,” Clancy said.
“I’m excited to join Rest at such a significant moment and contribute to its track record of strong performance for our members, while supporting Rest’s aspirations to grow our membership and funds under management.”
Rest will also welcome new chief member officer Simone Van Veen later in August.
“Simone’s deep digital experience and strong leadership will be invaluable as we continue simplifying super for our members and empower them with seamless experiences, tools and support to shape their financial futures,” Doyle added.
