Tim Steele

Australia has been recognised for its handling of the health and economic related aspects of COVID-19, however new research from MLC Wealth shows the impact of COVID-19 is still being felt with Australians’ financial confidence taking a hit.

An MLC Wealth survey^[1] of more than 1,000 people aged between 18 and 79 found only 43% of Australians feel financially confident, with 30% of respondents feeling less confident about their financial situation than they did a year ago.

The research shows women have felt the impact of COVID-19 on their financial confidence to a greater extent than men, with more than a third of Australian women reportedly feeling less confident than a year ago, compared with just 25% of men.

The shake to confidence has prompted many Australians to prioritise saving, with 55% of respondents placing greater importance on how much they are saving compared to 12 months ago. The survey also revealed 25% plan to ‘start or contribute to an emergency savings fund’ as a key financial goal in the next five years, and 31% said their biggest financial regret is not putting aside more savings.

Tim Steele, Group Executive, Retirement and Investment Solutions at MLC Wealth said in the face of uncertainty and a hit to financial confidence, it was no surprise more Australians were putting an emphasis on savings.

“Despite strong economic data, the emotional and financial hangover of COVID-19 is very real for many Australians and savings are understandably seen as an important safety net,” Mr Steele said.

“With a greater focus on savings, Australians need to be informed about their financial decisions and take proactive action. Small, educated steps taken now can make a big difference to your future financial outcomes, particularly when it comes to making the most of your savings.”

The research found that 1 in 3 Australians are concerned about the interest rate on their savings account, highlighting the impact of low rates on ‘safe haven’ investments which previously delivered higher, reliable returns. This was particularly evident among Australians aged 55-79 as they prepare for retirement or rely on passive income to fund their retirement lifestyle.

Of a similar vein, the survey revealed 53% of respondents are placing more importance on their super and/or investments than 12 months ago and are more concerned about the impact of market shifts.

“It’s never too late to make a conscious effort and take steps to improve your financial health, including looking at your savings and superannuation.

“The areas of concern amongst survey respondents highlight the need for a longer-term view around savings, wealth creation and superannuation. Ensuring your superannuation is structured to suit your lifestyle should be something that occurs at every age not just for pre-retirees,” Mr Steele said.

Friends, family and online communities integral to financial decision making

The survey revealed 66% of Australians strongly or somewhat agree they ‘do a lot of research before making a significant financial decision’. However, the most common source of financial information and guidance is friends and relatives, with 42% of respondents seeking their input, followed by financial websites (26%) and financial advisers/ planners (15%). About 1 in 4 Australians (26%) claim to not use any sources.

MLC’s research also found social media and forums are growing as a source of financial information and guidance among young Australians, with 13% aged between 18 and 34 regularly using platforms such as TikTok, Facebook and Instagram as a financial resource.

Additionally, 4% of Australians aged between 18 and 34 list social media as their most trusted source of financial information and guidance.

Mr Steele said while it was great to see so many Australians undertaking research before making financial decisions, he said it highlighted a need for Australians to think more broadly about where they source financial information.

“It is important Australians continue to consider their financial decisions, but ensure they back up insights from relatives, friends and members of their online communities with credible information sources such as from the Australian Government, financial and consumer associations, superannuation funds or a professional financial adviser,” Mr Steele said.

“Interestingly our survey indicated that those who see a financial adviser are feeling more financially confident and have better savings habits. Of those who had never had a financial adviser, only around half feel in control of their finances. While for Australians who have an adviser, 8 in 10 feel in control of their finances and 40% are saving more than they did a year ago, compared to 24% of Australians who have never used an adviser.

“As we move into a stronger economic climate, it is timely for people to take stock of their circumstances. We know having a clear view of your financial outlook is the first step in building financial confidence,” concluded Mr Steele.

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Tim Steele

The new calendar year is an ideal time to reverse a worrying trend among Australians to procrastinate retirement planning and defer active engagement in their superannuation.

MLC Wealth (MLC) research^[1] has found 53% of pre-retirees do not view retirement planning as a priority, highlighting the need for many Australians to make retirement planning and superannuation a focus for the new year.

According to Tim Steele, Group Executive, Retirement and Investment Solutions at MLC Wealth: “Apathy and inaction are some of the biggest retirement planning pitfalls for pre-retirees and this was a worrying trend highlighted in the MLC survey.”

The survey showed the vast majority (75%) of Australians aged between 45-49 and (62%) aged between 50-59 have hardly done any retirement planning to date.

“The survey results indicate that people view retirement planning as an overwhelming chore they simply don’t have time for, however we know taking action in the short term is crucial,” Mr Steele said.

“After the unforeseen events of 2020, the new year is a perfect opportunity to reassess life goals including financial aspirations. As part of this, consider what you want retirement to look like and ensure your superannuation is structured so that you can enjoy the lifestyle you desire and deserve,” Mr Steele said.

MLC’s seven steps for putting retirement planning into action

Small steps taken now can have a significant and positive impact in retirement.

1. Check your financial situation: As a first step, assess how much you have in and outside your superannuation as well as other assets to gauge your overall financial position.

2. Set clear goals: Goal setting is a powerful tool for identifying what really matters to you – and what needs to change to get there. Use the new year as an opportunity to reassess and map out a clear retirement plan with SMART goals, ensuring the way you invest and manage your finances reflects this.

3. Bucket your finances: Once you’ve set your goals, it’s important you stick to a budget and separate your everyday expenses and savings (short term and long term). This will make managing your finances more straightforward and help build your financial confidence.

4. Stay the course: Where possible, avoid changing investments or strategies while the market is turbulent – it’s best to stay the course to ensure you are well-positioned to benefit from the market rebound.

5. Implement strategies to grow your superannuation nest egg: Check that your asset allocation and investment strategy is appropriate for your age and risk tolerance. Depending on your current circumstances, there are some strategies available which can help you grow your balance and may even help to manage your tax. This could include:

• Salary sacrifice, which is an agreement between you and your employer to pay some of your pre-tax salary into super, in addition to the contribution your employer already makes. This is often tax effective – super contributions are taxed at 15% (and up to 30% if your income is over $250,000) rather than your marginal rate, which might be up to 47%.
• Personal deductible contributions could be another tax effective way to save for retirement. If you’re able to make personal after-tax contributions to super using your take home pay or savings, you may be able to claim a tax deduction, which reduces your assessable income and helps manage tax. Depending on what is right for you, you can make periodic contributions throughout the year or you could even wait until closer to the end of the financial year to make a single, larger personal contribution, which could provide greater flexibility and planning options if you have irregular income or expenses and need to review your circumstances before committing to a regular contribution.
• Make up for lost time with catch-up concessional contributions. If you’ve taken some time off work, have had a break or reduction in your working hours, or just haven’t been in a position to take full advantage of your maximum annual contribution limits, you may be able to make up for lost time when your circumstances allow. If you haven’t fully utilised your annual concessional contributions cap since 1 July 2018, you may have accrued ‘unused’ concessional contributions that could enable you to make larger contributions in a future year. This could help you to make tax effective contributions using a bonus, tax refund, or proceeds of sale of a property or another asset.

6. Ask for help: Seek assistance from a financial adviser, or utilise tools and resources available from the government or your superannuation fund

7. Set an annual reminder: Retirement planning shouldn’t be a set-and-forget task. As your circumstances change, so too should your plans. It is worth revisiting your financial situation and retirement goals each year, to ensure you’re on track to achieve your desired retirement.

———

* MLC Wealth conducted two general market surveys: one with 1811 respondents (aged 45+), and one with 404 respondents (aged 35+). Respondents completed a confidential online survey during October 2020. All research was conducted by Fiftyfive5 on behalf of MLC Wealth.

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Tim Steele

MLC Wealth’s (MLC) new Core Investment List, available on MLC Wrap and Navigator Series 2, has surpassed $500m FUM in the four months since launching in April 2020^[1].

The Core Investment List enables clients to access the popular Horizon, Index Plus and Inflation Plus investment portfolios at a competitive flat administration fee[2].

MLC Group Executive, Retirement & Investment Solutions, Tim Steele attributed the uptake of the Core Investment List since launch to the targeted nature of the new offering, which was designed specifically for a recognised client and adviser need.

“There is clear appetite for a simple, cost-effective way for advisers and their clients to access MLC’s powerful investment opportunities and multi-manager expertise. We listened to advisers and heard there was demand for greater choice and flexibility,” Mr Steele said.

The Core Investment List includes diversified options which invest in a broad range of assets and managers including Vanguard, Pimco, Redpoint, Blackrock and Arrowstreet.

Advisers can seamlessly switch their clients between the Core and full Investment Lists, aligned to their clients’ changing circumstances and wealth needs over time.

The full Investment List offers access to more than 400 options, across a range of managed funds, shares, ETFs, SMAs and Term Deposits, and has more than $30b FUM (as at 31 March 2020).

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Mr Clarke joins MLC from Queensland Investment Corporation (QIC) where he has been Chief Risk Officer for the past seven years. He joined QIC in 2007 following four years with Macquarie Bank’s Financial Services Group. Earlier in his career he worked with Linklaters in London and Tokyo as well as Clayton Utz in Sydney.

MLC Wealth Chief Executive Officer Geoff Lloyd said Mr Clarke will join a newly formed and highly experienced MLC Executive Leadership Team which has created good early momentum in transforming the business while remaining focused on meeting client needs which in many cases have intensified during the coronavirus pandemic.

“While risk management is everyone’s business at MLC, we need strong and experienced leadership to ensure our enterprise risk management framework and culture is robust, fit for purpose, and enables us to meet the expectations held by all stakeholders including clients, regulators and our people.

“This requires modern leadership and contemporary risk management. David has a reputation for developing great teams and industry leading approaches to how risks are managed, encompassing all aspects of operational, strategic, emerging and external risk factors.

“We’re very much looking forward to David’s leadership contribution,” Mr Lloyd said.

Mr Clarke will commence at MLC in early October.

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Andrew Hagger

• MLC research reveals a third of Aussie parents believe their children won’t be able to live the same lifestyle as them

• Almost 1 in 5 Aussies will be relying on family inheritance to pay off their mortgage or to ensure their future financial security

• Over a third of Aussies believe they’ll be relying on the Australian government during retirement

As the debate around tax reform and superannuation continues, new research from NAB-owned wealth management provider MLC reveals Aussie parents are increasingly worried about the financial futures of their children.

The second part of a three-part whitepaper, Australia Today, shows one third of parents are concerned their children won’t enjoy the same standard of living as them.

The research, which surveyed more than 2,000 Australians, shows the cost of living, and the impact it will have on future generations, is a major cause for concern for many Aussies. Almost 60 per cent agreed the next generation will never own their own home.

Andrew Hagger, NAB Wealth Group Executive and CEO at MLC, believes there’s a lot of work to be done to help the nation feel more confident about the future.

“We know that maintaining our lifestyle and financial security are our top priorities for Australians. However, Australians are telling us they are worried.

“There has always been the expectation that future generations will do better than us. Yet these findings paint a different picture. It’s concerning to see so many people worried about how their children will afford their own homes and live a comfortable lifestyle,” said Mr Hagger.

The research shows Australians are also concerned about their own financial futures – with over half fearing they won’t be able to maintain their current lifestyle in 10 years’ time. Concerns over employment are front of mind, with a third of respondents worried about job security.

Keeping the finances flowing in retirement is also creating a sense of unease. Two in five Australians don’t believe they’ll be able to fund their current lifestyle after retiring. A further one in five indicated they’ll rely on family inheritance to pay off their mortgage or ensure their financial security.

The survey also found over half of those currently retired (53 per cent) are relying on the government. But interestingly, fewer Australians (44 per cent) who are transitioning to retirement believe they will rely on the government in retirement.

‘‘This trend demonstrates the potential of our superannuation system – to increase self-sufficiency in retirement – and it seems this is being realised by individuals, which can only be a positive for Australia.

“That is why it is more critical than ever the objectives of super are enshrined in law as swiftly as possible to avoid constant political tinkering and provide stability and certainly to all Australians,’ Mr Hagger said.

The research also unveiled those who use financial advisers or planners (27 per cent) were significantly less likely to say they would rely on the government in retirement. ‘Seeking quality financial advice can make a real difference for Australians as they save for retirement and I hope this research will help more people to think about their financial future,’ Mr Hagger said.

Other key findings included:

• Over a third of Australians agreed they were concerned about their job security – with those who have moved to Australia in the past four years significantly more worried about their job security (78 per cent) compared to those who have been in Australia for longer (32 per cent amongst those who have lived in Australia for more than a decade)
• Close to three in five (56 per cent) were concerned about being able to maintain their lifestyle in 10 years’ time – with those approaching or in retirement more worried than others
• 43 per cent believe they wouldn’t be able to fund their lifestyle when they finish working and think they will have to rely on the Australian government in their retirement

“Australia has a world-leading retirement savings framework, however too many Australians are facing a retirement savings shortfall or are not fully involved participants in the system.

“With over a third of Aussies expecting to depend on the pension during their retirement – it’s clear that a lot more needs to be done to help consumers be more confident towards their future and their retirement”, said Mr Hagger.

About the Australia Today whitepaper

MLC commissioned IPSOS to prepare a three-part whitepaper to explore the challenge of how to get more Australians to think about their retirement. Over 2,000 Australians participated in the research, which aims to provide a fresh look at attitudes and perceptions towards their financial security and standard of living in the future, and how they expect to live in retirement.

Part 1 and 2 of the whitepaper is now available to download here , with Part 3 available in coming months.

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Andrew Hagger

NAB-owned wealth management provider, MLC is calling for a more informed debate on the future of our superannuation system, starting with a fresh look at how Australians are actually living their lives now, and how they expect to live in retirement.

Andrew Hagger, NAB Wealth Group Executive, and MLC CEO, today released the first of a three-part whitepaper commissioned by MLC to help better inform this debate. The research shows how Australians perceive their socio-economic standing and the lifestyle characteristics they value and aspire to in order to gain a sense of financial security.

The research reveals Australians are confused by their social standing, with 66 per cent of people labelling their class as either middle or lower middle, and almost onein-two Australians saying they are living ‘pay-cheque to pay-cheque’.

“At the end of the day, helping more Australians to save for their retirement should be a national priority,” Mr Hagger said.

“But, with almost one-in-two Australians saying they are living ‘pay-cheque to pay-cheque’, we’ve got to ask ourselves if we’ve got the settings right to achieve that aim.

“When more Australians fund their own retirement, we win on two fronts – we improve our quality of life, and reduce the budgetary burden of an ageing population for future generations.

“But, in order to have a well-informed national conversation about our super system, we need to understand how Australians identify themselves and discover their aspirations.

“We all have a stake in this goal and NAB and MLC, as one of Australia’s largest super and financial planning providers, is prepared to take a lead role in the debate and offer options to bring about enduring change.”

Stuck in the middle; an Australian class conundrum

The research, which involved surveying more than 2,000 Australians, reveals Australians have a striking perception problem when it comes to their personal socioeconomic standing and that of others.

The Australia Today whitepaper lifts the lid on how Australians are living their financial and social lives. The report shows that Australians are confused by their social standing, with 66 per cent of people labelling their class as either middle or lower middle, when in fact only 20 per cent of Australians actually fit into this category.

Socio-economic confusion

The report found that 40 per cent of Australians actually fit into either the upper class or upper middle class categories, when benchmarked against a range of factors including income, occupation, employment and home occupancy.

The research suggests the confusion lies in the perceived difference between ‘lifestyle’ and ‘standard of living’, with 75% of respondents agreeing that having a comfortable lifestyle means ‘having enough money to do what I want, when I want.’

Higher income earners with a household income of $200,000 or more per annum were more likely to underestimate their financial position, with 44 per cent rating themselves as middle class.

Half (46 per cent) of Australians say they are living ‘pay-cheque to pay-cheque’, including one in five of those with a household income of more than $200,000 annually.

Nearly half of those surveyed told us that living comfortably requires at least $150,000, and an overwhelming majority say that being worth $1,000,000 does not make you rich in Australia today.

When asked to describe the lifestyle of a typical middle class Australian, many said that the pre-requisites are having a professional job, owning a house and car and being able to send their children to private school. With the average household income of the middle class sitting at $77,676 per annum, the research suggests there
is a clear disconnect between the definition of ‘lifestyle’ and ‘standard of living.’

“It’s clear that Australians perceptions of what the “middle class” is has changed dramatically from 20 or 30 years ago,” Mr Hagger said.

“But, while we have changed our spending patterns, have we also changed our savings patterns? Is the current super system helping Australians achieve the standard of living they aspire to in retirement?

This research also tells us that many Australians are looking to Government for the answers, with nearly half of those surveyed believing the government should do more to help middle class families.

“Whether it be the Hawke/Keating super reforms of the 80s and 90s, or the 2006 Howard-era Future Fund, both sides of politics have made substantial contributions to help to ‘save retirement’.

“Yet we know people contribute less when government tinkers or even discusses tinkering with the system. Super is a long term product that needs stable policy.

“The stakes are high. When we get super right, it helps Australians in retirement and helps our economy. When we get it wrong, we risk our future prosperity. “We do believe a key priority should be to establish a clear objective for our super system – one that all future reforms can be focussed on supporting.

“Any reform must maximise the retirement outcomes of Australians in the future – across generations.”

Other key findings included:

• When asked to select what might contribute to social class now, money trumped everything else
• 76% of Australians said that their mortgage has a big impact on their lifestyle, while 83% agreed that the cost of living is much higher than it was a decade ago
• Much of what is considered ‘the norm’ today would have been considered ‘luxuries’ 20 years ago. At the top of the list of new lifestyle essentials includes international travel, private schooling, technology and eating out.
• 85% believe that people nowadays live beyond their means.
• 48% believe that the government should do more to help middle class families, while 69% believed that the high cost of living meant that middle class people were struggling to make ends meet.
• The research found that while Australians may have the wrong idea when it comes to the social class they belong to, the great Australian can-do spirit is alive and well – with 75% of Australians believing that hard work pays off.

About the Australia Today whitepaper: MLC commissioned IPSOS to prepare a three-part whitepaper to explore the challenge of how we get more Australians to think about their retirement. Part 1 of the whitepaper is now available to download here, with Part 2 and 3 available in coming months.

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Lara Bourguignon

More than 60 per cent of Aussies identify not having enough money to invest in retirement as the biggest barrier to retirement savings

Aussies are increasingly concerned they won’t have enough money to invest in retirement after their everyday spending, according to the latest MLC Wealth Sentiment Survey.

The survey of over 2,000 Australians found that almost two in three Australians identified not having enough money to invest in retirement as the biggest barrier to retirement savings – and more so for women than men.

NAB General Manager, Corporate Super, Lara Bourguignon, believes it’s crucial that Aussies are managing a stable cash-flow particularly throughout the Christmas and New Year period – in order to meet longer term saving goals.

“The festive season is a notoriously expensive time and one that requires consideration and careful planning. While many Aussies budget for larger items such as overseas holidays or their next car purchase, the day to day spending such as groceries and additional gifts is where they’ll often come undone with savings.

“Budgeting on your entire cash-flow is critically important to a family’s financial wellbeing. We want all Australians to enter their retirement phase of life feeling confident and prepared, and believe the first place to start is by managing day-to-day living costs,” said Ms Bourguignon.

The quarterly survey found that households with kids rated all barriers to retirement higher than those with no kids – with only 30 per cent of Aussies with kids feeling that they have enough funds to invest in retirement.

“Clearly the cost of raising a family is an important factor. The summer season is a particularly expensive time – with additional budget pressures such as Christmas presents for the kids and extended family, as well as budgeting for school holiday activities and holiday getaways.

“The survey results highlight that more needs to be done across the board to ensure a comfortable retirement – particularly for families with kids. It’s important for families to not only consider their immediate budget, but also their future cash-flow.

“Once you’re able to determine how much you spend a year and what you’ll be spending in future years – you can plan around your annual holiday spending each and every year, as well as having your money working hard for you in other areas,” said Ms Bourguignon.

Other barriers to retirement identified include longer life expectancy (56 per cent), major health issues (56 per cent) and being unemployed (55 per cent).

Additional findings include:

• More than 1 in 2 of Australians do not think they will have enough savings to fund their retirement
• Nearly 1 in 5 Australians do not expect to retire until 70 or older
• On average, Australians expect to retire with about $471,000, but women ($390,000) believe they will have far less than men ($538,000)
• Almost half of Australian women consider taking a career break to raise kids as a barrier to sufficient retirement funds – with around two thirds of women taking more than 2 years out of the workforce to have children
• Around two-thirds of women take more than 2 years off to have children, compared to only 16 per cent of men. In contrast, more than 1 in 2 men took no time to have children, compared to just 17 per cent of women.
• The quarterly survey has found paying off debt is still the priority for around 30 per cent of Australians
• Only 10 per cent of Aussies are giving a ‘high’ consideration to the possibility of a major future financial setback – such as health issues, risks in financial markets and job security

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Executive General Manager, Wealth Advice, Greg Miller, said the award recognises the growth and success of MLC’s Advice stores since their inception in 2011, and reinforced its commitment to continue to grow the network throughout 2016.

“We created MLC Advice Stores to stand-out and be different – to be known for their customer-focus – and it’s great this model has been recognised for the success that it is today,” Mr Miller said.

“We couldn’t have achieved this without a close working relationship with our adviser network. Our model is centred on the customer, and finding out what’s really important to them, and working with advisers to ensure they are well placed to help their customers achieve their goals.

“We have continued to expand our network in key locations since opening our first MLC Advice store in 2011, and we will continue to grow our network throughout 2016.”

MLC yesterday also announced Vanessa Rowe as General Manager of MLC Direct.

“Vanessa is passionate about ensuring customers are in a position to make key financial decisions by providing the right help, guidance and advice. Vanessa will provide strong leadership as we continue to grow our business and help more Australians secure their financial future”, Mr Miller said.

Ms Rowe said it was important for customers to have a continuous advice experience, regardless of whether it was through digital, phone or face-to-face channels.

“I strongly believe in the difference that advice can make, and I am committed to ensuring our business gives more Australians the opportunity to seek high quality, trusted advice.

“As a business, it is vital to provide a seamless, end-to-end advice experience, regardless of what channel is used”, Ms Rowe said.

Vanessa has 20 years’ experience in the financial services industry in various disciplines including financial advice, risk management, superannuation and platforms.

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David Hackett

MLC Insurance yesterday announced it will cut premiums for two of its key life insurance products by up to 15 per cent, effective yesterday.

David Hackett, Executive General Manager, Insurance, said “At MLC, we know that every dollar counts for Australian families, so we’re making our insurance options more affordable.”

Effective from 23 November 2015, stepped premiums for life cover insurance, as well as total and permanent disability (TPD) extension insurance, will fall by 15 per cent for new customers at, or when they reach 45 years of age or over on the MLC Insurance and MLC Insurance (Super) products.

MLC will also be reducing stepped premiums rates for life cover insurance and TPD extension insurance for new customers at or when they reach between 40-44 years for MLC Insurance and MLC Insurance (Super). These customers will receive a 2.5 per cent cumulative rate cut each year up until 45 –which in total will represent a full 15 per cent saving. From age 45 onwards, the 15 per cent rate cut will apply.

“With many insurance premiums increasing as you get older, a 15 per cent rate cut from 45 years of age represents a significant saving.’’

“This will help more Australians to keep life insurance for longer, which is an important component in helping to save for retirement,’’ said Mr Hackett.

Over the past 12-months, MLC has announced a number of new initiatives to improve customer and adviser experience, including:

• removing insurance policy fees in an effort to improve affordability, particularly among younger customers
• increasing our multi-cover discount to a maximum of 30 per cent
• extending our TPD optimiser
• introducing insurance premium payments by partial rollovers.

“Yesterday’s announcement represents the next step towards delivering on our goal of making life insurance more affordable and accessible for more Australians.’’

Mr Hackett said the rate reductions will make MLC significantly more competitive in the marketplace, and put us in a strong position to win new business.

“We are confident these changes, which come off the back of our partnership with Nippon Life and our recent innovation with MLC On Track, will be well received by advisers and customers.’’

Research conducted by KPMG for the Financial Services Council shows that approximately 11.5 million working Australians are underinsured, and 19 per cent of families do not have any life insurance.

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Mr Kwee, who has two decades of experience in private equity, will establish the office and build a team to capitalise on investment opportunities in North America and Latin America.

Head of MLC Private Equity Natalie Meyenn said: “We have been investing successfully in the Americas since the late 1990s, and we are well positioned to build on our proven execution capabilities and investment record. Given Andrew’s experience in building high performing private equity teams, we are extremely pleased to have him lead this initiative.

“Andrew brings a wide breadth of relationships, deep knowledge of the US market and proven experience in identifying and executing on attractive opportunities. We look forward to having someone of Andrew’s calibre on our team to further enhance our ability to deliver more value to clients.”

Mr Kwee joins from LGT Capital Partners, where he was a Partner and played an integral role in building and running their US private equity business. Prior to that, Mr Kwee opened and ran the New York private equity office for GIC Special Investments.

Mr Kwee earned an MBA from the Wharton School of the University of Pennsylvania, a Master’s degree in Civil Engineering from Stanford University, and a Bachelor’s degree in Civil Engineering from the University of Illinois.

Mr Kwee will commence the role on 1 July.

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