Bernard Reilly

Perpetual has announced it has entered into a Letter of Intent with Partners Group to explore innovative product development and investment strategy opportunities combining both public and private assets.

The LOI agreement will see Perpetual’s Asset Management business and the Australian arm of Partners Group, one of the largest firms in the global private markets industry with USD$152 billion^[1] in assets under management, collaborate to identify, evaluate, and pursue strategic opportunities, including the potential launch of investment vehicles or products such as Listed Investment Trusts, co-investment, and/or fund structuring.

Perpetual CEO and Managing Director, Bernard Reilly, said: “Perpetual has been at the forefront of Australian investing for decades and this new relationship with Partners Group aligns with our strategic intent of bringing innovative solutions to our clients and continuing to evolve our product suite to provide contemporary, high quality and in-demand investment solutions for our client base.

“Combining Perpetual’s expertise, knowledge and connections as an Australian equities investor, together with Partners Group’s significant local and global reach in private markets including private equity, infrastructure, real estate, royalties and credit, provides the opportunity to explore products that give investors access to asset classes across both public and private markets within a single product, which is a strategic relationship among the first of its kind in the Australian investment industry.”

The agreement also allows for the sharing of market insights, research and investment perspectives, as well as expanded networking collaboration and cross-border opportunities.

Partners Group Head of Australia Martin Scott said: “Since 1996, our business has invested more than USD$234 billion in a range of private markets opportunities across the globe with the sole intent of building long term value for our clients and stakeholders.

“Partnering with Perpetual, one of the flagship brands in Australian equities investing, to explore new investment strategies that combine public-private assets for Australian investors is an exciting step for our business in the region and one that reflects the increasing role played by private markets in the real economy.”

Perpetual Head of Equities, Vince Pezzullo, said: “This agreement with Partners Group provides the foundations for public-private strategies that will allow us to invest in a company’s full lifecycle through various markets and also for investors to benefit from exposure to different parts of the capital structure in the future.

“Potential solutions could also allow for dynamic re-allocation between the investment sleeves over time and make use of liquidity and market events to add additional value to client portfolios.”

With the signing of the LOI, the parties will now work together on market testing to evaluate the demand for the solutions and any proposed structures.

———-

Notes:
[1] As at 31 December 2024

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David Anderson

Australian Retirement Trust (ART), one of Australia’s largest superannuation funds, has announced the appointment of David Anderson as its next Chief Executive Officer following an extensive global search and selection process.

David brings to ART more than 30 years of experience in insurance, financial services and professional services having led teams in Australia, New Zealand, Asia, Middle East, Africa, Latin America, Europe, the United Kingdom and the United States.

Having spent the past 25 years with Mercer, David’s most recent role was global Chief Commercial Officer. Prior to this role, David was President, International with responsibility for all of Mercer’s clients and teams in more than 175 cities and 42 countries outside the United States and Canada. For the past nine years, since he left Australia, David has been based in New York and London where he gained invaluable global experience in retirement savings, employee benefits and investments.

Chair of Australian Retirement Trust, Andrew Fraser, said the appointment comes at an important time for the Fund as it delivers its next phase of its vision to be Australia’s most chosen and trusted retirement partner.

“With a changing superannuation landscape, this an exciting time for Australian Retirement Trust and we believe David Anderson will be an exceptional leader to steward the fund and our people on behalf of our 2.3 million members.

“The Australian Retirement Trust Board believes David’s experience and capabilities, global as well as local perspective, leadership style and values will enable him to be an outstanding CEO of ART.

“As one of Australia’s largest funds we’re committed to growing and guarding the retirement savings of all members, who entrust us with their superannuation.”

Commenting on the appointment David said: “I am delighted to be returning to Australia to join Australian Retirement Trust. It will be an honour to lead an organisation that has carved a legacy as one of the largest retirement savings and income funds in Australia.

“ART has been putting members’ money to work both locally and globally, aiming not just for financial success but for a secure, confident and dignified retirement for their 2.3 million members. I’m excited to contribute to this mission and to bring my global experience to the table to benefit the ART team and their members.”

David Anderson’s appointment comes three months after outgoing CEO Bernard Reilly’s resignation.

Mr Fraser thanked Bernard Reilly for his leadership and commitment to the fund over his tenure as Chief Executive Officer.

“Bernard was integral to the successful delivery of the largest and most complex superannuation merger in Australian history to form Australian Retirement Trust and will leave a lasting legacy for our members. On behalf of the Board and executive team I thank Bernard for his unwavering commitment to acting in our members best interests,” Mr Fraser said.

David will be based in Brisbane and will formally commence in the role of CEO in March 2024, upon the conclusion of Bern’s announced departure at the end of February 2024.

Bernard and David will work together to ensure a smooth transition in the coming months.

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Bernard Reilly

The Australian Retirement Trust (ART) Board has announced that Bernard Reilly has informed them of his intention to leave the Fund in February 2024, two years after executing Australia’s largest superannuation merger.

Australian Retirement Trust’s Chair Andrew Fraser thanked Mr Reilly for his leadership and paid tribute to the organisational culture he will leave behind.

“Bern will leave an incredible legacy, having played an integral role in delivering Australia’s largest superannuation merger to create Australian Retirement Trust back in February 2022,” said Mr Fraser.

“Bern has expertly guided Australian Retirement Trust to deliver merger benefits to our more than 2.3 million members and grow funds under administration to more than $260b. But I think the thing Bern should be proudest of, and a true testament to his leadership capabilities, is the culture he has helped grow across our organisation.”

Outgoing ART CEO Bernard Reilly said he will forever be honoured to have been ART’s inaugural CEO.

“This has been an enormous decision for my family and me, but I know that I am stepping away at the right time for Australian Retirement Trust,” said Mr Reilly.

“I will leave behind a highly experienced and talented executive team who at the core have a commitment to serve Australian Retirement Trust’s more than 2.3 million members.

“This is an exciting time, as Australian Retirement Trust enters its next chapter as one of Australia’s leading superannuation funds, I’m excited to continue watching the Fund grow as one of its members.”

ART has appointed Egon Zehnder to commence a global executive search for a new CEO. Mr Reilly will remain as the Fund’s CEO until February 2024, marking two years since the merger.

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Kathy Vincent

Australian Retirement Trust (ART), one of Australia’s largest superannuation funds, has announced the appointment of industry veteran Kathy Vincent as Chief of Retirement.

Following a global search, Kathy will join ART in the newly created role completing the Fund’s new executive structure announced in March, to best position the Fund to deliver on its vision to be Australia’s most chosen and trusted retirement partner.

Kathy brings more than 30 years’ experience in the finance industry across a variety of product, strategy and advice executive roles. Kathy spent more than 18 years at Macquarie Group, and has also held senior roles at MLC, National Australia Bank and most recently BT as the Chief Strategy and Product Officer.

As Chief of Retirement, Kathy will focus on the execution of ART’s retirement strategy, providing strategic leadership and guidance across all elements of the Fund’s retirement offering, including product, service model and advice.

ART Chief Executive Officer Bernard Reilly said creating the dedicated retirement function and Kathy’s appointment in the Chief of Retirement role is critical to the Fund’s ongoing delivery of market leading support to its members up to and through retirement.

“At Australian Retirement Trust, we see the purpose of super as creating a retirement income stream along with other retirement benefits for the 16 million working Australians, that’s why retirement is in our name,” said Mr Reilly.

“We are facing into a pivotal time for the superannuation industry, with increasingly more Australians shifting from accumulation into the retirement phase over the coming years and we want to support our 2.2 million members across Australia to retire well with confidence.

“Kathy’s experience and knowledge of product, strategy and financial advice will be a valuable asset to Australian Retirement Trust and our members.”

Kathy added: “Given the growing needs in this space, it’s a really exciting time to be focussed on supporting Australians up to and through their retirement, and I’m thrilled to join Australian Retirement Trust.

“Australian Retirement Trust has an ambitious vision and through its retirement income strategy, a solid foundation to support members in retirement. I’m looking forward to joining a profit-for-member fund and supporting members through all stages of their superannuation journey.

“It’s important that we deliver and continue to shape that strategy as the fund grows across all demographics, and I’m excited to work alongside Australian Retirement Trust’s experienced executive team in service of our 2.2 million members.”

Kathy will commence in the role in December 2023.

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Lachlan East has been appointed Chief Member Officer, Julie Bingham has been appointed to the role of Chief of Staff and Anne Fuchs has been appointed Executive General Manager of Advice, Guidance and Education. All appointments will take effect from 1 July 2023.

Lachlan East is a highly experienced financial services executive with more than 25 years’ global experience in the investment banking, wealth management and superannuation industries. Mr East has been with ART (previously Sunsuper) for more than 10 years as Chief Risk Officer and most recently Chief of Staff. Prior to that he held a range of senior leadership roles at Credit Suisse, Barclays Investment Bank and Linc Energy.

As Chief Member Officer, Mr East will be responsible for the Fund’s member operations portfolio, member service experience, and anticipating and advocating for future member needs.

Julie Bingham has been appointed Chief of Staff. Ms Bingham has more than 20 years’ experience across a range of organisations including CitiStreet, MBF, Bupa, Mondial Assistance, the Australian Tax Office, First State Super and has spent the last six years at ART (previously QSuper), most recently as General Manager, Member Engagement.

In a sign of ART’s ongoing strategic commitment to the external financial adviser market and focus on financial advice and the power it has to materially change members’ lives in the lead up to and throughout retirement, the Fund has also appointed Anne Fuchs to the role of Executive General Manager Advice, Guidance and Education. The role will be responsible for championing financial advice across ART, seeking to influence and shape the advice industry and ensure financial advice is accessible for all members.

With more than 25 years’ experience in the finance industry, Ms Fuchs has held the role of Head of Advice, Guidance and Education at ART (previously Sunsuper) for the last 8 years and sits on multiple boards and external advisory committees. Prior to that she held roles at the Association of Financial Advisers (AFA), Pinnacle Practice, ING Australia and Bankers Trust.

ART Chief Executive Officer Bernard Reilly said these announcements come at an exciting time as the Fund approaches 18-months since its merger.

“As key members of the Fund’s wider leadership team, these roles are integral to delivering on Australian Retirement Trust’s ambition to empower our 2.2 million members across Australia to retire well with confidence,” said Mr Reilly.

“These appointments are also evidence of the calibre of amazing internal talent we have at Australian Retirement Trust.”

Following the executive restructure in March, ART will make an announcement on the newly created Chief of Retirement role in the coming weeks.

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As part of the changes, there will be a newly created Chief of Retirement role to focus on the execution of ART’s retirement strategy and provide strategic leadership and guidance in the provision of all elements of the retirement offer, including product, investments, service model and advice.

Commenting on the changes, Chief Executive Officer Bernard Reilly said: “As we approach our one-year anniversary as Australian Retirement Trust, the time was right to consider our executive structure, ensuring we’re best placed to manage our expected growth and deliver on our commitment to our 2.2 million members.

“We believe our operating model will ensure we are providing market leading support for our members up to and through retirement. This is an important step as we strive to empower our members to retire well with confidence.

“Our vision is to be Australia’s most chosen and trusted retirement partner, and we believe this structure will align our business to deliver on this and set us up for continued success into the future.”

The executive team:

• Chief Executive Officer: Bernard Reilly
• Chief Commercial Officer: Dave Woodall
• Chief Financial Officer: Anthony Rose
• Chief Investment Officer: Ian Patrick
• Chief People Officer: Helen Jackson
• Chief Risk Officer: Anne Browne
• Chief Strategy Officer: Stevhan Davidson
• Chief Technology Officer: Rod Greenaway
• Chief Member Officer: vacant
• Chief Retirement Officer: vacant

Teifi Whatley, Chief Strategy Officer, will retire at the end of March after more than 20 years at Australian Retirement Trust and previously Sunsuper in roles spanning brand, marketing, technology and strategy.

Karin Muller, Chief Member Officer, has decided to pursue opportunities outside of the fund and will stay on with ART until the end of March. Karin joined QSuper in 2015 and has held roles across information technology, transformation and member services.

Teifi and Karin played a significant role in delivering our merger and our first year as ART. Their hard work, commitment and unwavering dedication to our members will leave a lasting legacy.” said Mr Reilly.

The new structure is effective from 1 March and recruitment for the two vacant roles of Chief of Retirement and Chief Member Officer is underway.

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QSuper and Sunsuper finalise merger with over two million members.

The merger of QSuper and Sunsuper to become Australian Retirement Trust, the second largest super fund in the country with over two million members and more than $230 billion in funds under management, has now been finalised.

Australian Retirement Trust’s Chief Executive Officer Bernard Reilly said today was an exciting day for the merged fund’s members, customers and team.

“Since the signing of a Heads of Agreement in March last year we’ve worked hard to bring our two strong super funds together,” said Mr Reilly. “In that time, we’ve appointed our Board and Executive Team, worked through a range of legal and regulatory approvals to make the merger possible, developed and announced a new brand for the Fund, and commenced the cultural integration of our two teams.

“Finalising the largest ever merger in the superannuation industry, while each fund has continued to grow and serve its members, is truly a testament to Australian Retirement Trust’s more than 2,500 employees and their unwavering focus on acting in our members’ best interests.”

Signalling the Fund’s commitment to acting in members’ best interests and highlighting the benefits of the merger, Australian Retirement Trust plans to deliver a fee reduction for its more than two million members from 1 July 2022. The fixed weekly administration fee for Australian Retirement Trust Super Savings account members will be cut from $1.50 to $1.20 per week, and from 0.16% to 0.15% p.a. for Australian Retirement Trust QSuper account members, subject to final approval by the Australian Retirement Trust Board.

“As the second largest super fund in the industry, we’ll leverage our size and scale to seek out world-class investment opportunities for our members and deliver enhanced products and services and lower fees.

“Australian Retirement Trust will be a force for good to make our members’ world better, guiding them to and through retirement to ensure they’re secure, confident and protected. We’re open to and inclusive of all Australians, no matter where they live or what industry they work in; and as a super fund that works for members, not shareholders, our members can trust that we’ll always work in their best interests.

“Over the next two years, we will also continue to fully integrate the two funds, including our investment portfolios and technology platforms.

“With over 140 years’ combined superannuation experience, Australian Retirement Trust will also continue Sunsuper’s legacy in the employer and external financial adviser markets and QSuper’s commitment to Queensland Government employees, as well as driving growth as a national fund headquartered in Queensland.”

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Bernard will join the NAB Asset Management leadership team and provide direction on strategic and operational initiatives.

NAB Asset Management Executive General Manager Garry Mulcahy said: “I am pleased to announce Bernard in the newly created role of COO for NAB Asset Management. Throughout his career Bernard has focused on driving and implementing effective business strategy, and we look forward to benefiting from his broad global experience and insights.”

Speaking of his appointment Mr Reilly said: “The NAB Asset Management team already has a significant footprint in the Australia funds management industry through its investment management and asset consulting capabilities, and I’m looking forward to helping the business take the next step in its evolution.”

Bernard previously spent 24 years with State Street Global Advisors, the world’s second largest asset manager. Bernard’s recent roles include Executive Vice President, Global Head of Strategy and Executive Vice President, Head of Asia Pacific. He has also held roles in Business Development and as Senior Portfolio Manager.

Bernard holds a Bachelor of Economics and is a Chartered Financial Analyst of the CFA Institute.

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