Michael Cameron

Leading super fund Equip Super, has announced the appointment of Michael Cameron as the new Chair of the fund’s Board of Directors. Mr Cameron joins as an Independent Director replacing Danny Casey who has stepped down from the Board after six years of service. Mr Cameron takes over as Chair of the Board on 1 November 2023.

Mr Cameron brings extensive experience in both the financial services and property sectors. He is the current Chair of Heritage and People’s Choice as well as the Chair of Resolution Capital Ltd and Deputy Chair of icare (Insurance and Care NSW).

Mr Cameron was previously a Non-Executive Director of the Suncorp Group before being appointed as Managing Director and CEO in October 2015. He was also the former Chief Executive Officer of The GPT Group and was previously the Group Chief Financial Officer of the Commonwealth Bank of Australia.

As well as his extensive financial services experience, Mr Cameron brings strong M&A experience, recently overseeing the merger between People’s Choice Credit Union with Heritage Bank in March 2023. He has led major cultural and organisational transformations, delivered value creating growth initiatives, and implemented industry leading technology change programs.

Speaking on the announcement, Justine Hickey, Deputy Chair of the Board said, ‘I am thrilled to welcome Michael as the Chair of the Board of Directors. I know his extensive experience and passion for profit to member organisations will steer Equip Super through the next chapter of the fund’s growth trajectory.’

The fund has a stated strategic objective of growing in size and achieving further scale that offers a better experience and connection for its members and employers. Over the past seven years the fund has completed five successor fund transfers and a joint venture with Catholic Super, currently managing $32 billion in FUM for over 140,000 members.

Equip Super’s 9-person board is skills-based and consists of three Independent Directors, three Member Directors, and three Employer Directors. The Chair of the Board must be an Independent Director.

Speaking of his appointment, Mr Cameron said “I’m looking forward to joining one of Australia’s oldest superannuation funds, which has been equipping Australians for retirement for more than 90 years. Equip Super is in a unique position in the super industry, being a mid-sized fund with a strong profit to member ethos and I’m looking forward to working with the Board and Executive team in continuing to provide excellent outcomes for our members.”

The outgoing Chair, Danny Casey started at the fund as the Chair of Catholic Super in 2017 and was instrumental in leading the fund through the joint venture with Equip Super. Mr Casey served as the Independent Deputy Chair of the merged entity from October 2019, taking over the Chair position in July 2021.

Ms Hickey commented on the outgoing Chair, “I’d like to thank Danny for the tremendous job he has done as Chair of the Board of Directors. During his tenure he has successfully led the fund through a period of substantial growth and in particular the successful integration of the merger between Equip Super and Catholic Super which has delivered significant benefits to members of both funds. Danny has provided strong leadership and has developed a fund culture that delivers the best retirement outcomes possible for members through connection and commitment. We thank Danny for his service to our fund and wish him all the best for his future endeavours.”

Mr Casey said, “Michael joins a strong, skills-based Board featuring combined experience at the highest levels of organisational leadership. His perspectives and guidance will help the fund to continue to provide excellent outcomes for members, employers and the Equip Super team. I have enjoyed my time at the fund and wish Michael and all at Equip Super all the best for the future.”

The post Equip Super appoints Michael Cameron as the Chair of the Board of Directors appeared first on AdviserVoice.

For over two decades, Julian has served as a director for many Australian and international companies, including, Australian Catholic Superannuation Retirement Fund, and Darwin International Airport.

In addition to his new position with Equip Super, he currently sits on the Boards of Australian Catholic University, Catholic Schools NSW, and Screen Canberra. He is also a graduate of Harvard Business School’s Leadership for Senior Executives course.

Chair of Equip Super Board, Danny Casey, lauded Julian’s addition to the Board.

“Julian brings a wealth of experience across many large companies, both domestically and abroad. He has successfully led organisations both within and outside the superannuation sector, and his insights will add to our Board’s ability to guide the fund through its next phase of growth.”

Equip Super’s 9-person board consists of three Independent Directors, three Member Directors, and three Employer Directors. The Chair of the Board must be an Independent Director.

“Julian joins a strong skills-based Board featuring combined experience at the highest levels of organisational leadership. His perspectives and guidance will help us continue to provide excellent outcomes for our members and employers.”

Julian commented on Equip Super’s proud history, “I’m excited to be joining one of Australia’s oldest superannuation funds, which has been equipping Australians for retirement for more than 90 years. It’s a pivotal time to be part of Equip Super as we look to build on the work of all those who have led the fund before.”

Julian’s appointment to the Equip Super board commenced on 1 July. Julian replaces Mr Jan Dekker, who has served on the Board since July 2016.

“We’d like to thank Jan for his invaluable service over the last 7 years. He has been a fantastic leader of this fund, contributing strongly to what we’ve achieved as a fund over his tenure and while he will be missed, we wish him the best in his future endeavours,” said Danny Casey.

The post Equip Super appoints new Member Director to the Board appeared first on AdviserVoice.

Andrew Fairley and Danny Casey

Two top-10, profit-to-member superannuation funds today successfully joined forces, paving the way for other funds to join. Governed by a new, skills-based board of 12 directors, Equip and Catholic Super’s $26 billion venture will manage funds for 150,000 members with an aspiration to be a much larger entity by 2025.

Andrew Fairley, Chairman, said the unique tie-up sets the scene for further industry consolidation. “This is a new dawn and a new era for super mergers as we scale up to benefit members under an extended public offer (EPO) licence,” he said.

“At a time when funds are being urged to merge, Equip and Catholic Super have a rare opportunity to be one of the industry’s great growth stories. We’re open for business with an APRA-approved licence, attractive to funds that are keen to drive down costs while maintaining their distinctive brands and member engagement that they’ve always been known for.

“While other funds are talking about merging, Equip and Catholic Super are ‘getting on with it’. The EPO licence was issued three years ago. The Catholic Super Board has had the courage to embrace the model, breaking new ground while being agile, innovative and aware of the reform backdrop that is shaping the future of our super industry.”

Danny Casey, Deputy Chair (former Catholic Super Chair), noted the new model’s member benefits. He encouraged other funds to follow suit and consolidate under a ground-breaking house-of-brands model that grows funds under management.

“As trustees we have a firm obligation to act in our members best interests. With the industry being challenged to consolidate further, funds that are seeking to ensure they can deliver sustainable member outcomes are encouraged to be part of this new and innovative approach. We’ve studied this model and unlocked the potential to join forces and maintain our super fund’s heritage. Those who join can retain their distinct identity that attracted members to their fund of choice in the first place. For example, our Catholic Super members, who care for and educate millions of Australians every day, will retain their high-performing brand and exceptional service from their award-winning, in-house service centre.”

Further bolstering both funds’ strong history of exceptional performance, consistently ranking in top-10* superannuation fund league tables, a new chief executive was announced in August to head both funds. Scott Cameron has extensive experience leading integrated operations and bringing diverse businesses together. More recently, Anna Shelley was confirmed as the inaugural Chief Investment Officer for both funds, managing assets and investments under the $26 billion joint venture model.

The post $26bn joint venture takes off, poised for growth appeared first on AdviserVoice.

Andrew Fairley and Danny Casey

Two of Australia’s best-performing superannuation funds are preparing a ground-breaking Joint Venture that will be a significant move towards consolidation in the industry.

The trustees of Equip Super and Catholic Super have signed a Memorandum of Understanding, which, subject to completion of final due diligence, will establish a Joint Venture Trustee – initially managing over $26 billion in funds for about 150,000 members. Both funds have a history of exceptional performance, consistently ranking in the top ten of superannuation funds.

The move comes as funds in the superannuation industry seek to improve member outcomes and best interests through the economies of scale consolidation can deliver.

Catholic Super and Equip have reaffirmed their commitment to a skills-based governance structure focused on the interests of members, with a third of all directors to be independent. Both are profit to member funds and are aligned in terms of vision and values.

Equipsuper Chair, Andrew Fairley AM, said he was delighted to enter into the MOU with a like-minded fund that focused on profits solely for the benefit of members, and endorsed a skills-based selection of trustees – one third from members, one third from employers and one third independent.

“This joint venture would contain costs and improve efficiency, bringing real benefits to members,” Mr Fairley said. “It is positive proof the Extended Public Offer (EPO) model provides a solution to funds who value their brands and connection to community, while enabling economies of scale.”

“This joint venture will be ideally positioned for future growth. This structure will drive stronger performance through efficiencies and scale of investments.”

Equip boasts a consistently high investment performance, among SuperRatings’ top ten super funds over all periods in the decade to 31 December 2018.

Chair of Catholic Super, Danny Casey, said the Joint Venture had many benefits for all. “The Joint Venture is the perfect pathway, bringing our members the benefits of scale while retaining the Catholic Super identity and strong connection with those working in Catholic institutions and communities,” he said.

“Catholic organisations are one of our country’s largest employer groups who care for and educate millions of Australians every day. For nearly 50 years Catholic Super has invested wisely to grow the life savings and retirement income for nearly 75,000 super members – many of whom are hard-working teachers and nurses. We are committed to continuing this member-driven focus within the Joint Venture.”

Catholic Super also brings a top ten track record to the Joint Venture. It was recently ranked by Canstar as one of the six top funds in Australia across a broad range of consumer groups for its combination of investment returns, fees, insurance options and access to advice and information. Catholic Super won the Roy Morgan 2018 Customer Satisfaction Award for Industry Superannuation Fund of The Year.

The post Two top superannuation funds announce joint venture appeared first on AdviserVoice.