The $9.5 billion Funds SA has only just begun its search for a chief executive following the departure of Rick Harper in June last year. Richard Smith, chief investment officer of the fund, has been acting since Harper’s departure but would not comment on why the fund had only recently begun the search.

Helen Nugent, fund chair, said there was no ‘particular reason’ why the fund had waited 10 months. “Funds SA has significant depth in its investment management team and there is no pressure to make an appointment,” she said. The fund is also yet to take on any additional money after legislation was passed last October enabling it to manage funds for other government bodies. “There are a lot of small pockets of money that may not be managed as efficiently as they could be… but it’s up to them. It’s a voluntary situation,” Smith said. Neither Smith nor Nugent would confirm they were in talks with either SA Workcover or the Motor Accident Insurance fund. “Any decision on what monies to take and when, will occur after discussion with organisations who would like to take advantage of the superior performance Funds SA has delivered,” Nugent said.

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