The Sydney-based local Government Superannuation Scheme (LGSS) has appointed Intech Investment Consultants as its external asset consultant, replacing Russell.
John Livanas, general manager of client services at FuturePlus which provides admistrative services to LGSS, said a formal review and tender process was undertaken, which began late year. Russell had been LGSS’ consultant for several years. Livanas said the fact Intech was looking at selling up to 50 per cent of its shares was not seen as a big issue. “We’ve taken that into account and we have no concerns,” he said. He expected manager and portfolio reviews to be an “evolutionary process” with Intech on board, and did not envisage any broad-ranging changes in the short term. LGSS, which is run for local government employees in New South Wales, has funds under management of about $5 billion. LGSS co-owns FuturePlus with the Energy Industries Superannuation Scheme.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
