The general manager of the Labor Union Co-operative Retirement Fund (LUCRF), Paula Allen, has abruptly left the fund.
Her departure was understood to have occurred yesterday. In the morning, the home page of lucrf.com.au contained a message from Allen and a photo, but by afternoon this had been replaced by a text-only message from LUCRF chairman, Greg Sword. Sword refused to comment on Allen’s departure, pending a media announcement, but he said the board “wished her the best”. A source close to LUCRF said Allen might be “collateral damage” from member administration “turmoil” at the fund, which is understood to be close to replacing its Atune platform. Sword admitted the fund was reviewing the platform and alternative providers, due to the pending sale of Atune partner, Australian Administration Services. “We’ve had constructive talks with [AAS vendor] Kaz, but it is good governance to have other options. We want to make sure we always have great support from whichever platform we use,” he said. Despite reported administrative headaches, the near-$2 billion LUCRF has regularly topped super fund performance surveys of late.
01/08/2006
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Investments
Dynamic asset allocation has become increasingly popular among pension and sovereign wealth funds as a top-down tool to generate alpha and mitigate risk in the face of changing market conditions, though not every asset owner believes in the approach’s value-add. But HESTA’s general manager of dynamic assets Michael Blayney argues active asset allocation is just natural extension of the underlying logic in security selection.
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