Senior JPMorgan Investor Services relationship manager, Paul Coenraads, has left to perform a similar role at his long-time client, the Auscoal superannuation fund.
Coenraads worked at Commonwealth Custodial Services until its master custody business was sold to National Custodian Services in 2003, but Coenraads jumped to JPMorgan instead and took the fund then known as the Queensland Coal & Oil Shale Mining Industry Super Fund (QCOS) with him. QCOS merged with Newcastle-based Coal Super last year to form Auscoal. A JPMorgan spokesperson said a search was underway to replace Coenraads, who started at Auscoal on Monday last week.
Mega fund AustralianSuper said it is still feeling the pain from its very public loss in US software company Pluralsight, and even with $341 billion of assets under management, a $1.1 billion write-down is still too big a chunk of money to let go easily. But at the Fiduciary Investors Symposium, the fund’s senior private equity portfolio manager Robert Schnittger, said the most important thing now is to learn the lesson and “not lose money the same way twice”.
Darcy SongNovember 11, 2024