The chairman of the Labor Union Co-operative Retirement Fund (LUCRF), Greg Sword, has resigned and undertaken the position of acting general manager.
John Carlile, who was deputy chairman of LUCRF for the past eight years and who last year headed the LUCRF investment and compliance and audit committees, has become chairman. Meanwhile Paul Rohan, who was running LUCRF’s project management office including responsibility for reviewing its Atune member administration platform, left before Christmas to join IOOF. Sword, who said LUCRF remained committed to Atune, became acting general manager on January 1. The appointment coincides with the $1.8 billion industry fund’s ongoing search for a permanent general manager since the previous general manager, Paula Allen, left abruptly in August 2006. “My job is to ensure that management remains aggressive, and give the board breathing space while it searches for a new general manager,” Sword said. “They’re determined to make the right employment.” Meanwhile, Carlile said LUCRF had obtained a public offer licence and was in the process of developing products for impending public offer. Founded in 1978, LUCRF is among the first Australian industry super funds established.
The $34 billion Brighter Super is set to shift a significant proportion of equities assets in MySuper from passive to active management. Chief investment officer Mark Rider says the move is possible because of the scale created by mergers, and the fund will be looking to its newly appointed active managers to generate performance through the cycle by taking idiosyncratic risks.
Darcy SongJanuary 21, 2025
