ANZ has a new head of superannuation, with Ian Glenny departing the bank last month to be replaced by Kevin Kelly.
Previously the chief executive of the ANZ Australia Staff Superannuation Fund, Kelly will now oversee both that scheme and the bank’s numerous funds for overseas employees. Glenny, who is understood to have moved to another role in the superannuation industry, had been responsible for the overseas funds as well as being investment manager for the Australian scheme. However, Kelly said a dedicated investment manager would now be sought. The search was being focussed internally “;at the moment”;, Kelly said, and he was hopeful of filling the role within the next month. The ANZ Australia Staff Superannuation Fund has roughly 26,000 members and $2 billion under management, while the overseas funds have around 10,000 members and over $1 billion under management. Watson Wyatt is asset consultant to the Australian fund.
Hostplus chief investment officer Sam Sicilia has declared that for as long as he and chief executive David Elia are overseeing the $110 billion fund, there will be no investment internalisation. However, he acknowledges that if the institutional asset manager business model comes too much under pressure, it poses risks and instability to Hostplus’ externalisation model.
Darcy SongSeptember 10, 2024
