In a move that confirms its intention to remain one of the dwindling number of stand-alone corporate funds, Qantas Superannuation has hired a Sydney recruitment firm to find a new CEO.
The $6 billion Qantas Super fund was left leaderless in March when Jeremy Edmond left the top job to take a sales role at Colonial First State Global Asset Management. Recruiter Spencer Stuart has been appointed to find a replacement for Edmonds, who headed Qantas Super for three years. Kerry Burgess is understood to be running the search. Following Edmond’s resignation and the hype surrounding the private equity bid for Australia’s national airline, there had been speculation the Qantas Super fund would join the industry trend of rolling into a master trust. However, with a new CEO about to board, that option now appears unlikely. Neither Qantas Super nor Spencer Stuart were available for comment.
05/06/2007
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Investments
AustralianSuper's chief liquidity officer Chandu Bhindi has publicly proposed the idea of allowing some super funds to directly use leverage, enabling them to better manage liquidity requirements in crisis situations rather than being forced to sell assets at stressed prices. While the idea has some merits, overall it is not necessary and could increase system risk.
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