Industry stalwart Jacky Herron is leaving her position as fund secretary at Nestle Australia Group Superannuation Fund, following the outsourcing of trustee responsibilities to Russell’s Total Risk Management (TRM).
Herron said that she planned to enter early retirement after 23 years at the super fund. Nestle moved to total outsourcing last month when it awarded Russell Investment Group a $560 mandate to manage its assets. The former eight-member trustee board at Nestle will form a policy committee that will continue to serve an advisory role, meeting quarterly with TRM to ensure members’ interests continue to be looked after. “It’s a positive change, and we believe it is the best thing for our members,” Herron said.
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
