Super funds are going to have to hire people into those roles from outside the superannuation industry.” Sam Sicilia, chief investment officer at Host Plus and former asset consultant to that fund with Frontier Investment Consulting, says that super funds seeking executives either poach from another fund, or try to hire from asset consultants and funds managers. “The problem with the latter is that the remuneration structures in funds management are much, much greater than is available in superannuation, in particular not-for-profit funds,” he says.
With the supply of executivesdwindling and the demand for their skills on the rise, recruiters argue thatsuper funds need to change their remuneration structures to reflect the pricespaid in the commercial market from which they are trying to source theirexecutives. “They just have to get the talent,” says Warren McAuley, partner atPrimary Asset Consulting. “At the end of the day, super funds have aresponsibility to get a certain calibre of person, and they are just not goingto get them unless they are willing to pay.” “The fund-of-fund space, which superannuationpeople are in, is very competitive,” Hancock adds. “Master trusts, insurancecompanies, consulting groups, large multi-managers and platforms all want these people. It is a very specialised market, and [running a superannuation fund] isnot something you can just go and learn.”