A spate of recent high profile personnel moves from investment banking and investment management into superannuation prompted some of the FEAL executives to explore the reasons why their employees are attracted to a career in super. A high profile fund CEO who recently changed careers from investment management (he can’t be named because the FEAL Forum was conducted on ‘Chatham House’ rules) conducted a straw poll of his investment team on why they worked in super, and the overwhelming response was that it was “closer to the problem”.
In addition they were attracted to the ability to take a long term view, and the diversity of experience across asset classes. Compensation was not a major driver. Supporting that view was another high profile executive new to super, who said her motivation was the search for a practical solution and that super was the closest to the buy side. The recruiter on the panel laid down some general rules for hiring the right people including culture, remuneration, quality of leadership, and that the business is focused. He said just because there are more people available now, does not mean they are right for a particular business, or that business is right for them. “Look for motivation and an alignment of interest,” he said.