Garrie Lette has left his role as global head of research at Mercer in London and become manager of investments for a Melbourne-based industry fund.
Ending an 18-year tenure with Mercer, Lette began work yesterday as head of investments at the $3 billion Catholic Super, a fund he advised for a five-year period in the 1990s.
The appointment came little more than a fortnight after former investments boss Tim Hughes left the fund after seven years to commit more time to advising the $3 billion Non-Government Schools Super on its investment strategy.
Following Hughes’ resignation, Catholic Super “had a two-week gap” before it appointed Lette, who was “being chased by other funds,” Frank Pegan, chief executive officer of the fund, said.
Lette was the lead consultant to Catholic Super when Mercer was the fund’s asset consultant for a five-year period in the mid-90s.
“He knows the fund, and the fund knows him. And he was available. Everything converged at the right time,” Pegan said.
Lette would implement the investment strategy set by the fund and manage two internal investment professionals, Pegan said, as Catholic Super neared the March 31 completion date for its merger with the $665 million National Catholic Superannuation Fund.
“National Catholic Super are going to roll into us. It has been signed, sealed, delivered.”
Pegan declined to outline any executive-level changes that would take place. “At the moment we’re reviewing the whole structure,” he said.
Lette returned to Australia from London in the later stages of 2009. Before working for almost thee years in the UK, he held positions in client consulting, research, management and compliance in his 15 years with Mercer in Australia. He became a worldwide partner with Mercer during his time at the company.