The face of the industry super fund movement, Bernie Fraser, announced his retirement from the boards of Cbus and AustralianSuper yesterday.
The former Reserve Bank Chairman played a pivotal role in the industry funds movement, lending his credibility and his face to the campaign promoting industry funds against their retail master trust rivals.
The 70-year old has been the independent director of AustralianSuper and its predecessor funds (STA and ARF) since 1996.
Fraser was also chair of the all-important investment committee.
“Bernie Fraser is a very rare individual. As a board member, Bernie has tirelessly applied his insight and wisdom to help build the fund into one of Australia’s largest and best value super funds,” said Elana Rubin, chair of AustralianSuper.
“He is a man of great integrity and humility with an unwavering focus on helping members achieve a decent standard of living in retirement.”
Fraser’s contribution to the industry super fund movement can be seen in the culminated growth of Cbus and AustralianSuper, with them funds growing from a total of 650 000 members and a little over $2billion in funds under management to over 1.5million members and $28 billion in funds under management.
“Bernie’s retirement is a great loss to the world of superannuation, but I’m thrilled that he will be continuing on as chairman of Members Equity Bank,” said Cbus chairman Steve Bracks.
Fraser’s replacement as Chair of the Investment Committee for AustralianSuper will be announced on May 9, while currently there is no decision on who will replace him as the Independent Director on the Trustee Board.
“AustralianSuper and its members are indebted to Bernie and we will miss his keen intellect, his quiet authority and his generosity of spirit,” said AustralianSuper’s Rubin.
Fraser’s resignation from both boards will come into effect on June 30 2011; however, he will continue to advise AustralianSuper on strategic asset allocation matters.