The $8 billion VicSuper has contracted Michael Seton, former chief executive officer of Military Super, to help the fund adapt to incoming Stronger Super reforms.
Seton will manage all products and projects that do not involve investments at Melbourne-based VicSuper, according to an e-mail he wrote on March 6 that was obtained by Investment Magazine Online. His 12-month contract started on March 5.
The onset of the Stronger Super reforms has spurred “a huge amount of activity” at VicSuper, Seton wrote. Reforms include the MySuper default fund regime, slated to begin in July 2013, and the overhaul of contribution payment systems called SuperStream, which began in July 2011. He reports to Michael Dundon, chief executive officer of VicSuper.
Seton left the $4 billion Military Super in mid-November after overseeing the fund’s merger with Commonwealth Superannuation Corporation to form a $24 billion fund.
VicSuper is a superannuation fund for Victorian public servants. The fund did not return phone calls seeking comment.