Equip’s newly created liability management role is part of a wider strategy, set by chair Andrew Fairley and implemented by chief executive Danielle Press, for the fund to meet its fiduciary duty by innovating.
The role is the second new position within the superannuation industry to be created by the fund over the past year and has been formed, in part, to help meet the challenge of the baby boomers swelling into retirement. Last year Equip replaced the position of chief financial officer with executive officer, risk.
The position of executive officer, liability management has been awarded to Troy Rieck, formerly executive manager, Investment Advice at Suncorp. He will oversee liability management of the fund’s investment portfolios, initially focusing on the 100+ defined benefit schemes which account for a quarter of the fund’s membership and a third of the $7 billion of assets.
The three primary objectives of the role revolve around helping members achieve personal retirement income goals, specifically by:
1) The fund maintaining a leadership position in defined benefits, communications and product development
2) Developing capabilities in outcome investing for high net worth members
3) Focusing on outcome investing for accumulation members
Press said: “In defined benefit, Rieck will work with the fund actuary and our employers to provide more tailored investment solutions for those schemes as their ageing membership demographic moves closer to retirement.”