Funds SA chair, Dr Helen Nugent, will step down from her position on December 8, 2015.

Nugent has served 15 years as chair of Funds SA. During this period, funds under management have increased five-fold with current funds now at over $26 billion.

The super fund said investment returns have been a significant contributor to this growth, with a cumulative outperformance over benchmark for the Balanced Fund of 24 per cent over the 15 year period.

South Australia’s Treasurer Tom Koutsantonis thanked Nugent for her magnificent service to Funds SA.

“Since being appointed Chairman in December 2000, Dr Nugent has steered Funds SA to achieve fantastic results for its investors, including the State’s public sector superannuation scheme,” Koutsantonis said.

“I’d like to wish Dr Nugent all the very best for the future.”

Chief executive Jo Townsend also thanked Nugent for her leadership of the organisation. Townsend said Nugent has made an invaluable contribution to the fund over a sustained period of time.

“Her wisdom, insight, breadth of knowledge of the financial services sector, and the support she has provided to management and the board will be greatly missed,” Townsend said.

Nugent said it has been a privilege to serve as Funds SA’s chair.

“I am extremely pleased knowing that those whose monies have been invested with Funds SA have been able to greatly benefit from the returns generated by Funds SA,” Nugent said.

“I look forward to watching the organisation’s continued success.”

Nugent thanked her colleagues on the board for their dedication and support over the years. She also paid tribute to the successive Treasurers with whom she had worked over the 15 years.

Nugent is currently chair of Veda Group and the Australian Rail Track Corporation, as well as being a non-executive director of Origin Energy.

The State Government will announce the appointment of a new Funds SA chair in the coming weeks.