Industry veteran Michael Dwyer, a former chief executive of First State Super, has joined the board of TCorp.

Dwyer, who spent more than 14 years at the helm of the First State Super, will replace former Sydney Water chief executive, Kerry Schott, who retired in January.

TCorp, the investment and financial management partner of the New South Wales public sector, has seen its funds under management climb almost 40 per cent in the past three years to$105 billion, making it one of the five largest asset owners in Australia.

Speaking of the new appointment, TCorp chief executive David Deverall said: “Michael is an outstanding addition to the TCorp board. He has vast experience in investments and superannuation and has a strong understanding of government.  Michael will also bring deep insights to the board on a range of topics, including but not limited to investment, organisation, culture and transformational change – areas that were critical to the success of his leadership at First State Super”.

Deverall further said the big change over the last few years was bringing together TCorp’s capacity to manage not just the state’s financial liabilities, but also its financial assets, which involved having may more strategic conversations with government clients.

“Aside from Michael’s investment background which is enormously beneficial to us, he has built up superb relationships across every part of government after working with First State Super for 14 years, since nearly all his clients were government employees,” he said.

Dwyer was CEO of First State Super from 2004 to 2018, and spearheaded the super fund’s transition from $9 billion organisation to to an industry heavyweight with $90 billion of assets under management.

A key figure in the superannuation industry for the last 30 years, he was named a member of the Order of Australia in 2011.

The honour also recognised his contribution as chair of Australia for the United Nations High Commissioner for Refugees.

His appointment to the TCorp board follows string of six senior appointments over the past six months to the organisation’s investment arm as TCorp completes a revamp of its team to strengthen its partnership with the NSW Treasury.

TCorp last month appointed Simon Ling, Commonwealth Bank’s former head of  debt as financial markets general manager.

Justin Dowd also joined the financing team earlier this year from JP Morgan to head up local government services.

Elizabeth Fry has been a financial journalist for more than 25 years and has written for a number of publications, including CFO, The Financial Times and The Australian Financial Review.
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