QSuper, Queensland’s largest superannuation fund, has appointed Don Luke as its new chair replacing Karl Morris who steps down at the end of the year.
Luke, who was chief executive of Sunsuper for 10 years until 2007 and a former chair of QIC, currently chairs private equity manager M.H. Carnegie and For Purpose Investment Partners. His appointment comes as QSuper and Sunsuper conducts early-stage merger discussions, which if successful, would make then Australia’s biggest fund with $180 billion in assets under management.
Morris will end his second term as chair on December 31. During his tenure, QSuper has increased its funds under administration from $51 billion to more than $90 billion and seen its membership grow from 530,000 to 585,000.
During this period, QSuper also opened up the fund to all Australians after originally being available only to Queensland public servants and their families.
QSuper chief executive Michael Pennisi said Luke had strong credentials and was well-known for his focus on members. “I am looking forward to working with Luke over this very importance phase in QSuper’s history,” Pennisi said.
Luke said he had “enormous respect” for the Queensland fund having worked in the same region and industry. “It is a privilege to be able to work with the board and the executive team to serve the members of QSuper now and into the future,” he said.
In addition to having $90 billion under management, QSuper has another $22 billion of state government defined benefit funds under administration, making it Australia’s second largest fund.