Former GESB CEO Ben Palmer has taken up the role of managing director and chief executive officer at Affinity Funds Management, the new asset management arm of Peth-based corporate advisory Affinity Capital Group.

Palmer stepped down from GESB in late March after 13 years with the fund across a number of roles. Under his tenure, GESB grew assets under management to $46 billion and launched its One Fund reform, which opened it to non-government employer contributions for the first time in its history.

In an exclusive interview with Investment Magazine in March, Palmer said the reform was his “greatest achievement” and that funds should increasingly look to retail platforms to understand how they can better service their members.

“I’ve said for a number of years – and I say this with no disrespect – that the profit-to- member funds aren’t the benchmarks. For a number of years now, the resurgence in the platforms and the retail side is really the benchmark we should be focusing on,” Palmer said.

“The key opportunity industry-wide – and challenges – are going to clearly be the evolution of member experience and service, and systems capability and delivery of experience and service, and that’s a really dynamic thing.”

Affinity Funds Management says it will target “key forces shaping Australia’s economic future”.

“Affinity has built something genuinely distinctive – a platform with a compelling investment philosophy, strong deal flow across infrastructure, sovereign capability, natural resources and the energy transition, and with a unique partnership approach to Indigenous engagement,” Palmer said in a media statement. “Its reputation in the WA market is second to none.

“I am excited to join a highly credentialed, globally experienced team and help build a Perth-based funds management capability that Western Australians can be proud of for generations to come.”

Palmer is the latest in a growing number of super fund executives who have taken up roles at family offices, charities and asset and wealth managers following careers in the APRA-regulated sector.

Andrew Lill recently stepped down as acting CIO of legalsuper to take up the top investment job at Minderoo, the charity set up by Andrew and Nicola Forrest. Former Cbus CIO Brett Chatfield and former Qantas Super CIO Andrew Spence have both headed for family offices, while former Cbus deputy CIO Alexandra Campbell was appointed CIO of NAB Private Wealth and JBWere in late 2025.