The ‘brain drain’ is the sociological phenomenon typically associated with developing nations, in which a country’s best and brightest leave home to seek opportunities and fortunes abroad. The so-called ‘diaspora’ of talented Australians, that has been lamented in the arts and sciences, can now be observed in financial services; it is no secret that literally hundreds of aspiring finance professionals have been lured by the global centres of New York and London.
As the current generation of superannuation executives approach retirement, recruiters have expressed concern that the unglamorous salaries of industry and public-sector super funds might not be enough to seduce the world’s top investment professionals, Australian or not,into stewarding the nation’s retirement assets. While it is generally agreed that Australia’s superannuation system is the envy of the world, the remuneration of its executives is anything but.
