HESTA has boosted the firepower of its investment efforts, setting up an investment committee and implementing a new investment strategy.
The move follows a review by Willis Towers Watson of the $36 billion super fund. It will see the creation of a two-pronged leadership strategy with Rob Fowler leaving his position of chief investment officer. Mr Fowler will take on the newly-created role of executive – investment execution.
This involves managing investment operations, investment monitoring and performance and ESG (environmental, social and governance). HESTA chief executive Debby Blakey said Mr Fowler’s role was critical to the fund’s new strategy.
“Rob’s experience and his strong, in-depth analytical style is well suited to this role. He will also continue to focus on our ESG integration and leadership; something which he is very passionate about and an area in which he has deep knowledge and insight,” Ms Blakey said.
A new CIO will be appointed to replace Mr Fowler and as a result of the review, the HESTA Board will also establish an investment committee.
While HESTA’s new five year investment strategy will boost in-house capacity the group will continue to invest principally through its investment managers.
“In order to implement this strategy effectively, new resources are required at a board and executive level. In addition, there will be significant growth in the internal investment strategy and implementation teams,” Ms Blakey said.
“I am looking forward to working with the new CIO and implementing the strategy as it is a significant step forward for the Fund and entirely aimed at delivering the best possible investment outcomes for members.”
HESTA is currently recruiting for a CIO and an independent Non-Executive Director who will become the inaugural Chair of the Board Investment Committee.