Queensland-based industry fund Sunsuper has appointed longstanding financial services operative Bernard Reilly as chief executive. Most recently Mr Reilly had an executive position with State Street Global Advisors in the US.
The Brisbane-based Sunsuper has $69 billion in funds under management, 1.4 million members and over 100,000 businesses using it as a default fund for workers in the MySuper system.
Sunsuper chair Andrew Fraser noted Mr Reilly was the fourth chief executive of the fund in its 32-year history.
“Bernard is a vastly experienced executive. He has worked in leading roles both domestically and offshore, and brings breadth and acute strategic insight to the role of CEO of Sunsuper.
“This global experience – based in Asia and then in the United States – coupled with very strong investment and risk governance leadership credentials has given the board every confidence in Mr Reilly’s ability to lead Sunsuper at a time of industry dynamism and regulatory change,” Mr Fraser said.
“The success of Sunsuper, for which much credit goes to the outgoing CEO, Scott Hartley, has positioned the fund well for the challenges that face the industry,” Mr Fraser said.
“Sunsuper’s success is clear for everyone to see. I was attracted to its aligned structure, and to the opportunity to meet and lead the challenges of change on behalf of the 1.4 million Australians who trust the fund with their retirement savings,” Mr Reilly said.
“We need to keep and nurture that trust and continue to earn it every day in all that we do.”
Sunsuper has been on the merger path for some time, and in July last year came together with AustSafe Super – a fund aimed at rural and regional Australia which had more than 100,000 members with $2.5 billion in funds under management.
AustSafe Super and Sunsuper had a connection as both were investors in The Infrastructure Fund, which owns a suite of assets including airports in Queensland and Western Australia, the Port of Newcastle, a land titles registry and a major hospital.
Sunsuper is one of five big super funds, mainly based in Queensland, that own Gardior, the trustee company that oversees The Infrastructure Fund.
The New Daily is owned by Industry Super Holdings