Australian Retirement Trust, the country’s second largest pension fund, is scouring the world for a new chief executive officer after Bernard Reilly announced he was stepping down.
Reilly, who will leave in February, oversaw the largest merger to date in Australia’s fast-growing pensions industry when Sunsuper and QSuper combined last year. The new firm’s assets under management have since swollen to more than A$260 billion ($166 billion).
Reilly joined Sunsuper as CEO in October 2019 before eventually taking on the role as ART’s head. The fund has now appointed Egon Zehnder to start a global search for a new boss, according to a statement on Thursday.
Australia’s A$3.5 trillion pension industry has undergone a period of rapid growth and a wave of mergers as compulsory employer contributions fuel record inflows. The industry has been attracting interest in both Wall Street and London as it outgrows its own backyard and seeks lucrative deals in private markets abroad.
“This has been an enormous decision for my family and me, but I know that I am stepping away at the right time for Australian Retirement Trust,” Reilly said on Thursday.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
