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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
