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legalsuper continues to grow investment team
Industry superannuation fund legalsuper has strengthened its investment team, appointing David St John to independent chairman of the investment committee, responsible for reporting to the board on investment strategy, policy and operations.
St John previously held roles with UniSuper as chief investment officer and as worldwide partner and principal at Mercer.
The appointment will strengthen the fund's governance and investment decision-making and is part of an ongoing strategy to build internal investment expertise, legalsuper said.
St John said the economic climate and changing regulatory environment had created uncertainty for the super industry.
"This environment requires funds to be well resourced and have advanced investment arrangements in place as they seek to deliver the best possible outcomes for their members," he said.
legalsuper chairman David Miles AM said continuing market volatility and competition between super funds had increased the need for strong governance of investments and highly qualified and experienced people.
The super fund has added two other investment professionals over the past two years - Dr Neville Hathaway as independent investment expert and Richard Sanajko as investment manager.
In February, legalsuper awarded $20 million to Industry Funds Management to invest in its Strategic Australian Equities portfolio.
While an increased focus on the investment team aligns with government reforms, a representative said the moves came as a result of an internal review.
The industry fund is among a number of super funds strengthening its investment capabilities, with the Labour Union Co-operative Retirement Fund making two new hires to its internal investment team last month.
St John is a senior fellow of the Financial Services Institute of Australasia, a fellow of the Australian Institute of Company Directors, and a director of Tasmania's Motor Accidents Insurance Board.
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