Indian-based technology firm, Tech Mahindra, has secured the mandate for LGIAsuper’s administration services, representing a major step in the company’s foray into the Australian market.
The super fund’s decision followed a competitive tender process, with the deal with Tech Mahindra expected to provide significant savings for members by halving the annual costs of providing administration from 2021.
LGIAsuper chief executive, Kate Farrar, noted that Tech Mahindra also had a large local presence, with more than 180 staff employed in Queensland and established partnerships with companies in the region.
The new partnership would take effect from 1 November, this year.
The fund has hired a former ART executive as its new head of group strategy.
The sovereign wealth fund has revealed six internal hires to support the execution of key strategies.
The fund has announced the departure of a second senior executive in as many months, with its chief member officer to finish up mid-December.
The $89 billion fund has announced a new leadership role within its private markets team.