Self-Managed Superannuation Fund administration software provider, Class has appointed a new chief executive and managing director, Andrew Russell.
Russell is currently the executive general manager, Financial Services at REA Group and will take up his new role in May.
Prior to joining REA, Russell was general manager and Interim CEO of Mortgage Choice, where he led the successful launch of its wealth management and financial planning business.
Confirming the appointment, Class chairman, Matthew Quinn said the firm was pleased to welcome Russell who brought with him wealth of knowledge and practical experience in financial services, technology and product innovation.
“Andrew’s priorities on commencement will be to improve our market leadership in the SMSF administration sector and broaden our scope to become a leading SaaS platform provider in the financial services space,” he said.
As the Australian financial landscape faces increasing scrutiny from regulators, superannuation fund leaders are doubling down on their support for private markets, arguing these investments are not just necessary but critical for long-term financial stability.
Australian Retirement Trust (ART) is leaning on its private asset allocation to help shield members from ongoing market volatility, as its chief economist stresses the importance of long-term thinking and diversification.
AustralianSuper is poised to cement its leadership in the superannuation landscape over the next five years, with fresh research forecasting a sharp shift in the sector’s power dynamics.
The Reserve Bank of Australia (RBA) has warned that significant liquidity pressures could arise in the superannuation sector if multiple risks materialise at once, potentially amplifying shocks in the financial system.