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.
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.