POWERED BY MOMENTUM MEDIA
Future Group flags job cuts amid organisational reshaping
Future Group has hinted at job cuts ahead as it transitions to a “single integrated team running multiple brands.”
The group currently consists of five superannuation brands and is understood to be one of the top 15 largest superannuation groups by number of members served.
Last November, it formally welcomed Verve Super into the fold, having previously held a 20 per cent stake in the super fund when it was first established in 2018 and having served as Verve’s investment manager since then.
Additionally, it acquired GuildSuper Services and Child Care Super that same month in a transaction approved by the Victorian Supreme Court.
Future Group’s brands also include smartMonday, which it acquired from global insurer Aon in 2022, and Future Super.
In a recent announcement, the group’s chief executive Simon Sheikh shared that assets under management have grown tenfold in the last four years, achieved by both a growing appetite for ethical investments alongside a targeted program of acquisitions.
“Our mission is to use these brands and the power of our members’ superannuation to drive change in the $3.5 trillion super industry while delivering great outcomes for our members,” Sheikh said.
“Now that our acquisitions are finalised, we need to reshape our organisational structure to execute our strategy. Put simply, we are moving from being a group of acquired businesses to a single integrated team running multiple brands.
“Sadly, this means saying farewell to some valued individuals who’ve made important contributions to our mission.”
While there was no mention of how many job cuts might be expected, Sheikh said they would be consulting with their team over the next few days to identify redeployment opportunities where possible.
“All that we’ve achieved in building this business has been on the shoulders of our team,” the CEO added.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
